Capital One Secured Card CLI!!!

[Legions36]

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

[Brian_Trying_700]

Nice. Here is the message they sent me. lol. " Capital One is not giving credit line increases at this time." I guess there is no $$$ in the bank

[Anonymous]

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@Legions36 wrote:

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

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your a little confused. they are under no obligation to issue you a 3k card just because you have 3k tied up with them on a secured card. instead (depending on your credit picture) you could apply else where ie chase, discover, citi, where they are more than likely to match your 3k limit. The only way for you to get the 3k back is to close the card

[jsucool76]

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@Anonymous wrote:

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@Legions36 wrote:

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

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your a little confused. they are under no obligation to issue you a 3k card just because you have 3k tied up with them on a secured card. instead (depending on your credit picture) you could apply else where ie chase, discover, citi, where they are more than likely to match your 3k limit. The only way for you to get the 3k back is to close the card

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This! A lot of lenders will usually match your highest limit card (provided your CRs/scores warrant them doing that) when you get approved for a card with them. That is why a lot of people will throw the maximum deposit allowed into a secured card and then apply for different cards later (especially since the cap1 secured reports as a regular card, not a secured card). 

I'd be extremely surprised if cap1 would even think of doing something like matching your limit on your secured card with them, since they actually know it is secured, whereas the other lenders don't. 

[Legions36]

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@Anonymous wrote:

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@Legions36 wrote:

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

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your a little confused. they are under no obligation to issue you a 3k card just because you have 3k tied up with them on a secured card. instead (depending on your credit picture) you could apply else where ie chase, discover, citi, where they are more than likely to match your 3k limit. The only way for you to get the 3k back is to close the card

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Ok so let me ask u what the optimum way to go for my situation. I have 4 cards now with $300 limits on each 1 of which is a secured cap1 the others are unsecured. Im building while waiting for 2 negs to fall off next year. I also have my gf's cards as authorized users. Would u put 3k on this cap1 secured card to show u have your own 3k line? Because i do have an au on citi diamond for 3k, royal carribean for 12k, mets for 4k, would that matter much for me? U obviously see what im trying to do here right, also a defaulted student loan thats in rehad right now. Im not appying until next year for new credit but i will do anything in the mean time to make it as storng as i can. 

[Anonymous]

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@Legions36 wrote:

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@Anonymous wrote:

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@Legions36 wrote:

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

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your a little confused. they are under no obligation to issue you a 3k card just because you have 3k tied up with them on a secured card. instead (depending on your credit picture) you could apply else where ie chase, discover, citi, where they are more than likely to match your 3k limit. The only way for you to get the 3k back is to close the card

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Ok so let me ask u what the optimum way to go for my situation. I have 4 cards now with $300 limits on each 1 of which is a secured cap1 the others are unsecured. Im building while waiting for 2 negs to fall off next year. I also have my gf's cards as authorized users. Would u put 3k on this cap1 secured card to show u have your own 3k line? Because i do have an au on citi diamond for 3k, royal carribean for 12k, mets for 4k, would that matter much for me? U obviously see what im trying to do here right, also a defaulted student loan thats in rehad right now. Im not appying until next year for new credit but i will do anything in the mean time to make it as storng as i can. 

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if you have the cash to spare then yes i would secure 3k into the secured cap one card. you would be in a much better stand point providing you have eliminated the last 2 negs off your report if you apply with chase or discover maybe even citi but you would have to be almost inquiry free if you go for citi. AU's only help if its assisting your AAOA. Under a manual review a lender really doesnt care if your an AU on a 12k card they want to see what limits you have for yourself

[Anonymous]

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@Legions36 wrote:

Yeah thats what they told me i have to apply for a new unsecured card after a year or something. But i read and was told that if i keep depositing and get to the max 3k limit of the secured card they will give me a 3k limit when i apply for the unsecured card. Tell me im right please or im confused? Also what happens to my 3k i put on the secured card, i obviously want my deposit back after the year.

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It worked well for me, see earlier post.  

It takes 60 days to get deposit back after you close the card.      So I charged most of my limit on the card right after statement closed, then closed the card.   In a few weeks they paid the balance off with the deposit and I got a small check in about 2.5 months.

[dobirdsmommy]

They just increased my limit today. I have only had the card for 6 months.

I had the partially secured 49 for 200. I have given 50 to bring it to 250. Today I log in and it says 350.  I called and was told for keeping my card in very good standing and paying it in full every month they have reviewed my account after 6 months and auto increased it