Capital One secured security deposit and credit limit

[Anonymous]

I got approved the other day for C1 secured card.

It said that making a deposit of $49 would get me a credit limit of $200

Now,i read on some of the blogs that this card will get you a credit limit of $200-$3000

So,what is the maximum deposit I can make?

$3000 credit limit is more than enough for me

I called C1s customer service 3 different times yesterday to ask this very question.Two different times I was disconnected and once I hung up due to longer than usual wait time.

[Anonymous]

When my journey of re-building my credit i couldnt get ANY credit card.  I have to start out with Cap1 secure card as well.  I have to depesoit $200 to get my $300 credit limit.  There is no max (i dont believed so) of how much to deposite since those deposite will be your credit limit.  Words of advice to you, save some of your cash deposite and make your credit limit to $500-$800 other wise if you are planning to  do a large purchase then deposite more. 

I started out mine with $300 then I did additional $700 to make it $1,000 for credit limit.  I didn't want to use up all my cash for it, granted they will pay you back if you close the account.  Then after 6-12months app for another Cap1 cards, I got approve for QS1 and my Journey for $1,500 each.  Then another 6months I did a CLI and now im up too $3,800 each.  As long as you keep in good standing, CAP1 is a excellent card to re-build or build credit. Now I just got my Chase Freedom for $12,500.  I started my Journey not to long ago.

[Anonymous]

I must have misunderstood

I thought maybe if i made a security deposit of $200 or so that i could raise my credfit limit to $1,000

I didnt realize the credit limit is equal to the amount of the deposit

[Anonymous]

Unless Cap1 has change ( I opened mine 2013 of June) the way secure card goes i dont know about this.  Maybe perhapes you can chat or call the rep and ask to verify, I could be wrong.  But that's how I started.  In order to get the first $300 line credit you need to deposite what ever they required you too.  Then add as much as you want, those deposite amount would be your credit limit.

hope this help you out.

[Anonymous]

Chat instead of call. It will save you some time. I've never had a secured card but it is my understanding that your deposit is equal to your credit limit in most cases, but even if you just send in a smallish deposit at first, the card can grow without additional funds from you with responsible use. They will give you CLIs and eventually you can PC to an unsecured card.

[Anonymous]

unfortunately Cap1 will not PC or upgrade to unsecure for anyone, they doesnt have that option.  The only way is to wait 6-12months then re-app again.

[Anonymous]

Just closed my secured Cap 1 card. (Served its purpose well)

The max deposit is $3,000, you will get a $500 bump in 6 months.

Great card to rebuild and raise your scores.

[Anonymous]

I figured my deposit for my secured card a little different. I added up all my SL on all my cards, then decided on my deposit based on that. This way, even if I max out every single card I have, I know I can pay it all off in a months time. I got the secured card because I didn't realize I could get unsecured cards. I just assumed the worst. I had no idea they even gave cli's on unsecured cards until recently lol!

[Anonymous]

Secured cards rather. I totally hate autocorrect.

[Anonymous]

I looked for a chat icon that i could click on..but all I saw were a bunch of phone numbers.....