Credit Card Center Advertiser Disclosure†
10-19-2012 09:34 AM
If I needed any reassurance before that things were happening it's just a slow grind and you have to keep at it, I don't need the reassurance anymore! Woke up to an e-mail on my phone that said I got a $100 unsecured bump on my Capital One Secured Card. This is exactly 6 months to the day that I received the card and have never missed a payment. Capital One is slowly proving to be one of the better Secured Cards and I would recommend them for sure!
01-14-2013 05:30 AM
01-14-2013 05:38 AM
This is not as far as they will go. My card is partially secured from the 49.00. I have only given them 50.00 increase and they have bumped me now 200 dollars. 100.00 at the 6 month mark. 50 at the 9month mark and another 50 as of Friday when my card is almost 1 year old. They will not graduate it at all though from what I have been told.
01-14-2013 07:08 AM
01-14-2013 07:21 AM
Congrats on your increase!
I recently was just approved for the same card and so far they are reporting as unsecured which I am happy about !
I have mixed feeling about this whole Cap1 deposit thing. So, questions for all of users who have Cap1 secured.
I understand the money is really tight in this economy - but would you actually increase your Cap1 card to $3000 and let it report for a while and app for Chase Freedom and see if they'd match you? Chase is very strict on CLI I heard. So instead of being approved for $500 by Chase Freedom, would you sacrifice your cash and hoping other prime cc company match you? And also, since many lenders consider you "responsible" if you have equal or more than $2000 reporting on your revolving account (cc) - even VantageScore (understand it doesn't matter) told me that because I have less than $2000 cc revolving account, my score is considered D class which is really bad.
So, if I may ask for user's opinion on one of the following, I'd really appreciate it!
Method 1. Have $3000 report for a 6 months then apply Chase, Citi, USBank, etc. - get approved for $1000-$3000 after 6 months from those institution then close Cap1 secured and get the deposit back (so that you don't have to take huge hit after having Cap 1 for so long - not sure if it makes any difference but at least your AAoA will be less hurtful when closed early - any feedbacks, much appreciated!)
Method 2. Leave it at $500 and after $100 increase, apply several cards (even small limit) to build history and hoping for large limit cards in the future? Because after all, we are just trying to build credit. So, only utilization matters. If you don't need large limits from cc, I can definitely understand. But unless you are so rich and cash in hand every day, I don't know if this is such a good option per se.
I guess it will depend on everyone, but I am not even sure if Method 1 will even work for other prime cards.
Any words and wisdom much appreciated, thanks!! And Congratulation again to OP !
01-14-2013 07:44 AM
I had my Cap1 since 3/2012 and as the OP said, mine was exactly 6 mths adn received only $100 increase.I had spoke to Cap1 executive office and tried pleading my case to them about another increase? They said that some people don't even get $100 increase so I was one of the lucky ones and that is the only increase that I would receive unless I make a deposit.
The only way is appling for the unsecured card in order for growth. I question them why didn't I receive an offer for that card or can they change product base on my payment history? Well she said she'll look into it abd haven't heard from them since last week. She did say it would take upto 72 hours for a response so I'll keep you guys informed. I told her that if my product doesn't change then I'll canceling my account. I just don't want to be stuck with a cl of $300 forever!!
01-14-2013 09:55 AM