My question is regarding the deposit refund. Does one get the full deposit back or is it just a partial refund? Let’s assume the card is used responsibly 100% of the time & payed in full every month.

As long as you maintain your account in good standing. And pay off the balance when account is closed or has graduated to regular account…you get ALL your money back.
.

No interest given tho

I did my deposit online but nothing has come out of my account and it has been a couple days. How long does it take them to process deposit?

How long of good payment history will it take for a secured card to become an unsecured card?

You get your deposit back if there is no balance on the card. If there is a balance on the card at the time of cancellation/account close, then the deposit is used to pay the balance. You would be responsible if there is anything left over. I hope this help Geoff.

Emily, contact them by phone. That should clear up anything that may be pending. They may require a copy of a picture id, or some proof of income, or some other documentation.

It can take a couple days. I got worried because I didn’t receive a confirmation email like you think you would once they took my deposit out, but I received my card within a week.

I applied with them and yes it did take awhile for them to approve and send the card but they were very friendly and approved me with no credit, (not bad just none) They also have been sending me corespondance relaying why the process has been taking longer than usual, i would recommed them because they have been very helpful and friendly through the process.

I have been approved and received my email this morning stating that my card had been sent out yesterday (3/28/11). When should I receive my card in the mail? Soon hopefully :)

Question – do they actually send out an email saying that the card has been sent out? I sent my $99 deposit well over a week ago (which has been taken out of my bank account), have not received the card nor a confirmation email stating that its been sent. I’m starting to get worried..

I AM A NEW MEMBER AS OF A MONTH AND A HALF AGO, IT WILL TAKE ABOUT A WEEK FOR THEM TO PULL YOUR DESPOSIT FROM YOUR BANK ACCT, ALSO THEY DO SEND OUT EMAILS STATING YOUR CARD WAS SENT AND IT TAKE JUST AS THEY SAY 7-10 BUSINESS DAYS. MAYBE MORE DEPENDING ON YOUR AREA. DONT WORRY IT WILL COME TRUST ME I WENT THROUGH ALL THIS. also THEY DONT SEND YOUR CARD IMMEDIATLY AFTER GETTING YOUR DEPOSIT IT TAKE A COUPLE OF DAYS (4-6) AFTER THE DEPOSIT HAS BEEN PULLED

Hope this helped :)

I applied yesterday, paid the 49.00 online through my bank account, and the money was taken out today. Hoping to get card soon to start building credit post-bankruptcy.

Got approved and paid the deposit today and it was taken out of my account today. Hopefully that means I should get my card late next week or early the week after.

I don’t have a banking account but my g/f does and i have her acct/routing numbers i hope this is acceptable to make my deposit i can’t wait to re build my credit

How long does it usually take for you to receive your deposit back?

I applied online at home and was approved instantly. I then sent a deposit of $150 to them on May 9th. They told me it may take up to a week for the deposit to come out. NOPE..it came out super fast, the same day! So now I wait to see if I get my card in 7-10 days. Well its been 9 days and still no card or Email. On the 10th day and I check my mail and email an there is nothing, I will be calling them.

Also, Do you get your deposit back into your bank account once you get the card? OR is is put on your credit card?
I’m not sure if I get that part..

Thank you. I hope someone can send me a comment! :)

Chandra, you won’t get your deposit back anytime soon. The deposit is a security to make sure that , as a high risk customer, you pay your bill. If you do not pay then they still have your money and should the account default they are covered. That is why the deposit is determined by your level of risk. $49-$200 for the minimum $200 balance. Your deposit is returned when the account, if responsibly handled is converted to a regular account by being applied to your balance or sent to you if you have no balance. If you close the account the deposit will be credited to your account and any remaining funds will be returned to you. I am basing this on the way that all secured cards work.

with the $49/99/150 deposit how much was your line of credit $200 or more?

From the time that I applied and paid my deposit, it took a little over 2 weeks for my card to get to me. I just received it 2 days ago. I got a letter in the mail first, then I received an email when they shipped the card. You will not get the deposit back unless you close out the account with the balance paid in full.

Ok, Well I called them to see if my card has been sent out and when I should receive it? They told me not till next month around the first week of June. I was not very happy that it would take THAT long… Everyone else seems to be getting theirs quicker for some reason.
Also, I gave them $150 deposit and they said my credit limit would only be $300. I was hoping it would be $500. Oh well… So I guess its going to take close to 4 weeks to get my card. :-(

My Question is..the 29 $ fee a year
when do they charge you for that…and do they charge you on your card or is that a different type of payment

My deposit was taken out on the 23rd of this month. It just got approved today.. go figure. Captial One is telling me that the card will be mailed out in the next couple of days. Once anyone got the email confirming the card being mailed how long does it take for it to come in? Does it really take 7-10 day;s?

once you got the email, how long did it take to get your card?

the 29 dollar fees after you recieve the card they will send you a bill of 29$

Don’t really understand ….. do they put money on there for you to spend because it doesn’t say a credit limit it just says the deposit? can anybody help?

Thanks!!

If you do have the secured credit card from Capital One, If you have to pay the security deposit ( this is in case,) you lose your Job, and are unable to pay and need
to close the account this secured deposit will cover to close it. The minimum credit limit is 200. No matter what the amount you use as a deposit is.

So here’s this question…

I had a Capital One unsecured credit card back in 2006 that was charged off in 2007. Will they allow me to get a secured card? I just don’t want them taking my deposit for this new card, to cover the old balance…it was charged off long ago.

I have a question that hopefully someone can answer! It might sound quite stupid, but it’s only because I have no experience what so ever with credit cards, only debit cards. I made the desposit of 49.00 and my line is $200. So my question is, does that mean my line is $200 every MONTH? And that I only have to pay $29 a month?

Angelissa, the $29 is an annual fee, you are only charged the $29 ONCE per year. Your credit line will be $200, this means at any given time you cannot have more than $200 charged to the card, it will get declined if you try and charge more than this. Your credit line is restored everytime you pay off any balance. ( Ex. If you have a $50 balance on the card, you will only be able to charge $150 more to the card until you pay off the $50. Once the 50 is paid you will be able to charge up to $200 again. )

Hi I got approved for the secured mastercard and was wondering can you get a second card for your spouse? Thanks

deposit online take 10 business days for show up in your credit card account.

I got approved and paid a deposit of $49 and got a credit line of $200. My question is, if I increase my deposit to $200, does that mean my credit line will also increase from current $200? If so, by what factor does credit increase in relation to deposit?

I want someone to share how much and how fast their credit was restored or how was your score affected after a couple of payments.

If my deposit was $200,does that mean my credit is that?

If my application is denied, will my credit score be further lowered by because of this?

Hey guys, just applied and got approved, Veronica, if your required deposit was 200, then your credit limit is 200. My required deposit was $49, however I deposited 200, making my credit limit $351.

Does anyone know approximately how long it takes for a security deposit to reflect on the account? I already have the card and have been using it, but decided to raise my credit line from 500$ to 1500$. They have drafted the money from my account, but I have not seen the increase on my card. It has been a week since I did this. Even a payment on the balance went through before that. =/

Hey guys, so, if my deposit was $99 and I just made it $100. Does that mean my credit limit is $300?

Thanks.

$49 gets you $200 worth of credit. Any $1 you deposit after that equals another $1 of credit. For example, I spent $200 as my initial deposit. $49 of that gets me $200 worth of credit. The extra $150 dollars gives me another $150 worth of credit. Therefore, I have a total credit limit of $350. Hope that helps.

You will get the whole deposit about back upon closing your account, provided that your account balance is zero at the time.

Does anyone know how long of a good payment history it takes before they offer to switch the secured card to be switched to a regular card? I have been paying my balance in full each month so I don’t have to pay interest.

Thought I’d share my experience with the Cap1 secured card– all good so far. I was approved last August and sent in a $400 deposit. I used the card every month and paid it off in full every month. In Feb of this year I increased my deposit to $800 to increase my credit line (and improve my credit score). Shortly after that Cap1 increased my credit line by another $300 on their own bringing me up to $1100 credit limit.

I just opened a credit card with Cap1 and my deposit was 49.00. I enjoy having that freedom on had when I need it. But I am wondering if I will be penalized because I made a deposit to raise my limit and pay the bill and my payment posted before my deposit. They blocked my account and when I made a payment I had to be verified by my bank. I was wondering how long does it take for them to give an unsecured card?

How much do we pay a month?

Just wondering how long will it take after making on-time (full) payments before Cap1 grants credit line increase?

You don’t pay a fee each month. The $29 is an annual fee so it’s only charged once a year. If you pay your balance in full each month, you will not have other fees.

From my research, it seems to be after the 6th or 7th monthly statement that they give credit line increase.

Capital one is awesome!! I ROYALLY screwed up my credit in my early 20′s and have been working hard for the last 3 years to pay off all old debts and rebuild my credit. I got the secured card back in December 2010 with the initial $200 security deposit. I always pay the entire balance every month (to avoid interest charges). They automatically increased my limit to $300 in July 2011. This secured card and one other secured card (thru my bank) has EXTREMELY helped my credit scores. They have gone from 530, 570, and 580 (about 2 years ago) to 626, 682, and 708. And I just checked those scores today (9/7/11). Still not sure when they will graduate my account, but I will keep you posted.

Wow! that’s awesome!! I did the same thing, RUINED my credit from age 18-23. Now I’m 27 and wanting to rebuild. I got the secured card March and have been making my payments in full every month. I saw a large jump in my credit after opening it up, probably because I literally had nothing other than my student loans on there. It went up by about 70 points! But then plummeted the next month by 30 points :( and has been going up, then down, ever since. I’m not sure if I’m doing something wrong, or if it’s just working itself out.

Other than the score fluctuating so much I really love the card! I love having the freedom of actually having a credit card, it had been years since I actually had something other than a debit card!

I recently got approved for the Cap1 secured card with a limit of $200. I have a zero credit score so far, its not that i have ruined my score..its just that i have no score so far…so i was wondering…how long will it take with a secure card to build my score so as to get a regular credit card.

Well it seems like I found the right card (whewww!) to rebuild my credit. I’ve read all the posts and have taken note to pay it off in full every month. As a Tip: if you look up Capital One on the BBB online they have a guide to rebuilding and keeping your credit in good shape. One is to never charge more that 25% of your credit line. I’ll comply with this one too.

Thanks for all the posts.

Its asking for a $99. Secuirty Deposit, so just wondering how much my credit line will be? Anybody?

Thanks

@Joe Your credit limit will be $200 no matter how much your initial security deposit is. If you wish to raise your limit, you may deposit additional funds (up to $3,000 limit). Every extra $1 you deposit increases your limit by $1.

Once you apply it will tell you the amount you are required to pay. It also gives you like 2 months to pay the deposit. Once its paid it does go through a process. In all it took about 3 weeks to a month to get my card. It took my hubby even longer. I don’t know why but all in all we like the card. You must keep up with the use of the card. The system does not update like one would think. Ex… I can use my card to get gas and not use it again for 4 or 5 days. Check my card and I’m always off by like 20-40 dollars. But with a few days of non use it balances out. We have had our card since June 2011. Oh 1 more thing we always pay our balance in full every month on both cards. The interest rate is HIGH but not carrying over a balance will cut that out. I give 4 stars.

I paid mine online through my bank and it took them two weeks to confirm that they recived my payment. And it took 1 month (from the day I made the deposit)to get the card. But customer service has been very helpful. They even paid my first bill ($10.00) because of all the inconvenience.

Hey everyone, just giving an update from an earlier post on 9/8/11. My scores are now 650, 703, and 735, up from 530, 570, 580 just over 2 years ago. Capital One is a God send! Anyways, I just received my 11th monthly statement a few days ago, so I’m coming up on my one year anniversary with CapOne. I’m hoping they graduate my account soon. Has anyone here been graduated yet? I read elsewhere that CapOne is really good about graduating after one year of responsible payment. Anyways, I will keep you guys posted. And for anyone considered the CapOne secured card, if you haven’t already figured out, it DEFINITELY has my highest recommendation!!!

I just got my card about a week ago and I’m pretty satisfied with the service I’m gotten from Capital One from the moment I first applied (granted, I’m just getting started). It took exactly 2 weeks to receive my card which is how long they originally said it would take. It took a few days to draft my deposit from my banking account, then it took about 6 business days for them to set up my account. I got an email saying they had mailed my card on a Thursday and I got the card on Saturday. I really feel like I’m on the path to re-storing my credit. The interest rate is pretty high but paying off the balance in full each month will take care of that. I’m read some horror stories, but I can’t complain. I will refer my friends for sure.

I applied online and was instantly approved, however I don’t understand the directions. I haven’t received an e-mail or phone call of any sort, but they say they want me to go to a Post Office to verify my identity? How will the Post Office know what I’m talking about? “Hi I need to verify my identity”? I have 60 days to complete this or I have to re-apply

Hey your email stuck out to me. I applied and i think im the only one who has been denied. I screwed up my credit and trying to fix it. I only have one debt and college loans and credit score of high 500. I dont understand. do you have any suggestions??

Eric,

When I hit my one year mark with my Capital One Secured card I called to see if they could convert it over to an unsecured card. The CSR told me that [they] had no control over that and that there was no telling if it would convert over to an unsecured card. She did say however that perhaps, 1 and a half, to two years after having the card, it might convert, but that that was all done automatically. I’ve had mine for 15 months now and am still waiting. You can apply for an unsecured card with them probably after having the secured card for 6 months. That’s what I did. I was approved the the cash rewards card with a limit of $500, then received a $250 CLI after 5 months. It takes time.

Hey Jorge,

Thanks for the feedback! Unfortunately, I was afraid to hear something like that. I’m experiencing the same deal with my Wells Fargo credit card. I’ve had it for 16 months now (with responsible payment) and I have called them twice and they tell me the same thing: they have no control over it. I was hoping that maybe Wells Fargo was just blowing smoke and that CapOne would be different. Anyways, it looks like maybe 2 years is more realistic to wait for secured graduation. Either way, I’m still happy with CapOne. I guess I just need to be patient for them to return my deposit.

Hey Robin,

The same thing happened to me back in 2008. My scores were in the low-to-high 500′s. I applied for a secured card from my bank (Wells Fargo) and I was denied. I was shocked! I mean, who the heck would deny me if I was giving them the money up front!!?? Anyways, I called them and they said the reason they denied me was because I had outstanding debt. Apparently they won’t approve you if you have any outstanding debt. I’m not quite sure about CapOne, but perhaps they have a similar policy. The only thing I could suggest is call them and see if they’ll work with you. Their customer service is really good so it couldn’t hurt to give it a try.

FYI, I APPLIED ON 10/23/11 AND APPLIED A DEPOSIT TO THE ACCT THAT SAME DAY. I RECEIVED AN EMAIL TODAY, 11/8/11 6:00AM STATING THAT MY CARD WAS MAILED OUT YESTERDAY 11/7/11. HOPEFULLY IT COMES TOMORROW OR THE NEXT DAY. I WANT TO USE THIS CARD FOR A YEAR OR SO SO THAT I CAN QUALIFY FOR AN UNSECURED MILES CARD. IT DOESNT MATTER WHAT COMPANY I JUST WANT A CARD THAT ACCUMULATES MILES CREDITS OR POINTS.

I got a letter about this today, My question is what happens if I want to cancel the card before the year is up and the 22% apr kicks in? Is there a fee? I just got through bankruptcy and don’t want to get into major debt again. I really want something that I can pay off at the end of each month and rebuild my credit, not put myself back in debt.

I had 2 secured mastercard with capital one since march 2011 and April 2011, so quite a time, i called them to see how can i increase my credit limit, they said, you have put down more money? what my friend got approved for a $100 increase credit limit after having the card for 6 months … i dotn get it, I would like to apply for a unsecured cash card witht them now, but it looks like, the maximum card is 2 they said, and my same friend again, has 3 capital one CC, i dont get it …

I have tryed for the sucure card but I was still turned douwn trying to rebulid histroy.

I applied for a Capital One card in September and was approved for $1000. It has now been over 2 months and i havent recieved anything, no phone call, email, etc.

I paid my security deposit.

What do I do?

Trick is to pay your card bill before it reflects in your statement at least 50%. i know its difficult, but it will increase your credit limit. I am new in USA, my credit score was 630, now with some of the tips i received, my credit limit has jumped to 720 in mere two months. Earlier I thought more transactions will increase the credit score, but its other way round, even if you use, pay your debt immediately or keep it to minimum before billing date.

Dont try to close any of the accounts, use it to the minimum,

MY CARD WAS LOST IN THE MAIL. SO I ORDERED A NEW ONE ON 11/19/11. I RECEIVED THE EMAIL STATING IT HAD BEEN SHIPPED ON 11/22/11. WILL LET YOU GUYS KNOW WHEN I RECEIVE IT AND IF ANYTHING SHOWS UP ON MY CREDIT REPORT…….HAPPY HOLIDAYS EVERYONE!!!!!!! :)

I applied for a Capital One secured credit card over the phone on the morning of November 12, 2011. I was immediately approved and gave the rep, named Martin, my banking information for him to pull my deposit from. We verified my address together and he gave me a confirmation number. I checked my bank account on Monday, November 14′th around 3 in the morning and saw that Capital One had debited the $49 deposit. I’m pretty sure I’ll only get a $200 credit limit but it’s ok to dream of that big $1,000. Anyway, the deposit has been deducted from my checking account and I have not received an email from them saying if the card has been shipped or not. So from Saturday to today it has been 5 business days. I hope I get it soon!

OKAY SO I RECEIVED THE NEW REPLACEMENT CARD TODAY 11/26/11. IT WAS SHIPPED ON 11/19/11 ACCORDING TO CAP ONE, SO EXCLUDING THE THANKSGIVING HOLIDAY (THURS), IT TOOK 4 BUSINESS DAYS AND 1 WEEKEND DAY TO RECEIVE IT. I CHECKED MY CREDIT REPORT AND THE ACCT IS NOT REPORTING YET. SO HOPEFULLY IT REPORTS SOON. I’M AT 679 CREDIT SCORE SO HOPEFULLY IT INCREASES A LITTLE MORE WITHIN SIX MONTHS OR SO. GOOD LUCK TO EVERYONE ELSE AWAITING THEIR GUD NEWS!!!!

can u get 2 cards with the same deposit such as paying 99 deposit for one and 99 for another does anyone no if u can do that and would it help ur credit more with 2 cards or just keep with one thanks

I need to pay some Insurance for this secured credit card? I understand that I need to pay $29 Anual FEE;

No no no! You can spend up to $200 …PERIOD! That’s NOT per month!!! The $29 fee is ANNUAL, not monthly and has NOTHING to do with your monthly minimum payment. The $29 annual payment adds roughly $2.42 per month to your minimum balance. Be careful – with a low credit limit like $200, you are at a HIGH risk of hurting your credit score by keeping a high percentage of credit used vs. credit not used on your card. Try to stay below the 25% line on credit card usage (or balance), meaning, don’t keep more than a $50 balance on your card!!! If I were you, I’d plan on spending $200 per month towards your Cap One card to help increase your credit line. Credit agencies look favorably to those who are receiving credit increases. Increasing your credit line will also allow you to increase how much of a balance you can have on your card: a $3000 credit limit will allow you to maintain a $750 balance (that’s 25% of $3000). I have this card – LOVE IT – but I’ve learned, even though I pay down my balance twice a month, that you need to have a low balance by the first of the month – I’ve been hurt by having a higher credit/debt ratio after the first of the month …even though I maintain less than 25% balance after payment – go figure! I hope this answers your question – I would suggest that you increase your card limit to $3,000 and use that card limit RESPONSIBLY for roughly 12 months before applying for an unsecured card – learn credit responsibility first!!!

DON’T POST CREDIT SCORES!!!!!!!!! BAD IDEA!!!!!!!!!!! I’m happy that you have increased your credit score – but posting your credit score is a big flashing light to those who are able to ruin all you’ve worked for!!!

Well, I got my card and got a call last week that I needed to go to a branch for an identity verification…went there with my Mexican passport as I just moved to Houston and the Credit Card to have it activated. After 15 minutes waiting, a reprensentative approached and we made the call, he told the lady on the phone, called Frankie, gave the details about my passport and all, and then he handled me the phone for a final verification…resulted that they needed a US passport and a state-issued driver’s license…I mean, “hello”…I just told you I’m from Mexico with a work a NAFTA (TN) Visa. And at this point they can’t give me the deposit back until I prove with my identity verification, WTF…I was there physically, showed my passport and credit card to the banker…what else do you need?? Damn scam…they won’t give me my deposit back nor approve the damn card!!!

ok so I work for capital one. There’s some things you all need to know
1st a secured card NEVER becomes an unsecured card. In order to get an unsecures card you have to apply for it. It is possible however to get an unsecured credit line increase.
2nd before even thinking about applying for an unsecured card wait at least 6 months for people w average or limited credit and 12to 18 months for damaged credit.

We got a capital one credit card in august we have another card called the Harizon.( we dont like it) but with the capital one card our score went from a 500 to a 700 within 5 months of work
if u use it for say $20 u have to pay that $20 a month later.but to build up a score keep ur balance atleast 30% of the bil..what we do is if our bill is say $50 we pay $45 of it.
hope that helps and good luck to everyone and it really does help ur score…

I HAVE A CAP 1 CARD CAN YOU GET A ZELLERS CARD IF YOU HAVE A SECUTED CARD

Thanks for that info Crystal!

How long does it take for a deposit to post on your account?

Hi I applied online for a secured credit card in capital one website, and I called the Customer service rep today and they were asking for $300 security deposit.. i dont understand, does anyone here deposit same amount.. i thought it will be like $49 or $75 for initial deposit..

at least 6 months.

I had a charged off account with Capital One in 2007 and was approved for a secured card with just $49. I have increased my credit limit to the $3000 max limit over a few months. My credit has went up 60 points in 5 months and I was just approved for an unsecured card with Capital One, in addition to the secured card…and its with cash rewards! My credit score is 605.

Jesa, it all depends on your individual credit situation. Cap One may require you to put a $200 or $300 and that will your line of credit while another person may only have to make a deposit of $49.00 for $200.00. I have a Capital One card.

what’s the lowest that you credit can be to not be approved? i’m in the 500 hundred range, and wanted to know if i would be wasting my time applying for this card? thanks, any feedback would help a lot.

Dominique, my credit score is in the 500 range as well and I was approved for a secured card. I was hesitate at first because I didn’t want to put anymore inquiries on my credit but you’ll get approved and it’ll tell you the deposit amount you’ll need to pay in order to receive your card. This is actually suppose to help you rebuild your credit. So I would give it a try and it took me approximately 2 weeks to receive my card from the time I paid my deposit.

my question is can i have an extra card for my gf?we r not married but been living together for 2 yrs. please let me know. 12/26/11

I feel so stupid for the things I’ve done in my past. I’m much older now & I realize the seriousness of good credit!!! I joined the military & i have been doing good ever since..I just recently did a free credit report (which isn’t free) & seen two bad things on my credit!!! I paid one old college bill off which was only $286.00; I did the pay for delete option. I made them send me a letter stating they would delete it off my credit in return for the full payment(Takes roughly 30 days to see that it’s gone. Did the same for the other bill (Medical bill-waiting on pay for delete letter) which is 346.00!!! Long story short, I applied for a capital One secured master-card online & they never told me if i was approved or not!!! I called the customer service & a machine picks up saying I will receive a letter within 2 wks!!! I was wondering If I will get approved or denied? I’m trying to rebuild my credt…Current credit score is 576 584 572!!!

Are people really that dumb? Did anyone take GRADE 2 math??????………… LISTEN. I am going give you 2 hundred bucks cash! Go Spend it as you like,whenever you like. When you pay me back I will give you another $200…..((What ?????) You only spent 100 on beer :) and now your I-Phone bill is due and its 200… (WELL-WELL)That means you need another 100 bucks right? (TOO BAD)You limit is 200.(But I gave you a 49 dollar deposit)
And I will be keeping that so you wont rip me off.After all you still owe me 100. THINK OF IT AS CASH!!!! My lawyer’s name is Nash and you know what he always said to me??? NO CASH- NO NASH LOL. So once your 200 is gone then your back at square one till ya pay it back. 1+1=2

Hello Emily,

Capital One is doing a ACH Debit from your bank account. This process take up to ten business days. However it can be done as soon as the next business day. Your bank must first process and clear the item before it is posted to your account, and then Capital will see your deposit as received.

applied for this card on 12/09/2011. $49.00 was taken out on 12/13/2011 for a $200.00 credit line. got a letter in the mail on 12/19/2011 confirming that my application has been approved and the card will be sent out in 2-3 weeks. I got the card today in mail 12/31/2011. what a great way to start off the new year… happy new year ya’ll

Unhelpful, duh. Maybe check out the “Too bad everyone isn’t as awesome as me” forum, instead of the sites for people who are broke/need help with finances. But you knew that, right duh?

I got my secured cards months ago, and have been using it and paying the bill in full on time, but my credit report still doesn’t show anything. How long until I see some changes on my report?

It seriously amazes me that there are this many positive reviews for Capital One. I’ve been dealing with them since 11/17/2011 and have encountered the most horrible customer service. I waited 21 days for my card to be sent to me after I made my deposit online..called in and they reported my card lost or stolen. The manager said for the inconvenience they’d ship a new one to me and I’d have it in 3 biz days (that was nice). Never got it. I called in after the 3rd biz day, spoke with another manager; said that my card was sent regular mail and I would receive it within 7 business days after it was mailed. Also told me there was no note of any express mailing. I then waited 8 biz days and still nothing. Since I have repeated this cycle with several more of their dingbat CSR’s and nothing adds up. Still no card. There is no communication within their network, never making any notes on the account. Given my redundant horrible experiences with their CSR’s, and lack of execution on their part, it’s beyond me that I’m one of a few people that have experienced this…I’m cancelling my card and would rather wait the 6 months for my deposit refund than continue business with Capital One. Going to CitiBank

I ordered my secured card and received it within 2 weeks. I expected to wait way longer. They kindly reported to the credit bureaus the day after my statement date which was about a month after I received my card. Since then they report the same day every month and after clearing up all my bad debt, Capital One has helped me to improve my credit. I suggest that you keep your balance low when you start to get close to your statement date. I love Capital One, this is my first credit card and I have no complaints thus far.

Since there is no way to identify anyone specifically on this forum, there is really no danger to
someone if the wish to mention their scores to illustrate a point.

Eric – that is wonderful and encouraging.. thanks for sharing and keep up the great work it is surely paying off.. I look forward to seeing my credit score increase as i work hard like you … Good Deal;-)

Terry, I have had the card just over 1 year now. I gave them $300 for my security deposit and since then they increased my credit limit from $300 to $400. So I actually have $100 in pure credit on this account.

My credit score has not been affected much by having this card only 1 year. One thing I have noticed is that the credit bureaus do NOT consider this a “Major Credit Card”

How this card can improve your score.

1. 100% On time payments
Always make at LEAST the minimum payment on-time EVERY time.

2. Credit/Debt Ratio
Keep the account under 25% of it’s limit.

3. Credit Limit
A higher limit on the card will help you produce a better score. The major Credit Bureaus claim that I have a low credit limit and this is affecting my score. I’m tempted to deposit more money in the account to find out what they consider a “low credit limit”, by adding $100 a month to the deposit I may be able to increase my score. This card has a max of $3000 and I don’t know if even that will be enough. They don’t give a target number so there’s only one way to find out….keep adding money to it…. unless someone else here already knows.

4. Account Maturity
It appears that accounts need to be held for ~3 years to become “Mature” accounts.

The biggest thing you can do immediately to increase your score is eliminate BAD CREDIT.

Pay off derogatory accounts, and negotiate they be removed from your record if you pay it all off at once.

I’m a college undergraduate student living at home, I do not rent or pay mortgage. How would this be looked upon for approval? This card shows up in multiple searches as a good way for students to build credit.

Just apply for one of their other cards that’s what I did as got approved

Hey Guys,

I applied for the Capital One secured card on october,23,2011.
I made my deposit on December,23,2011. Capital one deducted the deposit of $49 on December, 28( Due to the holidays) Today is 25 days from the say i made my deposit and still NO card. I called today and a Representaive name Donte told me i should be receiving my card today. When i get home from work, i’ll check my mail. Hope its there……..

This process is long , so newcomers please be patient…. i’ll keep you guys updated.

CAN PEOPLE PLEASE POST HOW LONG IT TOOK FOR THEIR CARD TO ARRIVE (IM IN NY) THANKS!

I am 20 and I want to start working on building up my credit. I have a low annual income, but plan on paying everything in full. Does anyone know if it’s possible that they would approve me?

It took about two weeks for me to pay the deposit and get my card.

Not sure why everyone is so confused. I am not good with credit either and it was easy. I got approved and paid a $600 deposit. Two and a half weeks later, I got my card with a monthly limit of $600. If you send then a thousand, your monthly limit will be a thousand bucks. They keep that deposit until you close the card and have paid it off in full or they bump you up to a regular credit card. The $29 fee is charged once a year.

I applied & just was declined. I placed a “security freeze” on all 3 credit bureaus in September, 2011. The use the “chat” feature after my declination and they confirmed that they pull from all 3 credit bureaus. Do I lift freeze on all or…see below….

I am current on mortgage and car payments, but have stopped paying credit card debt as of last summer. I have plenty of money in the bank, but am currently on unemployment benefits.

Monthly unemployment benefit=$1,800/mo
Monthly mortgage=$2,700

What do I do to get approved?

The upside:
Speedy reporting to the credit agencies.

The Downside:
21 days to get card
90 days to get you deposit back when you cancel the card
Possibly the WORST customer service on the planet

If you need a secured card from a real company, this card is obviously attractive, they know it, and they treat you like it. Somewhere along the line they forgot they are providing you a service, while they hold your money and make 3% off of every transaction.

The service was so bad, now that my credit is fixed, I would never even consider Capital One for one of their other cards, and I certainly would NEVER recommend them to anyone.

I’m had mine for almost a year. I pay the ENTIRE balance every month and mine has gone up significantly. I’m well above the 710 range.

I just got done with my first week of work, when can I get a credit card?

lol..from the date u posted that comment, and the first week of june, the latest seems like 2 weeks to me lol? ..

****************
Applied 1/24/2012, approved for $49 deposit. I finished reading every comment on here.

Question:

Is it better to pay off this card each month to a zero balance OR to spend $50 of the $200 (for gas etc.) and pay back $45 of the $50 spent and keep a 10% balance? I’m not sure, I’ve read and heard both sides. Thank you in advance. -Frank
*****************

I have really bad credit. My score is in the 300 range, I defaulted on a visa for 4 months, paid visa off in full but they closed my acct and wont give me a new card. I was told to apply for a capital one secured card. I just did, paid the $75 fee. I am curious how this is going to build my credit or if it will at all since my score is so low. I have no outstanding debts on my credit- I paid all creditors off in 2008 (still shows on my credit report that I went delinquent and then paid accts off and was told that will show until 2015)I have 22,00o in student loan debt that is in good standing ( I am still in school)How can i bump my crappy crappy credit score up from 300 to 800 and how long will this take? A 200.00 credit limit is pennies, so is it recommended to add more to your card? will that help build credit faster? Can i get to an 800 score in 2 years by remaining 30% below limit and paying card off in full each month??

I have a question for everyone… would you personally put down a big (max it out 3,000) security deposit from the get go even tho you only charge small amount and pay it off in full on time? OR would you just place a smaller amount for a few months and then later down the line bump it up? Thanks!

I applied to the capital one secured card and got approved. I did my secuirty dep on 01/20/2012. It took them 5 days to draft the money from my bank accont. I called 02/02/2012. and they said that it was shipped and I should get in within 7-10 business days. Decided to call back today and the man this time said. No my card has not been shipped, it will be shipped on Momday i said thats today he said well no wed. or thursday and then you will get in wed or thursday of the following week. whats really going on. I put down a 500.00 dep.

I applied for the secured card last week, and It said I will get a responce in the next few days ? Does that mean I didnt get a approved?

Applied and got approved 1/23/2012. I have been trying to rebuild my credit for a long time now. I have had some defaults on my credit report that has hurt me bad. I thought my credit score was in the 300 but i applied for a credit card which denied me yet showing my credit score was 597. I then seen the capital one secured card, finding it hard to believe you can be denied for this card, but i have seen it happened. After getting approved i waited until today 2/21/2012 to make my deposit. The money has not yet been taken from my account so i guess i am waiting and then we will see how long it takes to get everything going. I made a fairly low deposit and feel better working with this and then increasing my limit over time. Although i would like to see changes fast i feel my credit didn’t get messed up over night so i know it will take me time to clean it. Keep you guys posted on this process…lol i have no patience!

do they ever increase the credit limit?

I just applied for the secured card today. I was approved and was told to pay a $200 deposit. I paid $250. I hope my card doesn’t take forever. Can anyone tell me how long it takes for your credit score to increase even a little?

I own a capital one unsecured credit card and i have had it since sept. 2008. however, my credit was severely tarnished and plummeted all the way down to 423! I just applied for the secured cap one card just to rebuild and i have a credit score of about 505 when i applied. I got approved and only had to pay the $49 deposit! i was sooooo excited about that. I work for wells fargo and found that the cap one card was a better deal then my company’s card.

I got my card in the mail yesterday, Sat Feb 25th, 2012. My balance limit was $200.

hello, i have a $200 credit line, yesterday i went and spent $41.00 without knowing that they had already taken the $29 annual fee. my realtor said to not spend more than 30% of the 200 is it going to hurt my credit score.

I have pretty bad credit. Although I have never owned a credit card before, I spent alot of time and effort into ripping companies off until I could no longer get a bank account, electricity, cable, car, house, and credit card. Not too sure how low my score was at rock bottom, but have consistently been paying off accounts and financing furnerature from Conn’s for a couple years now and am up to a 598. Because I seem to be stuck for the last 6 months, I need to add some lines of credit, so applied for the Cap card.

-I applied and was apprived for $45 deposit on 02/13.
-My deposit of $250 was made on 02/14.
-Because I had not heard anything back, I called customer service on 02/22. They were not able to give me any info, but were very friendly.
-Today, 02/27, I received an email that card was in mail.

Because I am new to credit cards and know nothing about them, I just planned on spending $200 on the card every week, then going home and paying it off same day. After reading the forum, this seems to be a foolish idea.

Frank and several others have the same question as me. Can somone who has trial and errored with this card please help?

“Comment by Frank2012-01-30 06:05:41

Applied 1/24/2012, approved for $49 deposit. I finished reading every comment on here.

Question:

Is it better to pay off this card each month to a zero balance OR to spend $50 of the $200 (for gas etc.) and pay back $45 of the $50 spent and keep a 10% balance? I’m not sure, I’ve read and heard both sides. Thank you in advance. -Frank

I get your trying to be helpful, but you need more than a number to ruin someones credit ie, ss# more than first name..etc

I love my new capital one card

Want to get a credit card for our college student. We will be paying the balance, he will be managing the balance. We want a card with low credit limit – $1000. He does not have a job while he is at school. Would it be possible for him to obtain this card in his name? If not, what would be the best option?

No you are wrong the 29$ is taken out of the balance on your card they do not send you a bill.

Yes your son can get this card in his name but in order for him to have a 1000$ limit you will have to pay any 800$.

I got an email on 3/3/12 saying that my card was shipped yesterday but I still haven’t received my card. Does it take this long? Any reply would be helpful

I went to a credit repair company (locally) to get my credit repaired this is what she told me about credit cards:

*Get a CC with a limit of $200-$300 (typical for secured cards)
*Use the card for something simple like Gas only or eating out only
*When you get the bill in the mail, pay the bill on the day that it is due–but the day before, make another purchase so that you pay one balance off, and get another balance. I know this step seems insane, but it works, and this is why: The 3 major credit reporting agencies MUST report every 30 days! This will raise your credit score 25-50 points or more, if you do it right!

Hopefully, I explained it where you can understand it. I’ve been through this tough time. 1.5 years ago, my 3 credit scores ranged from 494-522. Now they range from 715-824.

since it is mid month you will get your card after the next billing cycle, about the 5th to the 7th of next month

Ok, i know all the info you need about the CapOne Secured Card you can ask whatever you want and I will be happy to assist you :)

I also have the worst credit less then 500 on one and was approved instantly with $99 deposit. Not a waste of time! :)

I just paid the $49 deposit and it said I was approved for the secured card. I assume that it will be a $200 limit on the card when I receive it. How soon/often can I put money on the card to increase the limit? I would like the maximum amount they offer at $3000.

You never get your deposit back when account is still active. You literally have to stop doing business with
C1, cancel your card, and then hope to receive your money back 2 billing cycles later – no matter how long or good your payment history is??????

0 Stars

You will receive your deposit refund if you close the account, and the balance is paid to zero. Kind of misleading.

well i just paid the deposit today and cant wait to get my card. my credit score is 534 and im hoping i can raise it high enough to get a loan for a house

That was my big question Thank you for that great responds because i was very unsure

Is there any intrest charges for using this card

Wow!!! I saw the earlier post too.

DENIED FOR A SECURED CARD!?! YOUR CREDIT’S SHOT!!!

well my card is on its way so i cant wait to get it and start repairing my credit!!!

i got my card today and spent $30 on gas and i know this sounds funny but i cant wait to get my first bill so i can pay it off and start the rebuilding process!!

Well, I applied today and was approved. I paid the 49.00 fee online. I am thinking I should be getting card sometime next month. I am not sure how to go about spending and paying off. I have read this entire thread and there have been a few people giving their advice. Should I pay off the balance every month before the due date? or Should I pay off most of it and leave a small balance? or Should I pay the balance off on the due date, but make another purchase the day before the due date to keep a balance? I am so confused. I am thinking I would just buy some gas every month and pay it off before the due date…can someone help. I would really appreciate it. Thank you and have a great day.

Can someone please help me? I am having a bit of trouble understanding what a secured credit card is. If Capital One is asking me for a $300 deposit does that mean that my credit limit will only be $300 or?? If it is only $300 what is the benefit of paying interest and an annual fee on my own money other than building my credit score? If my credit limit is only the amount I give as a deposit why would I have to pay to close my account only for them to send my money back to me (ex. I have a $300 dollar credit card (which is basically my own money since they didn’t give any credit, then I decide to close the card, I send them $300 dollars to pay the outstanding bill and then they send me $300 back.) I don’t understand. Please help!

Well the 49.00 was taken out of my checking account on Friday…today is Tuesday. I have not received any confirmation by email or snail mail. I know that it is too early..but I am sooo excited to start the process of rebuilding my credit….well till next time..Aloha and have a wonderful day to all.

I was approved for 200 in credit with a deposit of 49.00. Are they requiring that you deposit 300..and get 300 credit? Seems to me that others on here who put down more money got more in credit…like if they put down 300 they got 451 in credit or something like that…the first 49 gave you 200 in credit and then the other 251 was matched dollar for dollar…so 300-49=251+200=451. I am not sure if all people get same offer… I think most people on here are just using this secured card for the main purpose of building credit.

my question is after 6 month of outstanding payments what it could be the score i will get if i dont have anyscore with transunion?? just in case it would depent on my fico score with equifax it is 631..

Applied – 4/13/2012
Deposited $500 – 4/13/2012
Money Deducted – 4/16/2012
Card Sent Email – 4/27/2012
Card Received – PENDING
Credit Limit – $651.00 ($500 dep + $151 credit line)

Will let you know when I receive.

Applied on 4/19/2012
deposit taken out of account on 4/20/2012
letter in mail saying I was approved 4/26/2012

Now I am just waiting for the email saying the card is in the mail :)

Just a question for anyone on here who has had the secured card for a period of time. I am wondering if anyone has applied for an unsecured card and was approved. How long did it take using the secured card to build up enough trust with them that they approved you for an unsecured card…just curious. Thanks

I’m having the same issue. Can anyone help?

Thank you for the answer, makes me feel a lot better.

I didnt even get my first bill yet from capital one and my score already went up 7 points!!

So three days ago I recieved an email that the card image was approved and I should receive the card in the mail in 7-10 business days. Today I got another email saying that my card was sent out yesterday and I should get it in the mail within 7 days. I am so excited. Thank you everyone on here who posted their experience with this card and company. It really helped to know what to expect. Have a great day.

Hi Marion,

I have had a secured card with Cap1 since December 2010. 6 months after I had the card, payed on time, I applied for and was approved for an unsecured card that was equal to the credit limit on my secured card. It also depends on the amount of your credit limit that you use.

Good luck!

My Husband & I both applied for the capitol one secured card , both approved , Paid the $49.00 fee for each card and are getting $200 limit each to start.

I had really horrible credit but, my husband has great credit but, his good credit is newly created credit and mine was and has been so horrible for so long since I made so many mistakes when I was 18-25!!!

I was so sure I was going to be denied but, I was so excited when we were both approved and we will add each other to both cards and be very responsible with our new cards and the balance will be paid off every month and both cards will be paid before the due date as that looks the best.I do that with all our bills (which are all in my husband’s name,since my credit rating is so low) and now his credit is high.
Plus, not blowing the whole credit line asap every month is wise.

We want to buy a house in the next 1-2 yrs and this is a start for me especially to building my bad credit into great credit!!! I was really irresponsible when I turned 18 and got a credit card and just never paid it and it all started from there…I wish I could take it back.

I just want to say good luck to everyone trying to rebuild your credit! It can be done as long as you discipline yourself to make sure you pay the bill every month, on-time if not before it’s due!

Now if I can get approved , you can and if you were denied , then….I don’t know what to tell you. I was so shocked when I was approved and that I only had to pay the $49 for a $200 credit line along with my husband!

Received my Card on May 1st very easy activation, so far I am satisfied. I have already deposited more funds to increase my limit online (easy process) and will let you know when and what the limit increases to.

Most financial experts will tell you to build your credit for at least a year, before you apply for an unsecured credit card. Capital One could offer you an unsecured card before that time, but remember that multiple attempts by companies to access your credit history actually lowers your score(up to 3 points per inquiry). I would play it safe, and wait at least nine months before you attempt to extend your credit.

Also, the minimum deposit, no matter which deposit you paid, will give you a credit line of $200. Any additional amount will add to your line in a 1:1 ratio. For example, if your initial security deposit is $49 and you send them $200, your credit line will be $350.

You only get your security balance back if you pay your balance in full, and then close your account.

Thank you Terrie. I received my card in the mail about a week ago. I used it to purchase gas. I am waiting for my first bill to post and will pay the gas purchase and the annual fee in full. Can you tell me a little about how much you would spend per month and if you paid in full every month or not. I am trying to get credit up enough to be able to get a home loan with 18 months. Thank you so much and have a great day.