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Help me understand the Capital One secured card

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Anonymous
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Help me understand the Capital One secured card

Hello all new member here just recovering from paying off my huge student loan and now trying to rebuild my credit. currently active duty military, and a member of Navy federal credit union who i just found out also has a secured credit card option which requires a 500$ deposit, but then i found the capital one secured, and only had to deposit 49$ for a 200$ limit. now my confusion on the description of the card it states i can add additional funds through depositing funds to up my limit +X amount 3000$ max. say if i deposit 300$ will my limit be 500$ for the time i have the card? or will this just go towards my balance and ill have to add this amount every month? or should i just aim for the navy credit union secured card? im sorry for the stupid questions... ive avoided credit for so many years and now that im moving back to the united states realizing ill have to start from day 1. i appreciate any advice given to me!

Message 1 of 12
11 REPLIES 11
Anonymous
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Re: Help me understand the Capital One secured card

If you got approved for the Cap One Secured Card for the $49 down payment then you would receive a $200 Limit.  If you add $300 to it you would have a $500 Credit Limit.  So you could put $349 upfront ($49 deposit and $300 added) to receive a $500 Credit Limit on the Cap One Secured Card. 

 

Based off your credit worthiness Capital One will offer the following:

 

Security deposit of $49, $99 or $200 based on your creditworthiness for a $200 Limit.  The card has a $0 annual fee.  The card will not graduate to an unsecured card. 

Message 2 of 12
Anonymous
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Re: Help me understand the Capital One secured card

Its recommended that you tie up as little cash as possible with secured cards, so just deposit the minimum. You will generally only keep them open until you get unsecured cards which is usually 6-12 months.
Message 3 of 12
Anonymous
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Re: Help me understand the Capital One secured card

I have a question as well about the CO SS... I just got approved (3rd time, this time, small security deposit required) with a $99 deposit. My question.... How long does it take for the card to go unsecured? 

Message 4 of 12
Anonymous
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Re: Help me understand the Capital One secured card

It doesnt Britt.

 

You have to cancel and apply for their unsecure card. Luckily, you can have the secure and an unsecure at the same time, so you arent in jeopardy of not having a card.

 

Let your secure card report to the cb's then apply for qs1 and platinum, one after another. you may be lucky to get both, but likely just one as you can only have 2 cap1 cards at a time.

Message 5 of 12
Anonymous
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Re: Help me understand the Capital One secured card

Not necessarily. My husband has 3, secured, QS1, and Platinum.
Message 6 of 12
Anonymous
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Re: Help me understand the Capital One secured card


@Anonymous wrote:
Not necessarily. My husband has 3, secured, QS1, and Platinum.

Yes, it seems to be hit or miss on that. Most of the time people get the "too many accounts" denial (for the third one), but for some reason others do not. Not sure yet why. What was the sequence of your hubbies applications?

Message 7 of 12
Anonymous
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Re: Help me understand the Capital One secured card


@Anonymous wrote:

It doesnt Britt.

 

You have to cancel and apply for their unsecure card. Luckily, you can have the secure and an unsecure at the same time, so you arent in jeopardy of not having a card.

 

Let your secure card report to the cb's then apply for qs1 and platinum, one after another. you may be lucky to get both, but likely just one as you can only have 2 cap1 cards at a time.


Not exactly - you can only have two if applying for "average credit" level cards. With the premium cards - Venture, Venture One and QS, you can have 5 cards.

Message 8 of 12
Anonymous
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Re: Help me understand the Capital One secured card

He tried the prequal, got the approval for the secured, then tried the prequal a few more times and got the congrats for the Platinum and QS1 so he apped for both back to back and got approved even though the secured card hadn't even reported yet. That one just reported Tuesday and his 2 new cards arrived Monday
Message 9 of 12
Anonymous
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Re: Help me understand the Capital One secured card


@Anonymous wrote:
He tried the prequal, got the approval for the secured, then tried the prequal a few more times and got the congrats for the Platinum and QS1 so he apped for both back to back and got approved even though the secured card hadn't even reported yet. That one just reported Tuesday and his 2 new cards arrived Monday

What was the time span of the apps?

Message 10 of 12
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