topic Re: Capital One Secured in Rebuilding Your Credit

Capital One Secured

NewYxox — Fri, 21 Feb 2014 15:16:36 GMT

So I had a capital one secured card that i opened in June 2012 and carelessly didn't take care of, was behind in payments and then it eventually got charged off in November 2013. When i first opened it it initially only had me put down $49, but i did like $200 and had a CL of $551.00. Well just recently I wanted to start rebuilding my credit and take care of everything and with tax season now I have extra money to do so! I just paid them the $287.00 i owed on my account and said heck why not try it again because this time I will be much more responsible with it and applied for another secured card with them. I got approved again and this time they are asking for a $200 deposit. My question here is how much should I really put down? I definitely want to do a little more than $200 so I can have a nice CL reporting, especially because its going to be my only credit card for a really long time and I don't get penalized for using it too much. (I don't plan on applying for anything else until i work on getting the baddies off my reports and show that i can take care of this card) I really need some type of revolving account on my reports. I only currently have a student loan showing that i pay monthly and thats it. Other than that its past collections that will show paid off and things like that. Also for anybody who answers this telling me what they think I should put down, how much should i use each month, and is it better to always pay the balance in full or leave some. I read a lot of mixed things about leaving a balance and paying in full so im a little confused on that part. Thanks to anyone that can help!!

Re: Capital One Secured

MortgageMinded — Fri, 21 Feb 2014 15:49:16 GMT

Keep your credit utilization 10% or less (I am trying for 5 - 10% overall), you definitely get a fico score boost by using it responsibly. So if you have a $500 limit, try not to have more than $35 - $50 balance on your card when the statement is created. You will learn your statement date as you use your card more. As for limit that is preference, I have just received my card for $300 and I put another $200.

Good luck and keep reading this forum it's fantastic.

Re: Capital One Secured

NewYxox — Fri, 21 Feb 2014 17:21:48 GMT

Thank you! Yeah I am thinking about just putting a $500 deposit down and then maybe adding $100 to it every month or so until i reach a limit of $1000. Do you have any experience with how long it takes Capital One to increase your CL after you make a deposit? And also when I leave the small balance for my statement when I do receive it is it best to just pay it off in full or the minimum payment they state on there?

Re: Capital One Secured

NewYxox — Sat, 22 Feb 2014 18:17:15 GMT

Bump..anybody else?

Re: Capital One Secured

MortgageMinded — Sun, 23 Feb 2014 01:23:23 GMT

From what I have read (I am still new with my card), it's fairly quick. I dont have an exact amount of days. You can pay off the balance in full and then it's wide open should you need to use it, but do pay it back down before the statement date. I have also heard the CLI's are $100 every 6 mos depending how you use it. ALSO, these cards are known to graduate, but from what i've read here, the results can vary.

Good luck...

Re: Capital One Secured

mebell — Sun, 23 Feb 2014 03:11:19 GMT

I have a Cap1 secured card that I have had for over 2 years now.They initially gave me a $200 CL. They did a CLI to $300 after 6 months. SInce then I have had nothing. If you call and ask they say they review the accounts periodically to determine for new CLI. I honestly don't think you get anymore because I have never been late and barely use my card. Just enough to have it report a small balance and pay it.

When it comes to how much you should carry on your card. I believe under 10% in good as previously mentioned. One thing to keep in mind though is that undoubtedly the date the CAP1 reports to the CRAs is not going to be the same as your due dates each months. For instance, your payment may be due on the 7th of each month, but they may report to CRAs on the 28th of every month. Meaning if you rack up 200 and wait to pay it right before the due date your UTI will be hurt because it was reported a balance of 200.

Re: Capital One Secured

Lechte — Sun, 23 Feb 2014 03:47:19 GMT

My Cap1 Secured reports 3 days after due date. And no, the card does not graduate....unless the CSR was lying to me.

Re: Capital One Secured

MortgageMinded — Sun, 23 Feb 2014 03:46:47 GMT

mea culpa..... I was thinking of Wells Fargo and BoA. They both do.

Re: Capital One Secured

MortgageMinded — Sun, 23 Feb 2014 03:48:01 GMT

How long do you have the Cap 1 SCC?

Re: Capital One Secured

Lechte — Sun, 23 Feb 2014 04:01:02 GMT

@MortgageMinded wrote:
How long do you have the Cap 1 SCC?

3 months

Re: Capital One Secured

MortgageMinded — Sun, 23 Feb 2014 04:03:47 GMT

How quick did they report your card to the CRAs?

Re: Capital One Secured

Lechte — Sun, 23 Feb 2014 04:28:07 GMT

a little over a month. I opened it the last of November and it reported the 11th of January.

Re: Capital One Secured

Anonymous — Sun, 23 Feb 2014 16:23:32 GMT

@NewYxox wrote:
Thank you! Yeah I am thinking about just putting a $500 deposit down and then maybe adding $100 to it every month or so until i reach a limit of $1000. Do you have any experience with how long it takes Capital One to increase your CL after you make a deposit? And also when I leave the small balance for my statement when I do receive it is it best to just pay it off in full or the minimum payment they state on there?

Once Capital One receives your deposit, within 5-7 business days your deposit will reflect on your account. Please note that the timeframe is not based on when you submit it, it is based on when they receive the payment (i.e. after it clears your checking account).

As for the usage, I would agree with the previous poster that between 5-10% balance carry over from month to month is the best FICO option

Re: Capital One Secured

NewYxox — Sun, 23 Feb 2014 17:27:58 GMT

Well that is what I plan to do & hopefully I see an increase in my scores soon. I will update on this card in 6 months or so.. thanks everybody for your advice!