topic Re: Capital One Secured Card in Credit Cards

Capital One Secured Card

abarcla1 — Thu, 21 Feb 2013 03:09:22 GMT

I have a Capital One secured card in the amount of $200. Should I make an additional deposit to raise the credit limit? Is there any benefit to that?

Also, does it ever become an unsecured card? At what point in rebuilding do you close a secured credit account?

Thanks!!!

Re: Capital One Secured Card

Anonymous — Thu, 21 Feb 2013 03:22:17 GMT

You can deposit more money to have a higher limit.

As of now, there is no graduation for the cards. Be careful, do not sign up for more than one. They limit you to two and if you try to get an unsecured card later and have two, they won't let you as their max limit is 2 overall accounts for people now. I just found this out after getting a Pre-approval offer in the mail. At least their didn't HP me for it.

Re: Capital One Secured Card

abarcla1 — Thu, 21 Feb 2013 03:28:46 GMT

Thanks for the reply. I have an unsecured card with them as well. I ran into the 2 account thing as well, in the same way. I'm afraid of closing a good account...

Re: Capital One Secured Card

Anonymous — Thu, 21 Feb 2013 03:31:00 GMT

I think I may close the youngest one and open a secure card with my local bank that now offers it. At least they'll pay me interest. You should leave your oldest good one alone to report longer credit history. Cap 1 really pissed me off when I found out about it in the mail.

I'm rebuilding.

Re: Capital One Secured Card

LS2982 — Thu, 21 Feb 2013 04:19:31 GMT

In general its always good to add deposits to a secured card because its sets you up later on for higher limits with prime lenders.

Re: Capital One Secured Card

icetrap06 — Thu, 21 Feb 2013 06:55:01 GMT

@abarcla1 wrote:
I have a Capital One secured card in the amount of $200. Should I make an additional deposit to raise the credit limit? Is there any benefit to that?

Also, does it ever become an unsecured card? At what point in rebuilding do you close a secured credit account?

Thanks!!!

I think the initial question has been answered by other posters and I agree. Adding additional funds helps with utilization ratio (improving score) and also helps with obtaining higher CL from other creditors. As for the card becoming unsecure...not in my experience and I had an unsecured card with them for 3 years (just closed the account yesterday). From what I have read, others have had similar experience as well. As always YMMV.

Re: Capital One Secured Card

Anonymous — Tue, 12 Mar 2013 00:41:47 GMT

Just applied and got approved! Can't wait!