topic Re: Cap One Secured card question in Credit Cards

Cap One Secured card question

Aduke1122 — Fri, 10 Jun 2016 18:05:55 GMT

Hi I have had this card since Feb, I have read different stories about a CLI around your 6th statement ? Does anyone know if this is for everyone for how it works ? Do you have to ask for it?

Re: Cap One Secured card question

Anonymous — Fri, 10 Jun 2016 23:20:04 GMT

The only way I was able to get a CLI was to send in more money to add to my security deposit. But I started with this card in 2012.... I think they have since changed the rules. I closed my card last month.

Re: Cap One Secured card question

Aduke1122 — Sat, 11 Jun 2016 05:16:26 GMT

Aww that sucks , yea I read several members on here who said they got their cards around the same time as you and never received a CLI , but the ones who have gotten it in the last year or two say they got one after 6 mths .

Re: Cap One Secured card question

RCOH — Sat, 11 Jun 2016 09:01:16 GMT

According to the Capitol One secured card site, you can still increase your limit (with exceptions). It is still possible to be issued an increase.

"$200 - $3,000. Minimum required security deposit gets you a $200 initial credit line. Deposit more than your minimum required security deposit before your account opens to get a higher initial credit line, up to $3,000"

FAQ:

"If your application is approved and you provide the minimum required security deposit prior to the expiration date, your account will be opened, and you will receive the minimum initial credit line of $200. To increase your initial credit line, simply deposit more than your minimum required security deposit within 80 days of being approved and before you activate your card. You can raise your initial credit line by the amount of your additional deposit, up to $3,000. You may also earn a credit line increase later based on your payment history and creditworthiness."

Re: Cap One Secured card question

Aduke1122 — Sat, 11 Jun 2016 12:01:59 GMT

Thanks for the info , good to know! Another quick question , I have two secured cards one Cap one and then Usaa and a fingerhut , I've been reading you need atleast 3 bank cards and 1 store credit open , any other cards I could possibly get right now, still rebuilding at the moment and waiting for student loans to be rehabbed in Sept . And I have a few collections left

Re: Cap One Secured card question

RonM21 — Sat, 11 Jun 2016 16:24:50 GMT

@RCOH wrote:
According to the Capitol One secured card site, you can still increase your limit (with exceptions). It is still possible to be issued an increase.

"$200 - $3,000. Minimum required security deposit gets you a $200 initial credit line. Deposit more than your minimum required security deposit before your account opens to get a higher initial credit line, up to $3,000"

FAQ:
"If your application is approved and you provide the minimum required security deposit prior to the expiration date, your account will be opened, and you will receive the minimum initial credit line of $200. To increase your initial credit line, simply deposit more than your minimum required security deposit within 80 days of being approved and before you activate your card. You can raise your initial credit line by the amount of your additional deposit, up to $3,000. You may also earn a credit line increase later based on your payment history and creditworthiness."

Good on the data point.

Re: Cap One Secured card question

RCOH — Sat, 11 Jun 2016 19:31:45 GMT

@Aduke1122 wrote:
Thanks for the info , good to know! Another quick question , I have two secured cards one Cap one and then Usaa and a fingerhut , I've been reading you need atleast 3 bank cards and 1 store credit open , any other cards I could possibly get right now, still rebuilding at the moment and waiting for student loans to be rehabbed in Sept . And I have a few collections left

You're welcome,

If you really want or need another revolving account, Open Sky offers a secured Visa (17.69% APR) that doesn't require a credit check (HP). There is a yearly fee of $35 but you won't get an inquiry on your reports for opening it. Minimum deposit is $200 to open the card.

They report to all three CRA(s) and allow you to increase your initial line of credit by adding additional funds. I believe they do a SP for both the initial card and requested increases.

Re: Cap One Secured card question

Aduke1122 — Sun, 12 Jun 2016 05:22:22 GMT

OK thanks for the info , I'll check it out!