topic Re: Capitol One Secured , question on CLI in Credit Cards

Capitol One Secured , question on CLI

spydergto — Thu, 07 Aug 2014 07:21:15 GMT

How hard is it to increase the credit limit on a cap one secured mastercard by sending in additional funds? i read their page on their site about the details of the card

and it says it can be done to increase the limit. I have also read one other thread here where a member mentioned casually that she has sent in additional 100$ to increase the amount. however my plan is so do it until the card is maxed out at the limit of 3k. i currently have the Applied bank secured and its half way to their limit another 2600 and it will be capped at 5k. I want to do the same thing with this card but am unsure as to how easy it is. with APB you just send in a slip of the back of the bill filled out with either a persoanl check or money order made out to them and it has to be in 25 $ or higher incraments. its that easy, depending on what you sent a persoanl check has to wait to clear but money order clears almost immediatly and then they add the amout to my card. i have been sending 100-200 $ a month on a regular basis , started with a 200$ card and now have a seriously useful card in my pocket even with its limitations. I would like to expand to a 2nd secured card, that reports to all 3 , and believe that cap1 secured master could be it. IF it proves easy to add funds to the account.

I have only seen one mention here on the side about adding to the initial deposit. also , i can and do have other unsecured cards. i have a high enough score to get unsecured. I just prefer this method first. in a few years once im well established I aim to have unsecured cards over a certian amount and am working my way up to them. It makes me work harder to keep things in line with it being my own money on the line

please advice if the cap1 secured card is easy to add to the deposit, are there fees for this ? can it be done only a limited time each month or quarter ? any hidden wires ?

thanks

Re: Capitol One Secured , question on CLI

Anonymous — Thu, 07 Aug 2014 07:54:00 GMT

Cap1 has the same $3000 secured card limit I believe. No hidden tricks. Takes a little time for it to post but it'll get there. I've heard some say once you cancel the card you might have to wait up to another two months to get your deposit back but IDK if that's true.

With your scores and use of a current secure card, why do you need another?

Re: Capitol One Secured , question on CLI

Chaselover — Thu, 07 Aug 2014 10:06:57 GMT

Im also curious on this. But just to kp in mind, ur cap1 secured never graduates. Yes, it definitely counts if higher cls start reporting though.

Re: Capitol One Secured , question on CLI

RBFool — Thu, 07 Aug 2014 13:34:31 GMT

@Anonymous wrote:
Cap1 has the same $3000 secured card limit I believe. No hidden tricks. Takes a little time for it to post but it'll get there. I've heard some say once you cancel the card you might have to wait up to another two months to get your deposit back but IDK if that's true.

With your scores and use of a current secure card, why do you need another?

When I deposited a extra $200 into the card it took the normal 10 business days. I think it posted on the 9th. Then they just notify you via online account that the CLI happened.

Correct on the deposit. When I got mine the 4 reps I spoke with over my 2 weeks of research said that it takes 2 statement cycles (roughly 2 months) to get the check in the mail from canceling the card. So keep that in mind if the 3k is needed sooner for any reason. I'd say keep the secured card for 2 years so you'd be tying that money up for that long.

Re: Capitol One Secured , question on CLI

Chaselover — Thu, 07 Aug 2014 19:12:43 GMT

@RBFool wrote:
@Anonymous wrote:
Cap1 has the same $3000 secured card limit I believe. No hidden tricks. Takes a little time for it to post but it'll get there. I've heard some say once you cancel the card you might have to wait up to another two months to get your deposit back but IDK if that's true.

With your scores and use of a current secure card, why do you need another?
When I deposited a extra $200 into the card it took the normal 10 business days. I think it posted on the 9th. Then they just notify you via online account that the CLI happened.

Correct on the deposit. When I got mine the 4 reps I spoke with over my 2 weeks of research said that it takes 2 statement cycles (roughly 2 months) to get the check in the mail from canceling the card. So keep that in mind if the 3k is needed sooner for any reason. I'd say keep the secured card for 2 years so you'd be tying that money up for that long.

Was the CLI an HP for u ?

Re: Capitol One Secured , question on CLI

RBFool — Thu, 07 Aug 2014 19:54:23 GMT

@Chaselover wrote:
@RBFool wrote:
@Anonymous wrote:
Cap1 has the same $3000 secured card limit I believe. No hidden tricks. Takes a little time for it to post but it'll get there. I've heard some say once you cancel the card you might have to wait up to another two months to get your deposit back but IDK if that's true.

With your scores and use of a current secure card, why do you need another?
When I deposited a extra $200 into the card it took the normal 10 business days. I think it posted on the 9th. Then they just notify you via online account that the CLI happened.

Correct on the deposit. When I got mine the 4 reps I spoke with over my 2 weeks of research said that it takes 2 statement cycles (roughly 2 months) to get the check in the mail from canceling the card. So keep that in mind if the 3k is needed sooner for any reason. I'd say keep the secured card for 2 years so you'd be tying that money up for that long.

Was the CLI an HP for u ?

It's a deposit. So there is no hard or soft pull. You log into your capital one account and there's a section to deposit more to your secured card. Bank acct # and routing # an dit says thank you. Takes money out 2-3 biz days later and it's increase was on there 9 biz days from deposit.

Re: Capitol One Secured , question on CLI

Anonymous — Fri, 08 Aug 2014 03:08:05 GMT

It doesn't take 60 days to get your deposit back. If you have a balance when you close the account, they'll use your deposit to cover the balance. When that clears your account, you can call them and have them send you a check. It takes 7-10 days to receive the check. The only time that it takes 60 days is if you don't request the credit balance and the system automatically sends it to you after two billing cycles.

Re: Capitol One Secured , question on CLI

spydergto — Fri, 08 Aug 2014 06:59:36 GMT

Thank you , this was exactly the kind of information i was looking for. the APB cc i currently have you can only send check or money order. the online ability to add more funds is a huge benifit to me. the reason as to WHY im doing it , is more like a redneck savings account. I understand that it will "could" take a while to get the funds back , i dont really care about that i make six figs thats not why. I messed up bad when i was younger. by forcing myself to use my own money , via secured , it makes me work twice as hard not to screw this up. i learned alot of hard lessons. so sending in the money to increase the lines of credit is neat to me. plus I know in my head , one day , in the future , ill have a few really nice cards that are unsecured, with really high limits, and i am looking forward to them. but right now i need to get my secured card topped out because the only unsecured card i was given was 1k , while i can max the secured out at 5k. the 5k will look better , then another 3 k maxed out secured card , and responsible management. I utilize less than 4 percent of my avalible credit each and every month as per the spreadsheet from credit boards ,

In the future when i have some amazing cards, ill get a few checks in the mail and be like woohoo got a couple grand to waste ...

Re: Capitol One Secured , question on CLI

Anonymous — Fri, 08 Aug 2014 13:35:45 GMT

Capital One has been giving out auto-CLIs on secured cards recently. I've had a secured card with them since mid-2012. $49 initial deposit for a $200 CL. Never made an additional deposit to increase my line.

Sometimes I pay off the full balance every month, sometimes just the minimum payment. But I used it. Only 1 30-day late back in late 2012.

I log in a couple of weeks ago on the mobile app and notice that my available funds look weird... it seemed like I had a surplus of over $500. I thought it was a computer glitch, so I thought nothing of it and figured I'd inquire the next day if it still looked funky. I logged onto my account online to find that they had upped my limit to $750. No questions, no request - just auto-CLI. Which is next to unheard of from Capital One.

So treat them good and they'll do good by you in return. Good luck!

Re: Capitol One Secured , question on CLI

cmd0906 — Fri, 08 Aug 2014 23:27:58 GMT

@Anonymous wrote:
Capital One has been giving out auto-CLIs on secured cards recently. I've had a secured card with them since mid-2012. $49 initial deposit for a $200 CL. Never made an additional deposit to increase my line.

Sometimes I pay off the full balance every month, sometimes just the minimum payment. But I used it. Only 1 30-day late back in late 2012.

I log in a couple of weeks ago on the mobile app and notice that my available funds look weird... it seemed like I had a surplus of over $500. I thought it was a computer glitch, so I thought nothing of it and figured I'd inquire the next day if it still looked funky. I logged onto my account online to find that they had upped my limit to $750. No questions, no request - just auto-CLI. Which is next to unheard of from Capital One.

So treat them good and they'll do good by you in return. Good luck!

Same happened to me last week. I've had my secured card since 2011 with starting limit of $200. I sent a deposit in that same year to match that making the limit $400. They just increased it to $750 (after 3 years). I honestly didn't think they gave CLI's on secured cards. I also have an unsecured card with them but I don't think that had anything to do with the increase.

Re: Capitol One Secured , question on CLI

spydergto — Sat, 09 Aug 2014 00:48:01 GMT

i know this is gonna sound retartar , but i actually dont want unsecured CLI's .. i want to actually deposit 3k cash into that account , then after maxing these two , id like to do a third , then after 3 secures maxed out , id like to get some unsecured cards over 10k , then cash them out and get a **bleep** ton of checks back, maybe buy myself a third motorcycle ... or that can~am i want ... lol ,

my goal is to just max out some cards with max credit limits while maintaining 4 % utilization , lucky for me i can actually afford to do this ....

Re: Capitol One Secured , question on CLI

taxi818 — Sat, 09 Aug 2014 02:21:26 GMT

You can add everyday if you want. Go online. Add bank info. Simple. But honest. Patience is key. Don't be fool with money. After 6 months. Cap 1 will give you cli. On secured. Then if you want to add. Do it. To maximize. If you want to save. Put it in savings account.

Re: Capitol One Secured , question on CLI

spydergto — Sat, 09 Aug 2014 06:35:18 GMT

the comment i had previously written containts to much personal crap about my sitch , so to shorten it , dont care already have cash in savings i want to increase my CC's ..

Re: Capitol One Secured , question on CLI

Chaselover — Sat, 09 Aug 2014 19:48:52 GMT

@spydergto wrote:
Thank you , this was exactly the kind of information i was looking for. the APB cc i currently have you can only send check or money order. the online ability to add more funds is a huge benifit to me. the reason as to WHY im doing it , is more like a redneck savings account. I understand that it will "could" take a while to get the funds back , i dont really care about that i make six figs thats not why. I messed up bad when i was younger. by forcing myself to use my own money , via secured , it makes me work twice as hard not to screw this up. i learned alot of hard lessons. so sending in the money to increase the lines of credit is neat to me. plus I know in my head , one day , in the future , ill have a few really nice cards that are unsecured, with really high limits, and i am looking forward to them. but right now i need to get my secured card topped out because the only unsecured card i was given was 1k , while i can max the secured out at 5k. the 5k will look better , then another 3 k maxed out secured card , and responsible management. I utilize less than 4 percent of my avalible credit each and every month as per the spreadsheet from credit boards ,

In the future when i have some amazing cards, ill get a few checks in the mail and be like woohoo got a couple grand to waste ...

I get it what your saying. If ur luking at a higher than 5000 CLI for a secured, I would suggest u to get the BOA secured - u can increase ur secured CL to 10k, which is the max. I have yet seen on a secured card.

Re: Capitol One Secured , question on CLI

Chaselover — Sat, 09 Aug 2014 19:56:48 GMT

@spydergto wrote:
i know this is gonna sound retartar , but i actually dont want unsecured CLI's .. i want to actually deposit 3k cash into that account , then after maxing these two , id like to do a third , then after 3 secures maxed out , id like to get some unsecured cards over 10k , then cash them out and get a **bleep** ton of checks back, maybe buy myself a third motorcycle ... or that can~am i want ... lol ,

my goal is to just max out some cards with max credit limits while maintaining 4 % utilization , lucky for me i can actually afford to do this ....

@spydergto wrote:
the comment i had previously written containts to much personal crap about my sitch , so to shorten it , dont care already have cash in savings i want to increase my CC's ..

I dont think it contains any crap. Thats actually a very good strategy. Using the money that only is yours and not any bank's. I know ppl who use only secured credit cards so that they are not borrowing anybody else's money whereas their scores keep growing, so in an emergency, if they ever need an unsecured, they can be rest assured they will get approved for it.

Re: Capitol One Secured , question on CLI

spydergto — Sun, 10 Aug 2014 07:28:57 GMT

No thats not what I meant , i had previously written a response into that message box that I felt containted more data that it really needed to , when I origianlly came to post my question I was looking for answers in direct response to that question. its kind of like the android forums i troll ... someone asked a question about how to get rid of the box that pops up when you click airplane mode .. and two pages later no one had given that dude the correct answer only fluff about how he was not using airplane mode correctly. he came for and answer , not to be told he wasnt doing it right ,

plus the data you just gave me gives me way more targets. I am planning on my next secured being the Cap1 secured however now I am aware of the BofA secure that can go up to ten K , i probably will not be able to max that card out however before some company gives me a better card.

thank you for the information its very useful and valuable to me