Pre Approved CapOne Secured Card...

[Anonymous]

Good evening everybody, I wanted to get an opinion on whether or not I should go through with the application for the Capital One secured card. The reason I'm not sure if I should I apply is because I currently owe them about $550 and I would be surprised that they would approve me for the secured card regardless if it's my money that I'm putting as a deposit. My situation looks like this... My current score according to creditchecktotal.com is 545 with Experian and about the same with Equifax and Trans. I was at about 470 about 6months ago but since then I was able to pay off a couple of charged off accounts and I opened a secured card with OpenSky with a creditline of $200(my deposit), I've only been using it for gas which is about $60 a month and I PIF once the statement closes. I still have an account in collections with Harvard Collections for $850 for a medical bill that I am going to try to get them to agree to a PFD, I still owe about $550 to Capital One for a charged off account(I previously owed them $1800 on another card as well but I paid that off), and I owe First Premier about $450 for a charged off account. Unfortunately a few years I ago I lost my job and I was irresponsible so I didn't save money the way I should have but I now have a great job and learned my lesson. I have the money to pay for all the debts in full right now, which is why I'm hoping Harvard collections will agree to a PFD in writing since I'm willing to PIF.The only reason I haven't called First Premier and Capital One to pay off the balances I owe is because after I paid off the $1800 to Capital One for the other card I owed I was told that paying off an account may not necessarily help with my score and I should look to go the secured card route to improve my credit.

For the last 2-3months it looks like I've been stuck at around 545 and I think the best way to get that bumped up would be to get another secured card but would the Capital One secured card be a good route to go since I was pre approved? BTW for the last 2months I've recieved pre approvals for the Credit One and some other unsecured visa card with an annual fee of $75 and set up fee of like $85 but I'd rather not pay those fees and go with a secured card.

Please help me!! lol and I'm sorry for the long post...

[rmduhon]

Don't get Credit One. Cap1 is very forgiving if th3 charge off is more than a year old. I'd pull the trigger on it.

[Anonymous]

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@rmduhon wrote:
Don't get Credit One. Cap1 is very forgiving if th3 charge off is more than a year old. I'd pull the trigger on it.

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I'm definately not taking the Credit One or any other card with an annual fee and not real benefits. I'd rather go the secured card route because I have money saved up aside from my emergency savings(6months worth of bills) that I can use as a deposit on a secured card and I would eventually get it back so might as well go that route instead of paying a fee for a card and not getting that money back.

I'm leaning towards taking that secured card with Cap1 because I've also been reading that after about 12months there's a possibilty for a "graduation" to an unsecured card which I obviously can't get with the OpenSky. Do you think I should pay off the $550 that I still owe them for the CO account before I apply for the secured card? It seems like I would be approved even with that money still being owed.

And thank you for your opinion!

[rmduhon]

My best friend just got approved for a Cap1 secured card and she has a CO from them. I don't know which amount she had to use though (49, 99, or 200)

[MakingProgress]

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@Anonymous wrote:

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@rmduhon wrote:
Don't get Credit One. Cap1 is very forgiving if th3 charge off is more than a year old. I'd pull the trigger on it.

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I'm definately not taking the Credit One or any other card with an annual fee and not real benefits. I'd rather go the secured card route because I have money saved up aside from my emergency savings(6months worth of bills) that I can use as a deposit on a secured card and I would eventually get it back so might as well go that route instead of paying a fee for a card and not getting that money back.

I'm leaning towards taking that secured card with Cap1 because I've also been reading that after about 12months there's a possibilty for a "graduation" to an unsecured card which I obviously can't get with the OpenSky. Do you think I should pay off the $550 that I still owe them for the CO account before I apply for the secured card? It seems like I would be approved even with that money still being owed.

And thank you for your opinion!

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Don't count on the "graduation" .   I have had a Cap 1 Secured card for about 18 months, and I recently called to  see about "graduating my card"   Here is what I found out.  Yes some cards might be converted to unsecured, but make sure when you sign up that there is an offer in the terms for that to happen.   I was informed by Cap 1 Executive Offices that only accounts that have a clause in the Terms and Conditons that states cards might be "graduated" even have a chance at.   In my case it was't there so the only way to get my deposit back is to close the account, which I am not ready to do at this time. 

[rmduhon]

If the secured card was opened before the end of 2015/beginning of 2016 the card will not graduate. The ones opened now will graduate.

[Anonymous]

I got a $300 unsecured card when I still had a Cap 1 chargeoff on my report. It fell off my report a few months after getting approved. My score at the time of approval was 533 and they only pulled TU for me.

[Anonymous]

Good news!! I was approved for a deposit of $99

[tricie17]

I would use the money for a secured loan from a credit union or bank.  Ask first if you get money back after setting up secured loan and then take that money back and use for a secured card preferred (Bank of America, NFCU or Discover).  NFCU May even give you a credit card without it being secured.  This definitely give you a lot of movement upward on your credit numbers.  Always try the most bang for your money first and never give up your money to any company helping you.  Capital One is a great starter but can get stingy at times and there are better cards for you out there.  Try going around Capital One.

[Anonymous]

After helping my sister with checking to see if she pre qualified for the secured card I noticed that it mentioned on her "primary benfit"  it said that after making 10payments on time she would be upgraded to unsecured. When I ran my info through that same tool on their website it didnt say that, it just said that after making 5 payments on time i would rcv a LOC increase. So I got a little worried and called them but they claim to not be able to verify if i would have that offer on my account and we'll only know once the 10months end. I dont understand how they can't verify that info, I work customer service at American Express and all this info is easily verifiable.