I was just approved for a Capital One Secured card with a $200 deposit. Now I'm not uncertain if I want to proceed with the deposit. I was reading the terms and it looks like they made some changes. Before you was able to give additional deposits to increase the limit, but now if you want a higher deposit, you must do it before the account is opened. The account is opened immediately after you give the $200 deposit, therefore you only have one shot at a larger deposit. I don't want to open it with just $200.00.
Anyone has experience with this? I was also reading that they do not convert the account from secured to unsecured. It's possible that you will get small credit increases if you demonstrate good credit history, but that's it. You also don't get your deposit until you close your account. This is a bummer, because once you close your account, you lose the accounts average age.
I'm really debating about proceeding, but am worried if I don't proceed with the deposit, will it show as something negative in Capital One's record. Will they blacklist me from receiving any future offers.
The good thing is that I have 80 days to think about it.
I concur with Ch7.
It's a $200 deposit to build credit. Capital one pulls all 3 bureaus as well. It's an investment towards building credit.
With responsible use, keyword some people even get CLI from Cap1 on their secured cards. No AF, reports to all 3 bureaus, and in 12 months you have a credit card on your reports that reports as unsecured even though it isn't.
True it it doesn't graduate like discover, true it's not an interest earning CD like USAA but it's also not from a predatory lender, I'm biased, like First Premier whom charges an annual fee, maintenance fees or Credit One whom I think charges a fee and pulls your credit reports for a CLI. Just going off memory here.
if you're under 620, there aren't many options as you're viewed as a high risk and unfortunately have to prove you're responsible enough for better insurance rates, renting, leasing, cell phones, cable, employment in some cases, and the biggies of a mortgage and financing large purchases.
so my fellow low scorers, sit, think, research and make a plan. I believe in you! 
@CH-7-Mission-Accomplished wrote:AAJu
@Anonymous wrote:
I was thinking about not funding my card either but.....how easily do we throw away $200 on frivolous spending? May as will put it to a purposeful use. Right? Below $60 on it, pay it off monthly....BOOM! Before you know it you can get whatever you want. MaybeYou took the triple pull on your credit reports so you may as well open it. A $200 card works as well as a 10K card in terms of getting your three cards for FICO scoring. How many cards do you have already? Which ones?If you didn't follow through, Cap 1 would not blacklist you. No need to worry about that.Also I think they have now eliminated the annual fee on the secured card. (You should double check this).It's a foot in the door and a lot better than a Credit One card.
thanks for your input. I have lots of store cards, many toy limits. My concern was having another small limit card. I have until November to fund the deposit for Capital One, so was looking into depositing $500 instead of the measley $200.00. I'm not concerned about losing the deposit or not getting it back, I do want to rebuild my credit and do not plan to miss this 2nd chance. My real concern was having another "TOY" limit. I'm going to try to save as much as I can to see if I could even fund it with more than $500.