Capital One secured card?

[Anonymous]

My credit is in the long process of repair, and I'd love to hear from anyone who has/ had this card and what your experience has been. 

[crrredit]

I have one, but only for a few months. Application process went smoothly, website works well, decent phone app, too. No CLI so far, but it's too soon. So far so good.

[Anonymous]

I just did the online app and got the approval this week.   How long did it take you to get your card?  I'm hoping to have mine in time for travel in June, so I can rent a car....with additional funds to up the cl of course!

[Anonymous]

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@Anonymous wrote:

I just did the online app and got the approval this week.   How long did it take you to get your card?  I'm hoping to have mine in time for travel in June, so I can rent a car....with additional funds to up the cl of course!

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Congrats on your card - great first step!

Cap1 secured was also my first card, for which I was approved in late December. They are a great company to help you get back on your feet and grow.

I have not added any funds, other than the initial deposit that I made and it has served me very well. They reported quickly and consistently, boosting my score each month. I was just approved for a QS1 this week. I believe it took me about 10 days or so to get the 'we've shipped your card' email and received the card a couple of days later. 

Good luck and again, great job on your progress. You can do this.

[Anonymous]

Thank you so much!  It's going to be a long process.  I got into heavy debt and have spent the last two years paying it down, to where it is now half of what it was.  Still high, but not nearly as high.  I tried unsuccessfully to get a Cap One secured card before, so I feel like I'm at least making progress.    After hiding my head in the sand for far too long, I've got my reports and I'm determined to succeed.   I'm hoping that in 6 months of continuing to pay down debt and responsible use of the new card, I'll see progress.

[Anonymous]

Of the secured card offerings, it's decent, but know what you're getting into.

Pros:

1. Most of the time, the line is partially secured. You don't have to pay the full $200 for the initial line.

2. It does offer some unsecured limit increases, though they are few and far between.

3. Generally, you'll begin to qualify for unsecured products from CapOne in about 6 months.

4. You can add to your credit limit anytime, without paying an extra fee (yes, there are some secured cards that make you pay a fee on top of the funds you want to add.)

Cons:

1. High APR (but it's common for this market.)

2. They HP all 3 CRAs.

3. This card will not graduate, which means you'll hit a ceiling with growth. The trade-off is that where other secured cards will graduate in a year or so, you'll be eligible for other CapOne cards sooner than that (but, you'll have to apply, 3 HPs and all. You're sacrificing HPs for time with CapOne.)

My recommendation with CapOne's secured card is to put as little deposit on it as possible so you're not tying up your money (OTOH, for a graduating secured product, I would say put as much as you can on it, since frequently, once you graduate, your initial unsecured limit will be the same ad the limit you had on your secured card.) In 6 months, apply for an unsecured CapOne card and close this one in another few months as you begin qualifying for better cards (make sure you have a couple of cards to take its place, don't just close it without having another card already in your lineup.)

Good luck!

[Anonymous]

Thank you so much for all the great info.   I'm only going to add to the cl so I can rent a car while traveling.   Can't rent a car with a 200. cl! 

[Anonymous]

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@Anonymous wrote:

My credit is in the long process of repair, and I'd love to hear from anyone who has/ had this card and what your experience has been. 

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I just got one a couple of months ago and I am very happy with it so far. It didn't take too long to ship out, I think I had it in a week or so. It did take until after the closing of the second statement to start reporting to the credit bureaus. Figure a month or two it will be on your reports and will boost your score if you currently do not have any revolving tradelines. Give it about a month and go to the Capital One website and check for prequalification offers. I only had my secured card for a month if that and checked their prequals and was approved for a $500 regular card. You can also start an online account to check your balances and what not. They also have a credit tracker/simulator you can use for free. Just don't go by your credit score there, they do not provide a Fico. Congratulations on the new card.

[Anonymous]

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@Anonymous wrote:

Of the secured card offerings, it's decent, but know what you're getting into.

Pros:

1. Most of the time, the line is partially secured. You don't have to pay the full $200 for the initial line.

2. It does offer some unsecured limit increases, though they are few and far between.

3. Generally, you'll begin to qualify for unsecured products from CapOne in about 6 months.

4. You can add to your credit limit anytime, without paying an extra fee (yes, there are some secured cards that make you pay a fee on top of the funds you want to add.)

Cons:

1. High APR (but it's common for this market.)

2. They HP all 3 CRAs.

3. This card will not graduate, which means you'll hit a ceiling with growth. The trade-off is that where other secured cards will graduate in a year or so, you'll be eligible for other CapOne cards sooner than that (but, you'll have to apply, 3 HPs and all. You're sacrificing HPs for time with CapOne.)

My recommendation with CapOne's secured card is to put as little deposit on it as possible so you're not tying up your money (OTOH, for a graduating secured product, I would say put as much as you can on it, since frequently, once you graduate, your initial unsecured limit will be the same ad the limit you had on your secured card.) In 6 months, apply for an unsecured CapOne card and close this one in another few months as you begin qualifying for better cards (make sure you have a couple of cards to take its place, don't just close it without having another card already in your lineup.)

Good luck!

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+1

Let me add that you cannot request a cli, they may give you one but you can't request it.  

[super_dave05]

I've had great success with the Capital One Secured credit card. Started with just a $50 opening investment for a $200 credit limit, increased it to $300 and then used it to maximize credit score gains with a 10% UTIL. Like others have said they have a high APR but if you make the payments at the right time and pay it off before it's due, no interest! Isn't that lovely?

I just recently got approved by Capital One for an unsecured card with a limit of $500. Patience pays off, keep your head up and you'll succeed!