Cap One Secured CLI

[Anonymous]

Congrats on your CLI! Keep up the good work!

[Aduke1122]

Thank you !!

[Anonymous]

Congrats!  Think about where you'll be a year from now!  

[Anonymous]

Awesome thanks for giving me hope!!

[Aduke1122]

No problem just do them right and they will do you the same ! Your turn will come soon enough 😊

[Mzjedwards1]

Finally Received My CLI On my Capital One Secured card!! Yaaah  Me!! Its not much, but I went from a 200 Limit with a 49$  security deposit to 500$ as of today when my 6th Statement posted!!! I'm Super excited!! It means alot coming from a low score of under 500 and a BK and now in the mid 600 range !! I'm a happy girl. This will be my highest limit Now does anyone know if this is the only CLI that will occur?? Do they review periodically or does the secured card freeze around 500$. 

[Aduke1122]

Congrats on your CLI I understand how important it is after all the hard work put into repairing credit . From what I have read many to have experience most of the time it will cap out around 500 and you won't get any other CLI on this card .
But I have seen the rare occasion where just one or two ppl have gotten more increases after that one . This is very very rare though .

[Anonymous]

Not only does it freeze at $500, you'll never be able to merge it with an unsecured card, nor PC it into something else. I had one that was going to languish at that line, so it had aged about a year and a half and then I closed it. It's good for rebuilding but it'll never go anywhere.

[Anonymous]

Yeah, it's unfortunate that Cap-1 hasn't changed how they treat this, otherwise great, starter card.

The $300 statement 6/7 bump up is where the elevator stops, period....and since they discontinued the ability to add security deposits beyond your initial deposits, back in February the card IMO becomes a door stop, after that one and only CLI ....don't get me wrong it could be worse.

I'm just saying they changed a product to pretty good when, it could be great.

To be fair the card isn't stuck at $500 ... it's stuck at whatever you started with plus the $300 auto bump, so had one started with a $1000 deposit then the CL would bump to $1300 and be stuck there
(Ex: I've got a $550 door stop....that I'm allowing to age until the next AF (yeah, I know they stopped the AF the month AFTER I apped😞)

Anyway all things considered I still like Cap-1 however knowing what I know now I'd advise one to app elsewhere 1st even a $100-$200 CU card to get 'may' grow...adds  enough credit history (a month or two) to
Then app Cap-1 and get an unsecured Plat or QS1 because the UW, is so low just having any light little history would very likely at least get a Plat approval, which can be quickly flipped to a QS....then one can be on their way with Cap-1

That way, if card #1 is one you want to keep, fine it may grow and provide an extra relationship that might blossom into something else, who knows....by allowing the Cap-1 secured to be card#1 your guarantying a door stop of an anchor that you have no choice but to throw overboard.... just the way I see it.

PS
Couple that with the # of HP's it takes to get the cards and it's a no brainier.

Ex:
Step 1 Cap-1 secured= 3 HPs
Step 2 Cap-1 2nd card= 3more HPs
Total 6 HP's for only 1 real CC

Or
Step 1 ...3 different shots at getting 1st card
Step 2 Cap-1 2nd card = 3 HPs
Total maybe only 4 HPs and possibly 2 real CCs

Just saying

[Anonymous]

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@Mzjedwards1 wrote:

Finally Received My CLI On my Capital One Secured card!! Yaaah  Me!! Its not much, but I went from a 200 Limit with a 49$  security deposit to 500$ as of today when my 6th Statement posted!!! I'm Super excited!! It means alot coming from a low score of under 500 and a BK and now in the mid 600 range !! I'm a happy girl. This will be my highest limit Now does anyone know if this is the only CLI that will occur?? Do they review periodically or does the secured card freeze around 500$. 

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Congrats, Mzjedwards!  Like the others said, most likely no additional auto increases.  But, if I were in your shoes, I'd make sure I knew my Fico 08 scores and not app for anymore low limit cards. You're rebuilding, so save those hp's for a card that you need and will benefit you in some way - rewards, maybe a higher CL, etc. You mentioned that this is your highest CL, so what other cards have you app'd for?  I'd probably garden for another six months, and then, if you're interested, app for the Cap One Quicksilver One.  It's a rewards card that gives you cash back, and that's a great perk.  I wouldn't app for the Cap One Platinum, because it gives you nothing.  So, again, kudos to you for doing an awesome job in rebuilding your credit!  Good luck!