topic Re: CapOne Secured Card - 2 Questions in Rebuilding Your Credit

CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 12:12:10 GMT

Hello,

I recently signed up for (and was approved for) a Secured Capital One MasterCard - however, I did have a couple of questions:

1. To start with - I made the base $200 payment with no additional funds added, etc. for an increased credit line. However, I'm wondering - is there a credit score/lender advantage to adding additional funds or would the only benefit there be that I can just spend more on the card?

2. Capital One reports monthly (or so they say) - how long does it take for the first report to show on my credit file/affect my score?

Thanks.

Re: CapOne Secured Card - 2 Questions

dodfire — Tue, 23 Apr 2013 12:16:34 GMT

@mripguru wrote:
Hello,

I recently signed up for (and was approved for) a Secured Capital One MasterCard - however, I did have a couple of questions:

1. To start with - I made the base $200 payment with no additional funds added, etc. for an increased credit line. However, I'm wondering - is there a credit score/lender advantage to adding additional funds or would the only benefit there be that I can just spend more on the card? The higher your limit the more you can carry as a balance. Your utilization is what you need to be concerned with. So, with a $200 limit - do not carry more than $20 balance month to month. This will yeild you the best scoring.

2. Capital One reports monthly (or so they say) - how long does it take for the first report to show on my credit file/affect my score? They should report after the first billing cycle.

Thanks.

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 12:19:59 GMT

Yeah - I don't plan on carrying a balance at all (paying it off every month).

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 12:25:39 GMT

Am I correct in assuming that I can charge more than $20 to the card in a given month - as long as I end up with $20 or less as a balance at the end of the cycle?

Re: CapOne Secured Card - 2 Questions

Anonymous — Tue, 23 Apr 2013 12:56:07 GMT

Yes. I charge whatever during the month, but make sure that not more than 10% reports.

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 13:01:48 GMT

Understood - that works for me.

Re: CapOne Secured Card - 2 Questions

dodfire — Tue, 23 Apr 2013 13:03:19 GMT

@mripguru wrote:
Am I correct in assuming that I can charge more than $20 to the card in a given month - as long as I end up with $20 or less as a balance at the end of the cycle?

Yes,

You can charge up to your limit. Just do not let that amount report to the credit bureau or you will damage your score. You can call them and they should be able to tell you what day of the month they report.

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 13:05:19 GMT

OK - I will call them now. I assume it's different for each account?

Re: CapOne Secured Card - 2 Questions

Anonymous — Tue, 23 Apr 2013 14:28:08 GMT

Yes, I believe it is different for each account and it also depends on CC. For instance, my CapOne payment is due on the 6th of each month, the statement closing date is the 9th and they usually report to the credit bureaus on the statement closing date (the 9th). On my DW CapOne, the Due Date is 18th, the statement closing date is the 21st, again CapOne reports the statement closing balance on the statement closing date (the 21st). For my Orchard Bank, the due date is14th but the statement closing date is the 20th.

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 14:31:17 GMT

Aside from CapOne - are there any other 'good' starter CC's? (trying to stay with known national companies, CapOne, BofA, etc.). I'd like to spread my credit around a little bit between 2 cards.....

Re: CapOne Secured Card - 2 Questions

YMLDC09 — Tue, 23 Apr 2013 15:41:47 GMT

Navy Federal Credit Union (NFCU) has a fantastic Secured card that offers 'unsecured' credit reporting AND rewards. I do not believe this card graduates into an unsecured credit card but I could be wrong. That is not important to me right now.

Search: NFCU and you will see tons of information about them. I am a new member and cardholder with them. I did it because of the reviews of others on this board.

I also have Cap1 secured and am happy with them as well. These are my first 2 in over 10 years of being without CCs. I am obviously rebuilding as well.

Goodluck..

Re: CapOne Secured Card - 2 Questions

mripguru — Tue, 23 Apr 2013 15:51:33 GMT

Don't you have to be a member of the Armed Services to qualify for that?

Re: CapOne Secured Card - 2 Questions

YMLDC09 — Tue, 23 Apr 2013 16:22:39 GMT

I got in using my grandfather.