NEW CAPITAL ONE SECURED CREDIT CARD~ABOUT

Jaydawg220 · ‎11-15-2015

Hey everyone,
A little about my credit. Iv got 3 open acct,-2 student loans, both 1year old, and 1 secured cc account, 4 months old. 3-4 collections, 7 inquiries, and all on time payments, except recently I missed 3 payments on my student loans. My credit score today is around 525.
A few months ago, I wanted to start to build my credit. I app for a cap1 unsecured card and was denied.

So on 7/15, I applied for, and was approved for my wells fargo secured credit card. I put down the minimum security deposit of $300 and my CL was $300 for my wells fargo secured card. Once I app, I recieved my card about 3 weeks later. Iv paid the the minimum payment on time every month.
Yesterday, 11/14, I app for a Cap1 secured cc, and was instantly approved for a $200 CL with $99 security deposit. I made payment with my wells fargo checking acct, but it has still not been withdrawn. It said it would take 7-10 days for payment processing. I figured it hasn't been yet withdrawn because I was instantly approved and I made payment on a Saturday, so ill check my acct tom and keep this post up to date.

My credit score today is 525 transunion through Credit Karma.

I have a few questions.

I know my Wells Fargo acct can become unsecured, but has this happend to anybody? And how will it take? Its already been 4 months on time payments. Also, has anyone experienced a CLI, and if so how much, and how long did it take?

What are the chances on my new cap1 secured card getting an unsecured CLI?

How long till I actually recieve my Card in the mail, realtime?

Lastly, I was scared to, but what were the chances of me being approved for a unsecured car from cap1, being my poor credit score? Im wondering if I should have just tried for an unsecured instead of secured cap1?

Thanks everyone and ill keep this post updated of the time it takes for my new cap1 secured to withdraw sec dep, and actually recieve my card.

Starting Fico 8s- TU 485 EX 470 EQ 470 [1/1/2015]
Current Fico 8s- TU 638 EX 626 EQ 615 [5/1/2017]
Merrick Bank $1100, Wells Fargo Secured $300, NFCU Secured $800, First Premier $300, CareCredit $3000, Fingerhut $800

Anonymous · ‎11-15-2015

It took me about 3 weeks to get my cap1 secured card. Don't hesitate to call them to check on the status.

Anonymous · ‎11-15-2015

If it's been 4 months and u been making all ur payments on time u should easily get the cap1 plat and qs1

MJVBAK · ‎11-15-2015

It took about 3 weeks for me to get my card. it arrived two weeks after I got my approval/welcome letter.

Jaydawg220 · ‎11-16-2015

Thanks for the ETA guys, I guess ill just have to be patient and wait 3 weeks ( I could care less about the $200, all I care about is making on time payments and getting my account on my credit report, (

Discus, yes, its been 4 months, going on 5 months on my $300 WF secured cc. You think I should (and get approved) for the cap1 plat or qs1 cc? Id love to get my first unsecured cc, but my credit score worries me. 4-5 collections accts, 6 (3 each student loan) late payments, and oldest account is only 1 y, 4ms old.

Im starting to think I should've applied for cap1 unsecured cc instead of secured cc. Ughh

Starting Fico 8s- TU 485 EX 470 EQ 470 [1/1/2015]
Current Fico 8s- TU 638 EX 626 EQ 615 [5/1/2017]
Merrick Bank $1100, Wells Fargo Secured $300, NFCU Secured $800, First Premier $300, CareCredit $3000, Fingerhut $800

Jaydawg220 · ‎11-16-2015

UPDATE:
i was instantly approved on Saturday, 11/14/15 for my Cap1 secured CC for $99 down, and $200 CL.
Today's Monday, 11/16/15, and iv noticed that the my $99 payment was drawn from my checking acct. Yayy!
Now, im waiting for the email saying my cards been sent out, woohoo!

Starting Fico 8s- TU 485 EX 470 EQ 470 [1/1/2015]
Current Fico 8s- TU 638 EX 626 EQ 615 [5/1/2017]
Merrick Bank $1100, Wells Fargo Secured $300, NFCU Secured $800, First Premier $300, CareCredit $3000, Fingerhut $800

Anonymous · ‎11-16-2015

Congrats!

Jaydawg220 · ‎11-16-2015

Thank you! Im super excited.

Iv heard someone say once my cap1 secured gets reported I should apply for cap1 qs1? I wonder if id get approval

Starting Fico 8s- TU 485 EX 470 EQ 470 [1/1/2015]
Current Fico 8s- TU 638 EX 626 EQ 615 [5/1/2017]
Merrick Bank $1100, Wells Fargo Secured $300, NFCU Secured $800, First Premier $300, CareCredit $3000, Fingerhut $800

Anonymous · ‎11-16-2015

Ah did it wrong way... U already paid 5 months on time with Wells Fargo.. U should of tried the unsecure cap1 plat and qs1 if don't approve u do they secure one.. Wells Fargo secured card also normally graduate to an unsecured card in 12 months

Anonymous · ‎11-16-2015

@Jaydawg220 wrote:
Thank you! Im super excited.

Iv heard someone say once my cap1 secured gets reported I should apply for cap1 qs1? I wonder if id get approval

Yes, watch your reports and when the new account shows up, apply - but NOT for the QS1, you want to apply for the Platinum first (the one with no Annual Fee). Once you get approved for the Platinum card, then app for the QS1. You may or may not have to close the secured account first. App anyway. If they deny you for having two accounts, they won't even pull your reports. After you have the Platinum for two statements, ask them to upgrade the account to reward status. You can do this via online chat or you can call customer service.