Capital One Secured MasterCard arrived

Flamenco007 · ‎04-10-2013

Yeah!! I just received the card. I applied and made $49 deposit for $200 CL. I made an additional $200 deposit so the CL is $400. My thought is to make a few additional deposits to get a total CL of $1000 as it will help my UT. I made the deposit on 3/26 and received the card on 4/10 = total of 14 days processing and mailing.

Any thoughts and suggestions how to use the CL with potential maximum CLI increase will be much appreciated :-)

Starting Score: 515 (11/2012)
Current Score: 575 (04/2013)
Goal Score: 750

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BK-7 discharged 11/2012 | last App 3/19/13 | App free until 1/1/2014 |

Matt6995 · ‎04-10-2013

I started out the same way just over 2 years ago.

My personal opinion is do not give them more than $1000 as they will kepp it forever or until the account has been closed.

Cap1 also gave me two $100 bumps that were not secured in the first year.

Just take it slow, keep reported balance under 10% and you should see your score go up.

Burned2manybridgesB4 · ‎04-10-2013

Make sure you add to that puppy whenever you can. Large limits beget large limits, and will also help with your utilization. Don't worry so much about usage (but try to keep the reported balance under 30% at first), since it's only one card. In a few months (3/4) proceed with another card app. Take the apps slow!!

NonSufficientFunds · ‎04-10-2013

Congratulations on begining your credit building journey.

CapitalOne Secured MasterCard was the first one I acquired, almost two years ago, when I had no credit.

I have been very satisfied with them. The online account management is very easy and I make payments as often as I want - sometimes two or three times per month, so that the statement due date seems irrelevent. The interest rate seems high, but my balance is so low, that I am hardly aware of it.

In less than two years, I have been able to build enough of a history, that I have been able to acquire several unsecured cards with decent limits.

I don't know if I will be keeping the secured card for much longer, but at the twenty-four month anniversary, I will probably qualify for one of their better cards.

I know a lot of people on this forum say bad things about "Capone", but I am grateful for the opportunity they afforded me, when there were few options.

Best Wishes for your ongoing success !!