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I was looking into secured cards and really like the look of the cap 1. I had a couple questions,
My fico is 558, what is the chances I'll get approved?
Is there a certain amount of time you HAVE to keep it active? I read all the info but it doesn't say that I see like the AMEX says you have to keep it for two years before you close it.
When I got my Cap1 secured card I had a "Thin file"
Nothing of substance reporting thus I don't know what the score was.
I was approved for their $49/$200 deal ($49 deposit for $200 CL)
I opened the card in July '11 and just closed it yesterday... I never saw anything about any requirement for keeping it active.
If it wasn't for that card I wouldn't be in the position I am now. Cap1 CS has always been helpful and I never had a single issue with the card.
Hope that helps.
I have a TU score of 569 and was approved for a CAP1. I was able to get the $49/$200cl
-Hth
Oh that gives me hope! LOL I will be applying tonight
Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*
@2FixMyCredit wrote:Oh that gives me hope! LOL I will be applying tonight
Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*
LOL Good luck! Actually i was able to be approved for BOA, USBank & CAP1. From my understanding you need to have a util between 1-9% for maximun score jump. The deal is you can charge the card, just make sure you stay within your limit, have the ideal util on your card when the card reports and then pif. I'm a newbie as well. Hopefully someone chimes in.
Oh wow really? Were these all secured cards that you were approved for?
I'm reading more about the util but I'm not sure if it works the same for secured cards or not.
@2FixMyCredit wrote:Oh that gives me hope! LOL I will be applying tonight
Is a secured card like a normal, where you need to keep the util down? I was thinking if I get approved only using about $50 or less a month and paying it in full of course. Is that a good plan? *i hate being a newbie*
Utilization and Score are counted the same regardless of secured or not. There is no need to do it all the time. Only useful at application time. .
Yes all 3 are secured
Oh perfection, thank you Wolf!
@Prettygirl-did you have to put a deposit on the BOA and USBANK?
@2FixMyCredit wrote:Oh perfection, thank you Wolf!
@Prettygirl-did you have to put a deposit on the BOA and USBANK?
Yes $300 on both. I'm kicking myself because now I want to increase the BOA to $500 but I don't know how!