topic Re: Capital One Secured Card and I'm on my way... in Credit Cards

Capital One Secured Card and I'm on my way...

mocha82 — Thu, 24 Feb 2011 03:56:01 GMT

I applied for a Capital One Secured Mastercard and I was $200 CL w/ a $49 deposit. I paid on the spot! I had a charge-off with them that I recently settled. I had applied for the same card back in Nov. of 2010 and they required a $200 deposit. I'm assuming that my credit is finally moving in the right direction. I have paid off all of my debt excluding the University of Phoenix charge-off that I'm working with the Attorney General's office to get removed ($2210), my student loans, and a few medical bills that I am waiting to fall off once my insurance finally pays for them. Yay me! I'm so excited. I hope Capital One are good with unsecured CLI. I also have a Orchard Bank unsecured MC ($300 limit) that is currently at a $0 balance. I am praying that the changes that I have made so far will help my score so that I can apply for a mortgage by the end of this year or the beginnign of 2012. So far my score has gone from the high 400s to mid 500s. Thanks to the myFico forums.

Re: Capital One Secured Card and I'm on my way...

Anonymous — Thu, 24 Feb 2011 04:12:18 GMT

@mocha82 wrote:
I applied for a Capital One Secured Mastercard and I was $200 CL w/ a $49 deposit. I paid on the spot! I had a charge-off with them that I recently settled. I had applied for the same card back in Nov. of 2010 and they required a $200 deposit. I'm assuming that my credit is finally moving in the right direction. I have paid off all of my debt excluding the University of Phoenix charge-off that I'm working with the Attorney General's office to get removed ($2210), my student loans, and a few medical bills that I am waiting to fall off once my insurance finally pays for them. Yay me! I'm so excited. I hope Capital One are good with unsecured CLI. I also have a Orchard Bank unsecured MC ($300 limit) that is currently at a $0 balance. I am praying that the changes that I have made so far will help my score so that I can apply for a mortgage by the end of this year or the beginnign of 2012. So far my score has gone from the high 400s to mid 500s. Thanks to the myFico forums.

This is new. Minimum Security Deposit :$49, $99 or $200 refundable deposit based on your credit Minimum security deposit gets you a $200 line.

That is a nice feature.

Re: Capital One Secured Card and I'm on my way...

tobey — Thu, 24 Feb 2011 04:26:06 GMT

Whaa?? This is new. I think Capital One owes me a $150 refund then...

Re: Capital One Secured Card and I'm on my way...

mocha82 — Thu, 24 Feb 2011 04:33:46 GMT

I would have felt the same way if I would have signed up back in November. I think that secured cards are going to start making a come back because so many people are trying to rebuild their credit. There is definitely a market for secured cards these days.

Re: Capital One Secured Card and I'm on my way...

mocha82 — Thu, 14 Apr 2011 14:36:23 GMT

I applied for this card on 02/23/2011. The account was activated on 03/05/2011. My due date was 04/06 and capital one just reported for the first time today (04/14/2011) on my transunion and equifax report (experian hasn't reported yet). My Equifax score dropped from 595 to 594. I haven't received an alert for Transunion yet....

Re: Capital One Secured Card and I'm on my way...

texasman07 — Thu, 14 Apr 2011 14:48:00 GMT

I have had this Card Since September of 2010. I had to Deposit 200.00$ Its a good Card. I use it an PIF every month. A month after I got my secured Card Cap1 sent me a pre approval in the mail for a Rewards No Hassel. I applied and got approved 500 CL with credit steps program to get to 750 for my next level. I hit that next month. As for their Secured Card, its easy to add funds and increase your CL. I think after 1 year they Unsecure the card but im not too sure on that. I called Customer Service and they told me to keep doing what Im doing and the card will unsecure. As for secured card I just got approved for a Bank of America Power Rewards SECURED CARD. I didnt even know they offered it but it was a counter offer to the regular unsecured card.

Re: Capital One Secured Card and I'm on my way...

mocha82 — Thu, 14 Apr 2011 19:16:16 GMT

@texasman07 wrote:
I have had this Card Since September of 2010. I had to Deposit 200.00$ Its a good Card. I use it an PIF every month. A month after I got my secured Card Cap1 sent me a pre approval in the mail for a Rewards No Hassel. I applied and got approved 500 CL with credit steps program to get to 750 for my next level. I hit that next month. As for their Secured Card, its easy to add funds and increase your CL. I think after 1 year they Unsecure the card but im not too sure on that. I called Customer Service and they told me to keep doing what Im doing and the card will unsecure. As for secured card I just got approved for a Bank of America Power Rewards SECURED CARD. I didnt even know they offered it but it was a counter offer to the regular unsecured card.

Do you know what your scores were when you applied for each card? I am interested in getting a unsecured card from Capital One as well.

Re: Capital One Secured Card and I'm on my way...

texasman07 — Thu, 14 Apr 2011 19:18:12 GMT

Im pretty sure they were above 610 but below 630. Somewhere in that range.

Re: Capital One Secured Card and I'm on my way...

texasman07 — Thu, 14 Apr 2011 19:19:22 GMT

Also I had at the time one Charge off for $500 in 2008 and one in Collections at that time for $500.00 (Same company they sold the account) I recently paid it off so now im collections free!!

Re: Capital One Secured Card and I'm on my way...

mocha82 — Thu, 14 Apr 2011 19:27:54 GMT

@texasman07 wrote:
Also I had at the time one Charge off for $500 in 2008 and one in Collections at that time for $500.00 (Same company they sold the account) I recently paid it off so now im collections free!!

I have 2 accounts. I medical bill $1045.00 and one from University of Phoenix $2110.00 I plan to take care of them by the end of May. Hopefully I will see a big increase if I PFD.

Re: Capital One Secured Card and I'm on my way...

Anonymous — Thu, 14 Apr 2011 21:48:21 GMT

Congratulations! That's a really good deal for a secured card. Take good care of it, and watch your credit history blossom. Best wishes to you!

Re: Capital One Secured Card and I'm on my way...

Eddie24CO — Sat, 23 Apr 2011 19:57:17 GMT

I just got approved for the CAP ONE SECURED as well with a $49.00 deposit, but i don't know how much of a limit they are giving me yet, $200 i'd assume.

Anyhoo.. I had a previous charge off with them in 2008 for $2,400.00 that I settled at the end of 2009, and I still CURRENTLY have a charge off that i have been paying on the for the past year, and the balance just dropped to $800.00 so i am almost done, 3 more months at max and that is paid.

I am really surprised that capital one allowed me to open a secured card, especially with a $49.00 deposit.

What is the AF on this card?

Re: Capital One Secured Card and I'm on my way...

Anonymous — Sat, 23 Apr 2011 20:39:38 GMT

@Eddie24CO wrote:
I just got approved for the CAP ONE SECURED as well with a $49.00 deposit, but i don't know how much of a limit they are giving me yet, $200 i'd assume.

Anyhoo.. I had a previous charge off with them in 2008 for $2,400.00 that I settled at the end of 2009, and I still CURRENTLY have a charge off that i have been paying on the for the past year, and the balance just dropped to $800.00 so i am almost done, 3 more months at max and that is paid.

I am really surprised that capital one allowed me to open a secured card, especially with a $49.00 deposit.

What is the AF on this card?

Purchase APR Transfer Info Annual Fee Minimum Security Deposit Credit Line

22.9% variable APR

22.9% variable APR; No Transfer Fee

$29

$49, $99 or $200 refundable deposit based on your credit

$200–$3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.

Re: Capital One Secured Card and I'm on my way...

LS2982 — Sat, 23 Apr 2011 23:08:38 GMT

@Eddie24CO wrote:
I just got approved for the CAP ONE SECURED as well with a $49.00 deposit, but i don't know how much of a limit they are giving me yet, $200 i'd assume.

Anyhoo.. I had a previous charge off with them in 2008 for $2,400.00 that I settled at the end of 2009, and I still CURRENTLY have a charge off that i have been paying on the for the past year, and the balance just dropped to $800.00 so i am almost done, 3 more months at max and that is paid.

I am really surprised that capital one allowed me to open a secured card, especially with a $49.00 deposit.

What is the AF on this card?

I have their secured card and deposited $600 so far to get a $700 CL. Im gonna give them 100 here and there to get it up to 1K.

Re: Capital One Secured Card and I'm on my way...

Anonymous — Sat, 23 Apr 2011 23:17:26 GMT

HI everyone I just got approved for the card as well with a 49.99 deposit and 200 CL, and I noticed someone else asked the question, does that mean that my total credit limit will be 200??? As soon as I get the card I am going to add more funds to the account, so I can have an higher CL.

Re: Capital One Secured Card and I'm on my way...

LS2982 — Sat, 23 Apr 2011 23:28:33 GMT

@Anonymous wrote:
HI everyone I just got approved for the card as well with a 49.99 deposit and 200 CL, and I noticed someone else asked the question, does that mean that my total credit limit will be 200??? As soon as I get the card I am going to add more funds to the account, so I can have an higher CL.

I put 99 down for a 200 CL. I believe 200 is the starting point on their secured card, just make frequent CLI deposits and youll be golden with them

Re: Capital One Secured Card and I'm on my way...

cgreer72 — Sun, 24 Apr 2011 00:24:19 GMT

I applied for a CapitalOne SCC last month, and received the same offer.....$49 deposit with $200 CL. Credit score was 605.

Re: Capital One Secured Card and I'm on my way...

Eddie24CO — Sun, 24 Apr 2011 03:24:31 GMT

Does this Capital One Secured Card give you automatic CLI's without an additional deposit if you have good behavior and PIF each month, or do you have to increase it on your own?

Re: Capital One Secured Card and I'm on my way...

cgreer72 — Sun, 24 Apr 2011 03:35:53 GMT

@Eddie24CO wrote:
Does this Capital One Secured Card give you automatic CLI's without an additional deposit if you have good behavior and PIF each month, or do you have to increase it on your own?

Good question!

Re: Capital One Secured Card and I'm on my way...

Anonymous — Sun, 24 Apr 2011 05:00:18 GMT

@Eddie24CO wrote:
Does this Capital One Secured Card give you automatic CLI's without an additional deposit if you have good behavior and PIF each month, or do you have to increase it on your own?

Increasing your deposit increases your CL. It is easy to do on the website whenever you want.

They review your account every 6 months and may give unsecured CL based on your behavour and credit score.