C-1 Secured card - some things I have noticed thus far.

[lajntx]

1. It takes exactly two weeks to get your card once you place an acceptible deposit

2. You can make cash payments at a local branch which will post immediately and lower your balance... yet now 2 days post fact my available credit hasnt risen due to the payment. I made an online payment and it took 3 days after it posted to the account to increase my available credit

3. They dont seem to be in any hurry whatsoever to start reporting to any bureau.

4. Adding additional deposit money takes time apparently to increase your limit.... made a deposit last Saturday. which deducted immediately yet my limit hasnt increased.

Thus far it really seems like this card doesnt seem to be in any hurry......... to do anything

I sent an online question last week...... A really simple one.....

Q: Can payments be made at a local Capital One branch?

6 days later a canned responce which wasnt related to the question arrived:

Thanks for contacting us about your Capital One account.

You can submit additional security deposits to increase your credit
line, up to your maximum credit line, by calling the number indicated
below or by going online to www.capitalone.com/securedcard/manage.
Currently we do not accept the deposits at out branch locations.

If you have any questions, please give us a call at 1-800-955-7070. Our
Customer Service Representatives are available 24 hours a day, 7 days a
week.

Sincerely,
Capital One Services, LLC

Either its just standard issues with a start up operation or this card is soon going to get a reputation on this board as being "slow " to do anything excecpt deduct money out of one`s account.

[Wolf3]

Did you sign up for the Credit Inform?  I have called several times and still have not got this done.

The online bill pay will not work until the first statement cuts.

[lajntx]

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@Wolf3 wrote:

Did you sign up for the Credit Inform?  I have called several times and still have not got this done.

The online bill pay will not work until the first statement cuts.

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No, I didnt sign up for it. My statement had already cut by the time I got online and switched to paperless statements. Hopefully things will begin to speed up with this card. I was hoping to use the bejeezus out of it... but with a low limit, I would have to make multiple payments in order to do this. If they are waiting 3-4 days after a payment has been processed to re-increase the available limit that kind of limits this card.

[Datx]

Payments posts fairly quickly for my Cap One secured. I made a payment yesterday at about 9am CST. Today, I log into my bank account and see that Cap One has already withdrew the funds. I log into my Cap One account and my payment has already been posted and my avail credit has been adjusted. Pretty quick in my opinion. Did you possibly made a payment on the weekend?

[lajntx]

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@MyCreditStinks wrote:

Payments posts fairly quickly for my Cap One secured. I made a payment yesterday at about 9am CST. Today, I log into my bank account and see that Cap One has already withdrew the funds. I log into my Cap One account and my payment has already been posted and my avail credit has been adjusted. Pretty quick in my opinion. Did you possibly made a payment on the weekend?

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Nope, paid on tues, drafted out of my bank account on wednesday and shows posted on the C-1 site as wednesday... The $20 cash payment I paid in the local C-1 on 7/14 posted that same day on the account online.........However, my avail credit has not increased as of this writing on 7/16... Bal.... < -0.29 > avail credit 155.

Also, I went on the website and made a $25 dep to increased the CL to see how long it takes to post.... made dep on Monday...drafted on Tues ( 7/13 ).... still no increase in CL.

Another thing I have noticed is on the online account summary that it doesnt show they pending transactions at all.

This card seems to be rather slow in everything it does other than being "johnny on the spot" when it comes to taking money for a payment

[Anonymous]

The first time I had a secured card, I opened the acct, then 6 mos later put in an extra $1,000 to go on vacation to cover the rental car and hotel.  Got to Florida at 10:00 at night, couldn't get the car... called, and was told they are only open 9-5 California time.  Called the next day and was informed that once the deposit is made, the person accepting it puts a code into the computer and it takes 10 days to process. I can use the card in 10 days.  Um, hello, I'm on vacation today, in ten days I'll be heading home. So they told me that I would have to call each time I wanted to use the card and the approval would have to be done over the phone, manually.  The vacation was a nightmare, took hours on the phone sometimes to get things approved.  Then after I get home and get the statement, some weird charge shows up...I call and say there's some charge on there I don't know what it is.  Then I'm told that I have to call the company that put it on there....um. hello again...I don't know who put it there or what it is, what it's for, I have no information, so who is it that you're telling me I have to call??  I believe they may have better service now, that was back in 1995.  But I check everything now and make deposits at least a month in advance, then check to make sure it went through, just to make sure that I'm covered because that was just a ridiculous experience.

[Anonymous]

10 days, no it takes longer than that!  I was approved and electronically deposited 2K the last week of August.  It was removed from my account immediately. On 9/9 I called and they said it had not posted because they don't have the funds.  BS  Since then I've received and seen better offers. I did the 2K for the high CL but there are too many banks where you can at least make some interest on a CD secured card.  So, I've decided to fax them a letter today and cancel.  Even if there weren't better offers, we can't be forced to accept poor customer service because of low FICO scores. I deserve better than that and can improve my score without them.

What if there is an error on the account in the future? What if they misreport information on your credit report?  Clearly, it will take moving mountains to get any issues resolved with them. No thanks

[flyingmd]

Since they already pulled the funds, no matter how you slice it, I believe u are stuck waiting. Even though you cancelled the account, there is a good chance that they will wait till the funds post to your account before issuing a refund of the security deposit, which could take up to 6 weeks. Given that u are canceling so quickly before even activating the card, the account will most likely not get reported at all to the cr bureaus. If it does, it should report as closed by consu,er, but without at least one month of history, I doubt it will report at all.

[roughdraff]

Well, you may not earn interest on your deposit with capital one, but they don't report ur card as secured. Most companies i see, if they pay interest on ur deposit, they report it as secured and that may mean IRS, yeah keep the $60 a year int, not worth da hassle cause of a savings account. If u get a manual review(underwriting) having a 2k limit unsecured, looks far better than a 2k secured.If i were a underwriter, i would only give a secured card, credit, if they we're buying something that'z secured. Car(with dwn pymnt), house,  etc.