topic Approved for Capital One Platinum (Secured) in Credit Card Approvals

Approved for Capital One Platinum (Secured)

Anonymous — Thu, 19 Nov 2015 21:44:41 GMT

Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!

Re: Approved for Capital One Platinum (Secured)

TrialByFire — Thu, 19 Nov 2015 22:35:53 GMT

First off congrats on your new acquisition! I started rebuilding with cap1 secured last year and I do remember seeing a link online to add additional funds. I didn't add anything extra, used it regularly and got an auto cli after a couple months.

Good luck in your rebuilding process!

Re: Approved for Capital One Platinum (Secured)

Anonymous — Thu, 19 Nov 2015 22:54:22 GMT

@Anonymous wrote:
Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!

Congrats on your approval. When you log on there is a link that allows you to add additional funds. It takes about 10 days for the increase to show up. I got an unsecured increase after the 6th statement posted. I plan to keep this card a year then close it Good luck. If you don't have anything on Chexsystems consider joining SDFCU. It's not a SPand I don't think the card unsecures, but if you can get in then you can establish a relationship with a CU. Also for $250 more you could qualify for a secured share loan if you need an installment loan.

Re: Approved for Capital One Platinum (Secured)

nujerooz — Thu, 19 Nov 2015 23:19:10 GMT

great jog on the Cap 1 Platinum!!! Stay away from Open Sky tho' - too many fees

B of A Secured has $39.00 fee and $500 limit - in a few months I'll try and apply for unsecured

Re: Approved for Capital One Platinum (Secured)

Anonymous — Thu, 19 Nov 2015 23:30:14 GMT

@nujerooz wrote:
great jog on the Cap 1 Platinum!!! Stay away from Open Sky tho' - too many fees

B of A Secured has $39.00 fee and $500 limit - in a few months I'll try and apply for unsecured

Congrats on your progress. You have done well so far.

Re: Approved for Capital One Platinum (Secured)

BrianKill — Fri, 20 Nov 2015 01:12:28 GMT

@nujerooz wrote:
great jog on the Cap 1 Platinum!!! Stay away from Open Sky tho' - too many fees

B of A Secured has $39.00 fee and $500 limit - in a few months I'll try and apply for unsecured

This is completely false. A $29 annual fee and no other charges. I had the car for 18 months -- my first rebuilder. You can add to it all you like during the first year to raise the limit without any fees. It's a great secured card.

Re: Approved for Capital One Platinum (Secured)

BrianKill — Fri, 20 Nov 2015 01:13:35 GMT

@Anonymous wrote:
Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!

You should just apply for the platinum and QS One cards now, If Cap 1 will approve you for a secured card, they will approve you for unsecured. They do reject people for secured and those folks won't be approved for unsecured.

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 02:25:57 GMT

@TrialByFire wrote:
First off congrats on your new acquisition! I started rebuilding with cap1 secured last year and I do remember seeing a link online to add additional funds. I didn't add anything extra, used it regularly and got an auto cli after a couple months.

Good luck in your rebuilding process!

Oh that's great to hear. I'm opening it with a $500 CL & then hopefully before the auto CLI, I can get it to $1,000. I just want this and my Discover card to have $1k each. That way I can show the creditors that I can handle a larger limit.

Thank you for the information.

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 02:28:44 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!
Congrats on your approval. When you log on there is a link that allows you to add additional funds. It takes about 10 days for the increase to show up. I got an unsecured increase after the 6th statement posted. I plan to keep this card a year then close it Good luck. If you don't have anything on Chexsystems consider joining SDFCU. It's not a SPand I don't think the card unsecures, but if you can get in then you can establish a relationship with a CU. Also for $250 more you could qualify for a secured share loan if you need an installment loan.

Thank you so much for the great advice. I will definitely look into the CU that you recommended! It would be awesome to establish a relationship with one.

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 02:30:42 GMT

@BrianKill wrote:
@Anonymous wrote:
Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!
You should just apply for the platinum and QS One cards now, If Cap 1 will approve you for a secured card, they will approve you for unsecured. They do reject people for secured and those folks won't be approved for unsecured.

Really? I'm not sure if that would apply to me, since I have to deposit the entire $200 to open the card, not a lower limit like $49/$99. Anyone else have any insight on this?

Re: Approved for Capital One Platinum (Secured)

TrialByFire — Fri, 20 Nov 2015 03:39:07 GMT

There's a couple of ways to look at this...looking back now, I would've just done what @BrianKill said and app for the platinum or QS1 at the beginning of my rebuilding process. Not sure how that would work out for you, given that you just opened the secured card. However, CapOne is VERY forgiving so you might have a decent shot. You could also let that secured card age for 6 mo then app.

Yes you'll likely take the 3x HP but at this point in your journey I don't think it'll kill ya. Worst case they say no. I say go for it. Keep us posted with what you decide OP!

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 03:43:36 GMT

Congrats!!!

Re: Approved for Capital One Platinum (Secured)

dcastillo68 — Fri, 20 Nov 2015 03:46:02 GMT

@Anonymous wrote:
Hi Everyone!

I thought I would share the fact that I was approved for a Capital One Platinum Secured Card. I had 2 Capital One cards 4 years ago and lost them due to losing my job and then having health issues that hindered me from getting back to work to save my credit. ANY WHO... I am in credit repair mode, and got my Discover it card in October, so I thought to help maximize my scores it would be best to add another card. So I applied for the card on November 9th and was just informed today that I was approved. Gosh it took forever-and-a-day!

One thing I am a tad bit confused by is the fact that I can't get a clear answer on whether you can add additional funds to your card after it's opened or not. Does anyone with this card have any information on this? I was told that after some months of on time payments that "I MIGHT" be eligibile for an unsecured increase, but it would be nice to be able to add funds over time to the card.

Anyway, yay... I have another card. So I think I might get 1 more Secured Card (OpenSky maybe?) and then just let the cards be for about a year or so and see what my credit profile is like after that time!

Thank you for the help & support, MyFico Community!

Congrats!!

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 04:02:37 GMT

Thank you for the advice and congrats everyone!

I did decide to bite the bullet for the QS1, but was not approved.

No big deal though. I can just use the Secured card & keep it for a year. During this time I will also be trying to do some PFDs so that by the end of 2016 I am debt-less.

Re: Approved for Capital One Platinum (Secured)

TrialByFire — Fri, 20 Nov 2015 04:11:29 GMT

Sorry bout the denial but sounds like you have a solid plan of attack

Re: Approved for Capital One Platinum (Secured)

Anonymous — Fri, 20 Nov 2015 04:14:54 GMT

@TrialByFire wrote:
Sorry bout the denial but sounds like you have a solid plan of attack

I appreciate it! Today I wrote down the collections (4 of them) that I plan on trying to PFD. I dread going through this process, but if I want to better my situation I have to try right?