Hi all!
I have a CapOne secured card I got back in October. I qualified for the $50 deposit and a $200 CL.
I wasn't on the forum then, so I wasn't good with utilization at all - most of the time I had it at over 80%, although I haven't had any lates, and have paid it off (or close) a couple of times as well.
Since coming here earlier this month and reading up on utilization, I have paid the balance down, and added an additional $100 deposit, bringing my CL to $300 and utilization under 25%, with my plan to get it under 10% if not fully paid next month (yes, I know it's not a whole lot of money to just pay it, but I have some other stuff out there I'm working on as well.)
Now, I've read on the forum here that they recently did away with the auto unsecured CLIs on this card (which, although a reason that I got it, is something I'm okay with.) So, imagine my surprise and delight when I logged in today and noticed I had over $500 available credit and a $600 CL!
I am guessing that this has more to do with my additional deposit, and that like the initial deposit, they multiply it. The timing is too close to my additional deposit for it to be any sort of auto increase that they suddenly decided to return to (or who knows, maybe they did bring it back after all?) But, I wanted to share my experience with those of you who are working on rebuilding and are bummed out about the fact that CapOne did away with the unsecured CLIs. It looks as though yes, you'll still have to provide an additional deposit, but they'll at least match/multiply it.
It's a baby step, and not a whole lot - but given that I couldn't get any credit that long ago, I am pretty excited about this baby step in my credit marathon!
