Capital One Secured Card Changing - Advice?

[Anonymous]

I have a C1 secured card which, over time, I've bumped up to a $2K limit.  Last year I applied for an unsecured card and it was granted, then after, they gave me a free bump to $4K on the unsecured card.  I also have other CC's such as Amex, Chase, Wells Fargo, etc. and don't really need an increase of limit for spending ( I keep my balances pretty much at zero but use them all often as I rotate daily usage ).

My question is:  With the Jan 19th "no more deposits" deadline approaching on the C1 secured card, should I take the opportunity to make a deposit and if so how large?  Given that I want to get the best credit score possible / currently building my credit, I was thinking of perhaps depositing another $2K or even more to increase my overall credit limit.  Today, all my card limits probably add up to $14K over 6 cards which doesn't seem that high to me / I'd like more.

The only catch is that I don't like the idea of losing $2K on a deposit where the deposit wouldn't be invested in equities.  Any initial thoughts or advice?  I'm pretty novice when it comes to credit building strategy and have no idea if a $2+K increase on credit would help in negotiating for higher limits later .. or simply helping the build process.

Most importantly, I don't want to miss any opportunity given that the deadline on the C1 secured card deposits is coming up.

Thanks!!

[SouthJamaica]

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@Anonymous wrote:

I have a C1 secured card which, over time, I've bumped up to a $2K limit.  Last year I applied for an unsecured card and it was granted, then after, they gave me a free bump to $4K on the unsecured card.  I also have other CC's such as Amex, Chase, Wells Fargo, etc. and don't really need an increase of limit for spending ( I keep my balances pretty much at zero but use them all often as I rotate daily usage ).

My question is:  With the Jan 19th "no more deposits" deadline approaching on the C1 secured card, should I take the opportunity to make a deposit and if so how large?  Given that I want to get the best credit score possible / currently building my credit, I was thinking of perhaps depositing another $2K or even more to increase my overall credit limit.  Today, all my card limits probably add up to $14K over 6 cards which doesn't seem that high to me / I'd like more.

The only catch is that I don't like the idea of losing $2K on a deposit where the deposit wouldn't be invested in equities.  Any initial thoughts or advice?  I'm pretty novice when it comes to credit building strategy and have no idea if a $2+K increase on credit would help in negotiating for higher limits later .. or simply helping the build process.

Most importantly, I don't want to miss any opportunity given that the deadline on the C1 secured card deposits is coming up.

Thanks!!

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I wouldn't pour any more money into it; eventually it will go unsecured.

Just keep it and treat it good.

[Anonymous]

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@Anonymous wrote:

I have a C1 secured card which, over time, I've bumped up to a $2K limit.  Last year I applied for an unsecured card and it was granted, then after, they gave me a free bump to $4K on the unsecured card.  I also have other CC's such as Amex, Chase, Wells Fargo, etc. and don't really need an increase of limit for spending ( I keep my balances pretty much at zero but use them all often as I rotate daily usage ).

My question is:  With the Jan 19th "no more deposits" deadline approaching on the C1 secured card, should I take the opportunity to make a deposit and if so how large?  Given that I want to get the best credit score possible / currently building my credit, I was thinking of perhaps depositing another $2K or even more to increase my overall credit limit.  Today, all my card limits probably add up to $14K over 6 cards which doesn't seem that high to me / I'd like more.

The only catch is that I don't like the idea of losing $2K on a deposit where the deposit wouldn't be invested in equities.  Any initial thoughts or advice?  I'm pretty novice when it comes to credit building strategy and have no idea if a $2+K increase on credit would help in negotiating for higher limits later .. or simply helping the build process.

Most importantly, I don't want to miss any opportunity given that the deadline on the C1 secured card deposits is coming up.

Thanks!!

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You are not missing any thing and if Capital One has approved you for an unsecured card, don't put any more money down for a secure card.  There are several factors that helps one get a good score if that is the ultimate goal.

But putting more money down for a secure card does not raise the odds.

[itsnew]

I spoke to a rep at Cap1 who said the sec card would be eligible for cli after the 19th. It will be based on usage and length of time the card is opened. Currently the card isn't eligible for Cli unless you deposit money. I would wait too I'm not sure it will help.

[Anonymous]

Given that you are able to get approved for unsecured cards, I would close the secured card, get my money back and apply for another cap1 unsecured card. Check their pre-qualification link and see what pops up.

Given that your current unsecured line is at $4k you might be eligible for their prime cards.