Cap 1 Secured

[JeffP1979]

Hey guys, 

I just refid my house, the only open accounts I had were a loan at the local cu which is paid off, and my furniture which is paid off, about a year ago I opened a First Premier to try to start the rebuild(I know it is the worst card possible) but it pay it off a couple times a month. No open balance at the end of the month. I applied for a cap one quicksilver, however the pre approval would only get me a secured quicksilver or platinum. I'm not a huge fan of secured cards, my income is good. My CK was 620 on eq and 590 on Tu my ex is 600. I want to shut down my First Premier but I also want to have a card available, I did get a Milestone app in mail for 700 cl but the apr was 36%, I'm not real concerned with apr since I don't carry a balance, however that just seems like robbery. What should I do next, ask for an increase on the premier? It's only a 300 limit which I use for gas, groceries, or an online purchase then pay off with my paycheck, my goal is to have a card with a 3k limit so I can put all bills on it and pay off monthly while I let my payroll sit in a money market account. What say you?

[Horseshoez]

After my Chapter 13 discharge three years ago I tried a CapOne secured Platinum card (there was no such a thing as a secured Quicksilver back then) and hated it so much I closed it after less than 7 weeks; the biggest issue I had with it was the hold they'd put on my payments, often as long as 12 days.  Given the card had a maximum credit limit of $1,000 I needed to pay the full balance off almost weekly to be able to continue to use it, and those long deposit holds meant the card was effectively worthless almost half of the time.

In your case, I'd either hold out for an unsecured Quicksilver (if you want to stick with CapOne), or look further afield for a secured card with a better reputation.  The secured cards I see frequently mentioned here with good reviews include the NFCU nRewards, the Discover IT secured card, and FNBO's secured Visa card.  Two other cards which I see mentioned from time to time, both of which are "Geo-Fenced", include TDBank's secured TDCash card (the one I ended up going with after closing the CapOne card), and Fifth Third Bank's secured Platinum card.

[OmarGB9]

I'd get rid of the First Premier ASAP and take the Platinum card from Cap One. After 90 days you can try to upgrade it to a Quicksilver with no AF and 1.5% cashback. I've never had that payment hold delay @Horseshoez is talking about. My payments were always credited instantly.

And honestly, secured cards are way better than First Premier or Milestone. Try Discover, TD Bank, or US Bank. Navy Federal too if you qualify for membership. 

[Zoostation1]

I had the long hold on funds availability once.  It was my second payment on a then QS1 (now V1) and first large payment.  Escalated my phone complaint one level up to a supervisor and they agreed to conference in my bank to confirm the funds cleared on their end.  Once they confirmed that my available credit was restored immediately and I've never had an issue with them since on it or my SavorOne.