topic Re: CapOne Secured Card in Credit Cards

CapOne Secured Card

Anonymous — Mon, 15 Feb 2016 23:09:30 GMT

I have bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

Re: CapOne Secured Card

Anonymous — Mon, 15 Feb 2016 23:26:17 GMT

Yes, it will help. I wouldn't place too much more than that on the card because you're right, it will never unsecure.

Re: CapOne Secured Card

Anonymous — Tue, 16 Feb 2016 00:43:15 GMT

rather it unsecures or not i would put at least $500. you can close it in a few years when your credit builds back up

Re: CapOne Secured Card

Anonymous — Tue, 16 Feb 2016 01:30:37 GMT

@Anonymous wrote:
I have bad credit I am trying to rebuild. My scored hovers around 550-575. Will $200 on a secured card help build my credit any? Is there a better minimum I should get do show improvement on my score? Don't know if it's worth it to put more on a card, that will never go unsecured.

If you can swing $500, then I would put that down on Cap 1 so that it gives you more cushion in regards to UTI. When I got it, you could add additional funds, but once they took away that option, I applied for the Venture and QS and closed it. It took about 6 months, but I started getting other card offers. Look upon it as an investment in your future.

Re: CapOne Secured Card

Anonymous — Tue, 16 Feb 2016 02:24:38 GMT

Maybe look into the Builder Program card. It has the potential to grow unlike the Secured Card (which DOES get a small unsecured CLI at the 6 month mark but I've not seen it grow any further than that to date from any reports) and it is not secured.

The limit is really small for the first 5 months but then it becomes a $500 unsecured Platinum MC.