topic Re: Capital One secured credit card question in Rebuilding Your Credit

Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 04:57:49 GMT

Does anyone here know if Capital One will do a credit limit increase on a secured credit card without depositing more into your account? I've had my secured credit card for 5 months now and have been on time every month so far. I have deposited $600 into my account (which makes my limit $600 of course). I was just wondering if Capital One does an increase on secured cards. For instance can they increase me to may $1000 without me depositing anymore at a certain point in time? Does anyone know?

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 05:09:15 GMT

@Anonymous wrote:
Does anyone here know if Capital One will do a credit limit increase on a secured credit card without depositing more into your account? I've had my secured credit card for 5 months now and have been on time every month so far. I have deposited $600 into my account (which makes my limit $600 of course). I was just wondering if Capital One does an increase on secured cards. For instance can they increase me to may $1000 without me depositing anymore at a certain point in time? Does anyone know?

I wish I could tell you for sure if they do approve CLIs for secured cards, but based on their FAQs, doesn't look like it. Especially if you had the card for less than 6 months.

--- begin quote ---

Are all Capital One cards eligible for credit line increases?

Some types of accounts are rarely eligible for increased credit lines upon request, including Secured Cards accounts, accounts that are less than six months old, and accounts that have received a credit line increase or decrease in the last six months.

While these types of accounts are rarely eligible for credit line increases upon request, other accounts are not guaranteed to be approved.

--- end quote --

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 05:25:44 GMT

@Anonymous wrote:
@Anonymous wrote:
Does anyone here know if Capital One will do a credit limit increase on a secured credit card without depositing more into your account? I've had my secured credit card for 5 months now and have been on time every month so far. I have deposited $600 into my account (which makes my limit $600 of course). I was just wondering if Capital One does an increase on secured cards. For instance can they increase me to may $1000 without me depositing anymore at a certain point in time? Does anyone know?
I wish I could tell you for sure if they do approve CLIs for secured cards, but based on their FAQs, doesn't look like it. Especially if you had the card for less than 6 months.

--- begin quote ---

Are all Capital One cards eligible for credit line increases?
Some types of accounts are rarely eligible for increased credit lines upon request, including Secured Cards accounts, accounts that are less than six months old, and accounts that have received a credit line increase or decrease in the last six months.
While these types of accounts are rarely eligible for credit line increases upon request, other accounts are not guaranteed to be approved.

--- end quote --

I also found this on their website just now:

Using your Capital One Secured Credit Card

Where can I use the Capital One Secured Credit Card?
Does my security deposit cover the monthly payments for charges I make to my Capital One Secured Credit Card?
How can I increase my line? Your minimum security deposit gets you a $200 credit line. For every dollar you deposit above that, you get an additional dollar toward a larger credit line—up to your maximum approved credit line. You may also earn a credit line increase based on your payment history and creditworthiness.

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 05:53:58 GMT

Correct, while it may be possible and you may earn CLI, it rarely happens. Especially before 6 months. I have a C1 secured card, and trust me, I plan on requesting a CLI at the 6 month period. The worst they can say is no. So you may give them a shot.

Their answer is definitely "No!" if you don't try!

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 05:57:17 GMT

@Anonymous wrote:
Correct, while it may be possible and you may earn CLI, it rarely happens. Especially before 6 months. I have a C1 secured card, and trust me, I plan on requesting a CLI at the 6 month period. The worst they can say is no. So you may give them a shot.

Their answer is definitely "No!" if you don't try!

Is that a hard pull or soft??

Re: Capital One secured credit card question

cartwrna — Fri, 10 Jan 2014 06:11:31 GMT

I've had my Cap1 secure since Sep 2012 and have never seen a CLI, although I have requested a few. They have the option on the online banking but it always follows with an email that this type of account is not eligible for an increase. Might be different for you guys though..Credit One is relatively easy to get, is unsecured, and they do regular CLI. I started with my Cap1 due to it only required a $49 deposit.

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 06:20:23 GMT

@cartwrna wrote:
I've had my Cap1 secure since Sep 2012 and have never seen a CLI, although I have requested a few. They have the option on the online banking but it always follows with an email that this type of account is not eligible for an increase. Might be different for you guys though..Credit One is relatively easy to get, is unsecured, and they do regular CLI. I started with my Cap1 due to it only required a $49 deposit.

What's your CL on Cap 1 right now?

Re: Capital One secured credit card question

from500to700 — Fri, 10 Jan 2014 06:21:09 GMT

Yes they do I got 2 increases without requesting and no deposits , 1 for 100, the other for 500. It happens in 8 months. The trick is DO NOT ask , and pay 2 payments each cycle and at least each one is a dollar above the minimum.
Hope this help.

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 06:24:43 GMT

Just recently I have inquired over the phone about a limit increase. I had the card for 11 months and my annual fee is due to come out in 2 weeks. I called requesting an increase or that my fee be waved. I demanded one of the 2 or I was closing my account. (I wasn't really going to close it but it sounded good) Anyhow, the man stated that they do give increases to "good customers" as they do soft pulls every 6 months or so. So depending on your credit and what not, if its improved or not, they can increase... Just not on secured cards. Also, they do not take customer initiated CLI requests.

Hope that helps.

On a side note, I got my annual fee waved. Lol. So, I was happy lol.

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 06:26:18 GMT

I meant to write:just not on secured cards.. Do they do CLI requests initiated by customers**

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 10:54:47 GMT

I got one $100 increase on my card in the time I've had it. Even the EO isn't willing to give me any more though, even though they increased my non secured card.

Re: Capital One secured credit card question

baller4life — Fri, 10 Jan 2014 13:52:42 GMT

Yeah I have heard of $100 increases without addtl deposit. But that's about it. I'm still debating whether to close mine Sept or add more money and keep it open another yr or two.

Re: Capital One secured credit card question

cartwrna — Fri, 10 Jan 2014 15:56:02 GMT

Kept mine at $300 CL the whole time, just deposited $450 to make it $750 due to I had a late payment in November so deff no free increases now. I did keep my balance below 10% the first year and 2 months as well as paid whole balance down to that amount every month to no avail. Guess there unsecured increases are hard to come by.

Re: Capital One secured credit card question

jbhems503 — Fri, 10 Jan 2014 17:43:10 GMT

Capital One doesn't allow CLI's on their secured card. Trust me, I tried.

Re: Capital One secured credit card question

quietstorm300m — Fri, 10 Jan 2014 18:00:37 GMT

I got an increase of $100.00 after about 7 months....

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 18:01:53 GMT

@from500to700 wrote:
Yes they do I got 2 increases without requesting and no deposits , 1 for 100, the other for 500. It happens in 8 months. The trick is DO NOT ask , and pay 2 payments each cycle and at least each one is a dollar above the minimum.
Hope this help.

I got a $100 CLI around 5 months, I did not request it, and they did a SP first.

For the first few months I often made multiple payments each month. Often times paying off the balance just to charge more then pay again.

Re: Capital One secured credit card question

Anonymous — Fri, 10 Jan 2014 21:39:42 GMT

@Anonymous wrote:
@Anonymous wrote:
Correct, while it may be possible and you may earn CLI, it rarely happens. Especially before 6 months. I have a C1 secured card, and trust me, I plan on requesting a CLI at the 6 month period. The worst they can say is no. So you may give them a shot.

Their answer is definitely "No!" if you don't try!
Is that a hard pull or soft??

I didnt request it myself, but from what I've heard here, by using the request cli link, it should be a SP

Re: Capital One secured credit card question

kaylord84 — Sat, 11 Jan 2014 00:49:39 GMT

I received $300 CLI on my cap1 secured card about 2 years ago

Re: Capital One secured credit card question

Anonymous — Thu, 01 May 2014 07:52:56 GMT

I opened a secured credit card with Capitol One in march 2013 with $200 deposit and they raised my limit to $300 in sept/oct 2013 and today I just noticed they raised my limit to $750 and I've never requested a raise so yes it can happen!

Re: Capital One secured credit card question

Anonymous — Thu, 01 May 2014 08:36:23 GMT

Yes they do give CLIs. I got my first one for 100 at the sixth month mark. Had a high balance with a 500 credit limit for the last 4 months then finally PIF today. Received a 250 cli shortly after. Not sure if paying off the balance had anything to do with it or the fact I had hit 18 months with perfect payment history. Feels good seeing some progress Looks like I'm heading in the right direction.