Okay, lately I've been contemplating getting another card at the advice of my "gurus". The card I "was"(past tense) interested in getting, was the Secured Mastercard offered by Capital One. I was drawn to this card because unlike other secured cards there's a possibility that your credit limit may end up being higher than the required security deposit. To me, that was worth looking into. So like any other normal person looking into getting a new card, I hit up the reviews on various "credit card solicitation" websites... As if I have to name them.
As I was reading through the reviews, one review in particular caught my eye. In that review, the reviewer who I shall call, "Mr. X" stated that he was unable to get approved for a card by anyone. He was just tired and fed up. So what did he do? He applied for a "Guaranteed Secured MasterCard" offered by "Capital One".....Capital One®.
Yes, the review actually read like an infomercial.
He then went onto to say that he only put down a $75 deposit and was given a.... wait for it.... $2500 CL. I'm thinking to myself, yeah right, BOGUS! Then, I read another review, same thing, $75 deposit down and $2500 credit limit. At this point, my curiosity is obviously piqued. So I Google "Guaranteed Secured MasterCard Capital One". To my amazement, this card actually exists. In the front of my mind, I'm saying, "Yippee, I'm applying RIGHT NOW"! In the back of my mind I'm saying, "Why the heck isn't this card listed any of the "credit card solicitation" websites"? "Hmm Oh well". "IM APPLYING RIGHT NOW"!
I put in my name, my birth date, my "Social Insurance Number".... Wait what? Social Insurance number? I glance up at the address bar, then it finally dawns on me. "Capitalone.CA"
What the Fruit Cake?
With all that said, what the heck is going on? I'm looking at all these "Guaranteed" cards and there not even offered in the United States. Why the heck not? Seriously though? You Canadians get Guaranteed Mastercards with $7000 credit limits and all we USA'ers get is a measly $200 dollar credit limit that isn't even guaranteed? What the fruit cake is up with that?
Am I missing something? Someone please tell me this is not what it appears to be and that I too have access to these special "Guaranteed" credit cards.
As I was typing this I just got approved for an "Unsecured" Capital One Platinum MasterCard with a $300 Credit Limit!
YAY FOR ME!
Hope you have better luck with CapOne than me. I had a $75 deposit with my secured at the start of my rebuild over 2 years ago. Got a $300 CL then they upped it to $500 but it's not going anywhere and it hasn't been unsecured.
I also got a QS1 with a $300 unsecured limit, went to $500, I got one measely CLI to $600 over the past 18 months.
I'm actually getting frustrated with them and am considering closing my cards and potentially re-applying somewhere down the line. Especially where CapOne has the 2 card per owner limit. Maybe going after a Venture/Savor at a later date. My FICO's are nearing 700 and I have several better cards. I'm looking to purge all my stepping stone cards.
But that's a good starter for sure! 6 months it will build.