topic Cap 1 secured card question in Credit Cards

Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 01:35:34 GMT

I was looking into secured cards and really like the look of the cap 1. I had a couple questions,

My fico is 558, what is the chances I'll get approved?

Is there a certain amount of time you HAVE to keep it active? I read all the info but it doesn't say that I see like the AMEX says you have to keep it for two years before you close it.

Re: Cap 1 secured card question

Anonymous — Fri, 08 Feb 2013 01:40:25 GMT

When I got my Cap1 secured card I had a "Thin file"

Nothing of substance reporting thus I don't know what the score was.

I was approved for their $49/$200 deal ($49 deposit for $200 CL)

I opened the card in July '11 and just closed it yesterday... I never saw anything about any requirement for keeping it active.

If it wasn't for that card I wouldn't be in the position I am now. Cap1 CS has always been helpful and I never had a single issue with the card.

Hope that helps.

Re: Cap 1 secured card question

PrettyGyrl — Fri, 08 Feb 2013 01:42:57 GMT

I have a TU score of 569 and was approved for a CAP1. I was able to get the $49/$200cl
-Hth

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 01:45:00 GMT

Oh that gives me hope! LOL I will be applying tonight

Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*

Re: Cap 1 secured card question

PrettyGyrl — Fri, 08 Feb 2013 01:57:55 GMT

@2FixMyCredit wrote:
Oh that gives me hope! LOL I will be applying tonight

Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*

LOL Good luck! Actually i was able to be approved for BOA, USBank & CAP1. From my understanding you need to have a util between 1-9% for maximun score jump. The deal is you can charge the card, just make sure you stay within your limit, have the ideal util on your card when the card reports and then pif. I'm a newbie as well. Hopefully someone chimes in.

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 01:57:39 GMT

Oh wow really? Were these all secured cards that you were approved for?

I'm reading more about the util but I'm not sure if it works the same for secured cards or not.

Re: Cap 1 secured card question

Anonymous — Fri, 08 Feb 2013 01:58:28 GMT

@2FixMyCredit wrote:
Oh that gives me hope! LOL I will be applying tonight

Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*

Utilization and Score are counted the same regardless of secured or not. There is no need to do it all the time. Only useful at application time. .

Re: Cap 1 secured card question

PrettyGyrl — Fri, 08 Feb 2013 02:02:14 GMT

Yes all 3 are secured

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 02:07:46 GMT

Oh perfection, thank you Wolf!

@Prettygirl-did you have to put a deposit on the BOA and USBANK?

Re: Cap 1 secured card question

PrettyGyrl — Fri, 08 Feb 2013 02:19:53 GMT

@2FixMyCredit wrote:
Oh perfection, thank you Wolf!

@Prettygirl-did you have to put a deposit on the BOA and USBANK?

Yes $300 on both. I'm kicking myself because now I want to increase the BOA to $500 but I don't know how!

Re: Cap 1 secured card question

Anonymous — Fri, 08 Feb 2013 02:21:19 GMT

@PrettyGyrl wrote:
@2FixMyCredit wrote:
Oh perfection, thank you Wolf!

@Prettygirl-did you have to put a deposit on the BOA and USBANK?
Yes $300 on both. I'm kicking myself because now I want to increase the BOA to $500 but I don't know how!

You should be able to increase your deposit with BoA to up the limit.

I've never had a BoA card so I don't know for sure that they allow that, but I imagine they do.

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 04:37:41 GMT

I give up for now. I can't even get approved for secured card, which is ridiculous! Cap 1 denied me for the secured card

We couldn't approve you for the Capital One Secured Credit Card

Re: Cap 1 secured card question

Anonymous — Fri, 08 Feb 2013 04:53:02 GMT

@2FixMyCredit wrote:
I give up for now. I can't even get approved for secured card, which is ridiculous! Cap 1 denied me for the secured card

We couldn't approve you for the Capital One Secured Credit Card

Sorry to hear that. There should be a reason in the mail. Let us know when you get it and we can advise.

There are other secured cards who are almost guaranteed but terms and fees are usually worse. But you may have to start there. I got turned down for USBank secured card when I started rebuild and had to get a an OpenSky to build enough history to get a Captial One secured card.

Re: Cap 1 secured card question

distantarray — Fri, 08 Feb 2013 05:11:46 GMT

@2FixMyCredit wrote:
I give up for now. I can't even get approved for secured card, which is ridiculous! Cap 1 denied me for the secured card

We couldn't approve you for the Capital One Secured Credit Card

Wells Fargo is the easiest nationwide bank to give you a secured card. you should go there they'll even approve 550 for a mortgage.

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 05:43:27 GMT

That is who I bank through for the last 2 + years but I really want a card that doesn't report as secured.

Does opensky report as secured?

Re: Cap 1 secured card question

Robertwd82 — Fri, 08 Feb 2013 05:53:29 GMT

Is there anyone close to you that will add you as an authorized user to their card? Preferably one with some age to it, low utilization and good history of payments.

That would boost your score a bit and make it easier to get approved.

Re: Cap 1 secured card question

2FixMyCredit — Fri, 08 Feb 2013 06:03:46 GMT

Unfortunately no, my brothers all have horrible credit and my mom is disabled so she can't get any credit either.

Re: Cap 1 secured card question

PrettyGyrl — Fri, 08 Feb 2013 20:40:32 GMT

Sorry to hear that!

Re: Cap 1 secured card question

Robertwd82 — Fri, 08 Feb 2013 20:54:32 GMT

You can get an Applied bank card. That was my first card, and i had a lower credit score than you. I started with 300 and only used it for very small purchases because they charge you the 9.9% interest as soon as you use it, not after the due date.

Once you have that for a few months you should be able to get a capital one unsecured.

You should try to recon Cap One.

Re: Cap 1 secured card question

sakhalin070 — Fri, 08 Feb 2013 23:15:02 GMT

I'm sorry to hear that. If recon doesn't work, there is always (as a last resort) FirstPremier and CreditOne. They suck, but if you can't get approved for any other secured cards, you might want to be with them for a bit to rebuild your credit. From what I've read, they will give credit to anyone; but with a nasty fee and hellish APR rate with terrible CS.