topic Re: Secured Credit Card with small Deposits? in Credit Card Applications

Secured Credit Card with small Deposits?

Anonymous — Thu, 31 Mar 2016 13:42:09 GMT

Hi again. Im all over these boards as I attempt to build/rebuild my credit. I applied a few months back for the Cap One secured card and they asked for a 200 deposit for a 200 dollar limit. I decided to wait and see if I could get that lowered as I increased my scores. Sure enough I got the deposit down to 99 Are there other cards people recommend where the deposit can be less than the CL? These are my first credit cards so any tips on how and when to use them would be great.

Re: Secured Credit Card with small Deposits?

fltireguy — Thu, 31 Mar 2016 15:13:34 GMT

BofA 99/500

Re: Secured Credit Card with small Deposits?

Anonymous — Thu, 31 Mar 2016 16:48:14 GMT

Sadly that one doesnt exist anymore. Minimum for that is 300

Re: Secured Credit Card with small Deposits?

Anonymous — Thu, 31 Mar 2016 19:09:10 GMT

Didn't realize BOA raised it. That must be very new. I wonder if they still offer the 99/500 deal when somebody apps for a regular card but doesn't qualify?

Re: Secured Credit Card with small Deposits?

Anonymous — Thu, 31 Mar 2016 19:45:35 GMT

Before it ran my info it asked for a 300 deposit

Re: Secured Credit Card with small Deposits?

Anonymous — Thu, 31 Mar 2016 23:29:37 GMT

BOA's 99/500 secured card still exists, but you cannot just apply for it. You have to app for one of their unsecured cards, get denied, and they will either instantly offer you the 99/500 secured card, or they will mail you the offer, or they'll offer you nothing.

Re: Secured Credit Card with small Deposits?

KSK1912 — Fri, 01 Apr 2016 01:38:30 GMT

@Anonymous wrote:
Hi again. Im all over these boards as I attempt to build/rebuild my credit. I applied a few months back for the Cap One secured card and they asked for a 200 deposit for a 200 dollar limit. I decided to wait and see if I could get that lowered as I increased my scores. Sure enough I got the deposit down to 99 Are there other cards people recommend where the deposit can be less than the CL? These are my first credit cards so any tips on how and when to use them would be great.

Do yourself a favor and do not get cap one secured card. It is a dead end. It never graduates, and when you close your account they will hold your deposit for 2 more months before they give it back to you. Get their pl;atinum card, it is easy to get, i got it for my wife 2 months ago, and her scores were all under 600, and she got approved for both platinum and QS1 both with $300 starting limit, and 15 mins ago, i asked for cli on both and both of them were bumped up to $800. Cap one secred card is a dead end. BOA is a lot better because i have seen so many people just calling in as early as 6 after getting the card and graduating the card to non secure. You can't beat that.

Re: Secured Credit Card with small Deposits?

Anonymous — Fri, 01 Apr 2016 07:17:37 GMT

@KSK1912 wrote:
@Anonymous wrote:
Hi again. Im all over these boards as I attempt to build/rebuild my credit. I applied a few months back for the Cap One secured card and they asked for a 200 deposit for a 200 dollar limit. I decided to wait and see if I could get that lowered as I increased my scores. Sure enough I got the deposit down to 99 Are there other cards people recommend where the deposit can be less than the CL? These are my first credit cards so any tips on how and when to use them would be great.
Do yourself a favor and do not get cap one secured card. It is a dead end. It never graduates, and when you close your account they will hold your deposit for 2 more months before they give it back to you. Get their pl;atinum card, it is easy to get, i got it for my wife 2 months ago, and her scores were all under 600, and she got approved for both platinum and QS1 both with $300 starting limit, and 15 mins ago, i asked for cli on both and both of them were bumped up to $800. Cap one secred card is a dead end. BOA is a lot better because i have seen so many people just calling in as early as 6 after getting the card and graduating the card to non secure. You can't beat that.

+1 with a bit more info.

1st, what are your FICO8 scores? If your TU is mid to high 500's you should qualify for the Platinum and QS1 (as long as you haven't burned them with so much as a late payment in the past year). Go to https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx and fill out the short app. It may give you the Congratulations! announcement and offer the Plat and QS1 but many here (including me) NEVER got that invite and were approved anyway for the CC's. Go ahead and app the Plat first and if approved app the QS1 immediately. These are top shelf rebuilder CC's and they will take you a very long way in a very short time.

If you get them, start reading about PC'ing the Plat and getting early CLI's before the AUTO CLI from the STEPS program.

Let us know what happens and you will get some more great help from these fine folks.

Re: Secured Credit Card with small Deposits?

Anonymous — Fri, 01 Apr 2016 11:08:05 GMT

@Anonymous wrote:
@KSK1912 wrote:
@Anonymous wrote:
Hi again. Im all over these boards as I attempt to build/rebuild my credit. I applied a few months back for the Cap One secured card and they asked for a 200 deposit for a 200 dollar limit. I decided to wait and see if I could get that lowered as I increased my scores. Sure enough I got the deposit down to 99 Are there other cards people recommend where the deposit can be less than the CL? These are my first credit cards so any tips on how and when to use them would be great.
Do yourself a favor and do not get cap one secured card. It is a dead end. It never graduates, and when you close your account they will hold your deposit for 2 more months before they give it back to you. Get their pl;atinum card, it is easy to get, i got it for my wife 2 months ago, and her scores were all under 600, and she got approved for both platinum and QS1 both with $300 starting limit, and 15 mins ago, i asked for cli on both and both of them were bumped up to $800. Cap one secred card is a dead end. BOA is a lot better because i have seen so many people just calling in as early as 6 after getting the card and graduating the card to non secure. You can't beat that.
+1 with a bit more info.

1st, what are your FICO8 scores? If your TU is mid to high 500's you should qualify for the Platinum and QS1 (as long as you haven't burned them with so much as a late payment in the past year). Go to https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx and fill out the short app. It may give you the Congratulations! announcement and offer the Plat and QS1 but many here (including me) NEVER got that invite and were approved anyway for the CC's. Go ahead and app the Plat first and if approved app the QS1 immediately. These are top shelf rebuilder CC's and they will take you a very long way in a very short time.

If you get them, start reading about PC'ing the Plat and getting early CLI's before the AUTO CLI from the STEPS program.

Let us know what happens and you will get some more great help from these fine folks.

Can't go wrong with skybuilder's plan

To add to your options, again depending on how many apps and HP's you've already ready burned...2-3 cards is enough to get and

perform with as they and your HP's age (meaning use wisely and allow the X factor 'time' work it's magic)

That being said, and deposit money being tight

Discover's Secured card is excellent and it can graduate....the deposit is $200 but again great choice

and if it's just 'one' more account and/or money is THAT tight the Justice Dept FCU has a $100 secured card with a up to 110% CL

both have no AF's

Discover like Cap1 has crap rates but Justice is only 16.9 (not bad for a $100 starter card)

As a way to get a few accounts reporting thus building your file on the 'cheap' as far as deposit outlay (w/o a bunch of nonsense FEES)

those can't be beat IMO

Remember, step 1 isn't the last step in rebuilding but it's required and if it needs to be done within the limits you have, then do so vs 'waiting' till

you have this or that size deposit....get some points up on that scoreboard....too many folks forget that

the formula is about on-time payments and util ratios 1st and foremost and you can parlay that, just the same with a secured $200 CL or a $2000CL

and not any faster either way....so start ASAP

I see ppl wait and SAVE more money ....where had they being allowing the system to see on-time payments and a great util ratio by the same number of months it took them to 'save' a 1-2k deposit another person would have been qualified for an unsecured 1-2k CL...go figure?

Re: Secured Credit Card with small Deposits?

Officer737 — Fri, 01 Apr 2016 14:46:55 GMT

@Anonymous wrote:
BOA's 99/500 secured card still exists, but you cannot just apply for it. You have to app for one of their unsecured cards, get denied, and they will either instantly offer you the 99/500 secured card, or they will mail you the offer, or they'll offer you nothing.

They still offer this card.

Re: Secured Credit Card with small Deposits?

Anonymous — Fri, 01 Apr 2016 15:22:16 GMT

You app as a $300 deposit and have to be offered the $99 for $500

sort of like the Cap-1 $49/$99/$200 deal THEY tell you which option is open to you...if it's offered ok if not it's what they offer to each person, that's how they explain it now.

Re: Secured Credit Card with small Deposits?

Anonymous — Fri, 01 Apr 2016 18:33:50 GMT

I got denied for both the Platinum and Q1, I have access to my FICO 8 Exp... thats around 536

Re: Secured Credit Card with small Deposits?

Anonymous — Fri, 01 Apr 2016 18:49:17 GMT

I went ahead and applied for a card and was denied there as well. So heres hoping I get something in the mail.

Re: Secured Credit Card with small Deposits?

Anonymous — Sat, 02 Apr 2016 09:20:11 GMT

@Anonymous wrote:
I got denied for both the Platinum and Q1, I have access to my FICO 8 Exp... thats around 536

Sorry about the denial. I truly am. Cap1 is looking for a TU > 550. Have you pulled your annualcre