topic Re: Cap 1 secured in Credit Cards

Cap 1 secured

cwwatts1202 — Fri, 31 May 2013 15:19:21 GMT

Does this card get CLI? My husband paid the $99 deposit for this card today, just wondering if it gets increases, or how long we should use this card before trying to app for an unsecured, not particularly cap 1, but any unsecured card. We only plan to use this card to pay our water bill each month, which is never over $20 so we never go over 10% util (CL is $200)

Re: Cap 1 secured

CreditJunkie917 — Fri, 31 May 2013 15:35:09 GMT

The only way to increase the limit is to deposit more money into the card. And to your 2nd question, I would suggest 6 months to a year. I applied for cash rewards card after having my secure over a year. Started with a $500 limit, then auto increase to $750 after 6 months.

Re: Cap 1 secured

Anonymous — Fri, 31 May 2013 15:39:30 GMT

The secured card does auto CLI at some point, probably depending on whether you pay your bills on time, etc. Mine was at 6 month with 300 CLI. I got my Discover after having the secured card for 1 month. But I would say 6 months to 1 year is probably a better idea.

Re: Cap 1 secured

CreditJunkie917 — Fri, 31 May 2013 15:43:51 GMT

I've had mine for two years and no cli. When I open their homepage, there's always the link to increase my limit on the secured card by adding a deposit.

Re: Cap 1 secured

cwwatts1202 — Fri, 31 May 2013 15:48:36 GMT

Duh. That's right I forgot you have to pay more to increase the limit. Well do you get your initial deposit back after a certain amount of time with this card?

Re: Cap 1 secured

Anonymous — Fri, 31 May 2013 15:51:01 GMT

You will get your deposit back when you close that account. But you will get no interest. Cap one is very stingy.

Re: Cap 1 secured

Anonymous — Fri, 31 May 2013 16:00:01 GMT

I had a CapOne secured for over 2 years before I tried and got a CapOne Cash Rewards. I'm super cautious though. But after 2 years with a secured I also got a Discover It through recon. My score was 669 when Discover pulled it.

Re: Cap 1 secured

asphaltcowboy — Fri, 31 May 2013 16:21:03 GMT

@Anonymous wrote:
You will get your deposit back when you close that account. But you will get no interest. Cap one is very stingy.

Just my 2 cents, my son started out with a Cap 1 secured, had it 3 to 4 years, during that time they sent him at least

4 preapproved offers for unsecured cards, to which he took three, 2 mastercards and 1 visa, also during this time they

sent him a letter stating that they didn't need his deposit anymore and returned it and changed the secured to an unsecured

with the same CL, if I remember the other cards started at 700, 800, and 500 with his original card being 699<----HUH???

Re: Cap 1 secured

tryingtog3tmycr3ditright — Sun, 02 Jun 2013 01:36:46 GMT

This is the same problem that I'm having I had a secure card for going on almost 2yrs and no cli, and like previous ppl have stated that if you want to increase send another deposit I'm really thinking about closing this cc..what do you guys think?

Thanks a bunch

Re: Cap 1 secured

Anonymous — Sun, 02 Jun 2013 02:10:39 GMT

From everything I had read, i would keep it open just for emergencys or anything. You AAOA depends on your cards. It's not hurting your credit report. so why close it?

If you don't want to use it, just give it to me, I can think of a few ways to use it