topic Re: limit on Capital One secured card in Credit Cards

limit on Capital One secured card

tboy1977 — Sat, 21 Jul 2012 03:43:11 GMT

I was told the limit was $3000 but I see people on here with $5000 and more secured Capital One. I really want to raise my limit up there

Re: limit on Capital One secured card

jsucool76 — Sat, 21 Jul 2012 04:11:58 GMT

Well on their site it says "$200-$3000," there are however some people who get a credit steps CLI after 6 months of having the card. That could be why, however, I've never heard of that big of a CLI on a secured card. Are you sure it was the Cap1 secured you saw with that limit, and not a different secured, or unsecured card?

Re: limit on Capital One secured card

tboy1977 — Sat, 21 Jul 2012 04:31:55 GMT

i have a 3k secured card with Capital one. i like them, but I want a hugher limit, but dont want to apply for anything else besides Walmart

Re: limit on Capital One secured card

jsucool76 — Sat, 21 Jul 2012 05:52:13 GMT

Any reason you dont want to app for anything other than walmart? I was gonna suggest checking their pre-qualifier and see if theyll give you a second card.

Re: limit on Capital One secured card

tboy1977 — Sat, 21 Jul 2012 06:08:09 GMT

i shop at walmart all the time and hear they r easy credit to get

Re: limit on Capital One secured card

Anonymous — Sat, 21 Jul 2012 07:20:25 GMT

@tboy1977 wrote:
i shop at walmart all the time and hear they r easy credit to get

thats what i thought too until they denied me. i had 6 mos history with 4 cc tradelines reporting 4 inquiries i baddie low util and 683 tu fico and denied due to short account history they even gave me a bogus 450 score and something with my collection.

Re: limit on Capital One secured card

Anonymous — Sat, 21 Jul 2012 07:44:45 GMT

@Anonymous wrote:
@tboy1977 wrote:
i shop at walmart all the time and hear they r easy credit to get
thats what i thought too until they denied me. i had 6 mos history with 4 cc tradelines reporting 4 inquiries i baddie low util and 683 tu fico and denied due to short account history they even gave me a bogus 450 score and something with my collection.

Root, did you app online or in store?

Re: limit on Capital One secured card

Anonymous — Sat, 21 Jul 2012 07:45:21 GMT

@Anonymous wrote:
@Anonymous wrote:
@tboy1977 wrote:
i shop at walmart all the time and hear they r easy credit to get
thats what i thought too until they denied me. i had 6 mos history with 4 cc tradelines reporting 4 inquiries i baddie low util and 683 tu fico and denied due to short account history they even gave me a bogus 450 score and something with my collection.
Root, did you app online or in store?

online

Re: limit on Capital One secured card

tboy1977 — Sat, 21 Jul 2012 13:54:55 GMT

My aunt got approved for Walmart right after bankruptcy. Her first post bankruptcy card. I have sixteen months payment history, no lates. Fingers crossed. Target denied me six months after bankruptcy but approved me one year later

Re: limit on Capital One secured card

Anonymous — Sat, 21 Jul 2012 22:49:05 GMT

It all depends on when you signed up. I was one of the first people to get the Cap1 Secured. I applied the week that it came out and the rules then were up to $5000 but it was a 1for1 credit line to deposit.

(I believe) they changed it shortly after that to a $3k.

And I know for a fact that the current secured card offer offered today is nothign at all like the first two generations. The cards today has a deposit of up to $300 and they pick the credit limit.

On my card it is not possible for it to ever graduate or partially graduate. If I want to increase my credit limit I will have to deposit more funds but somebody that signs up today will only ever pay $300 and then it's up to Cap1 what they want to give you from there and down the road.

It sucks but I thought I would explain to you the history here. "Capital One Secured Card" is a very very vague term. They really need to call the current card something totally different or at least grandfather in the old customers to the current program.

Re: limit on Capital One secured card

Revelate — Sat, 21 Jul 2012 22:59:02 GMT

@Anonymous wrote:
It all depends on when you signed up. I was one of the first people to get the Cap1 Secured. I applied the week that it came out and the rules then were up to $5000 but it was a 1for1 credit line to deposit.

(I believe) they changed it shortly after that to a $3k.

And I know for a fact that the current secured card offer offered today is nothign at all like the first two generations. The cards today has a deposit of up to $300 and they pick the credit limit.

On my card it is not possible for it to ever graduate or partially graduate. If I want to increase my credit limit I will have to deposit more funds but somebody that signs up today will only ever pay $300 and then it's up to Cap1 what they want to give you from there and down the road.

It sucks but I thought I would explain to you the history here. "Capital One Secured Card" is a very very vague term. They really need to call the current card something totally different or at least grandfather in the old customers to the current program.

Whoa, that's interesting. I thought you could still toss in funds to their current secured product or did that change within the last month or so?

Hrm I just went and looked and it does appear somewhat changed:

- You can still add money at any time up to the $3K limit.

- It now says that some (all?) of your deposit can be refunded based on credit worthiness at some future date. That sounds suspiciously like graduation in some form or fashion though I wouldn't fully bet on that right now.

Re: limit on Capital One secured card

Anonymous — Sat, 21 Jul 2012 23:23:51 GMT

Yes sorry if I wasn't clear. People signing up today I believe can add up to $3k but as little as $49 is all they HAVE to put down depending on what the approval spits back.

I've called SEVERAL times and spoke to several different layers of CSR/Mgmt about this over the last two years and it all depends on when you sign up. They've told me that mine will never graduate..no way..no how.

One even so much as told me that I was more than able to CLOSE my account and open a new secured card under the current terms and based on my credit and history he was sure that i could get a high limit with a small deposit.

I told him ummm no thanks I'll wait a bit to when my scoreS start to improve after this new mortgage and then go to Amex and come back and close this one all together...THANK YOU!

Re: limit on Capital One secured card

Revelate — Sat, 21 Jul 2012 23:27:29 GMT

Haha, too true lmandy.

Chase does this too with the teeming billions of different Freedom products they apparently have had over time so it doesn't surprise me. I think this is a pretty recent change too, because when I looked at them back in December I thought the max the partially secured limit could be was something like 49/300 or 99/300, something along those lines.

Like you though, it's not enough now to get me to open one just for that, easier to just continue waiting and getting into the near-prime strata anyway in another six months.

Re: limit on Capital One secured card

Anonymous — Sun, 22 Jul 2012 01:14:02 GMT

as far as i can tell, the refundable deposit part there is just poorly worded. They're trying to say the amount of your deposit is based on your creditworthiness (ie new to credit probably more likely for the 49 deposit, low score rebuilders more likey to get 99 or 200), and whatever your deposit is, it is fully refundable (upon account closing only of course) I'm pretty sure the 3000 limit cap has been there for the last few years since they reinstated the secured card program

Re: limit on Capital One secured card

tboy1977 — Mon, 23 Jul 2012 22:06:44 GMT

I signed up Mar 2011 and I paid $200 for a $200 limit. Actually, I paid $1500 for a $1500 limit. Then I added to it until the max was $3000. I wish I could make the card $5000. I need the bandwidth.