topic Re: Capital One Secured in Credit Cards

Capital One Secured

Anonymous — Sun, 22 Nov 2015 03:22:55 GMT

I opened my card in Feb this year. Today in the mail I got a letter saying that after Januaury I will not be able to add money to my deposit, increasing my credit line. I contacted Cap 1 to ask why and the CSR was no help. So I am wondering if anyone would know why? Is it because my account will be a year old ?

Re: Capital One Secured

Anonymous — Sun, 22 Nov 2015 04:04:16 GMT

Ahh no it may not be that. I just got approved for the card myself & the representative said that Capital One is changing their policy on Secured Cards. Wow this really sucks. I may not open this card at all. I want to be able to add to my deposit.

Re: Capital One Secured

Anonymous — Sun, 22 Nov 2015 05:35:39 GMT

Don't worry about adding to your line . Just sit on the card for 24 months and then close it . Cap 1 and others will give you good limites on other insecure cards sooner than you may think .

Re: Capital One Secured

Anonymous — Sun, 22 Nov 2015 06:21:33 GMT

Haven't gotten the letter yet, but there has been talk about it on the forum for a while. If you can, add funds before the change. It isn't the amount of money you have in the secured card, but the trade line itself that's important.

Re: Capital One Secured

Pway — Sun, 22 Nov 2015 06:25:15 GMT

Yes, there has been talk on the forums about not being able to add additional funds to the secured card. Thanks for the update, my best friend has this card and I can relay the information to him as well.

Re: Capital One Secured

Anonymous — Sun, 22 Nov 2015 16:25:39 GMT

You're right. You're absolutely right. If Capital One really is changing their policy on secured cards, I need to add a boatload of money to it right away!

It sucks that we potentially won't be able to have this opportunity. Because it was a very amazing opportunity.

Re: Capital One Secured

mamatried — Mon, 23 Nov 2015 16:58:16 GMT

I received the letter today and it said the same. I opened a secured CapitalOne Platinum in January 2014 with $200. After 6 months of use / on time pays, they increased me to $500 without an additional deposit. I was also approved for an unsecured CapitalOne Quicksilver for $1,000 that gets an auto increase to $1,500 after so many months of on time pays. I wouldn't worry about it. Really, with secured cards, I don't see enough of a benefit to do additional deposits. Use the minimum to get your foot in the door and get the unsecured cards.

Re: Capital One Secured

Anonymous — Mon, 23 Nov 2015 18:17:48 GMT

Are you making on-time payments? Is the payment you are making adequate or more than the minimum amount every month? Another thing... which card type do you have? All types of cards of Capital One dobn't provide credit line.

Re: Capital One Secured, CHANGES

Anonymous — Thu, 26 Nov 2015 03:44:01 GMT

I also received this letter in the mail 11/23/2015. I just finished a chat with a Cap1 CSR and here is the information that he gave me:

CSR stated that by allowing customers to continue to apply new deposits, Cap1 is unable to "offer some additional benefits and services that may otherwise be available for cardholders". He also stated that once this change takes place (January 16, 2016), secured card holders will be able to request CLIs online and potentially be approved, as if the account were an unsecured account. He said the company wants to "improve this product for the cardholder".

I did also ask if once the change took effect and I decided to close my secured account, if I would be able to get my deposit back and close the card, and he stated nothing about this particular process will change; If you want to close the account and get your money back, there shouldn't be a problem. I forgot to ask about combining limits of a secured and an unsecured account :-(

I'm thinking of keeping this card open just to see what new "benefits and services" they will be offering. I've had the card since late June 2015.

Hope this helps. :-)

Re: Capital One Secured

mamatried — Thu, 26 Nov 2015 13:52:58 GMT

@Anonymous wrote:
Are you making on-time payments? Is the payment you are making adequate or more than the minimum amount every month? Another thing... which card type do you have? All types of cards of Capital One dobn't provide credit line.

I PIF every month, on-time. Capital One Platinum = Secured $200 / $500 Line / $0 Balance, Capital One QuickSilver = Unsecured $1,000, currently has a balance, but will be PIF before due. I don't pay cc interest as a personal rule.