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Discussion in 'Credit Talk' started by creditfree, Jun 7, 2001.
Any comments are always appreciated!
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TECHNICALLY...NOBODY SHOULD EVER BE DECLINED A SECURED CARD, BECAUSE THEY CAN DEMAND A 100% DEPOSIT FROM PEOPLE WHO HAVE REALLY BAD CREDIT...
I applied online for another Cap One Account and was given the same message and I was approved for a total of 3 accounts.
2- Mastercards and 1- Visa Card
All 3 of the cards have a $500 limit with $99 deposit.
So look at the brighter side.....you'll be approved : )
You were offered three accounts at once?
no you would have to apply 3 times
Nobody is really declined a secured cap 1, some folks can get $49/$400 99/$500 $199/200 secured accounts.
I don't have the worst ever credit, but mostly I lack the use of cards, so I figured getting a secure card would be a good start.
Now another question...would having 2 secured cards be more beneficial going towards establishing my credit?
Having two secured cards report as two lines of credit, this maybe better. Dealing with small lines of credit it is easier to have problems.
People claim Cap One does not report credit limits, often hurting your credit score. So you might want two different companies.
With two small credit lines, if you have a bad month and miss your payments, you could get two late fees at $29 each instead of one.
You may also have half of the credit on each card, often the credit line is related to the deposit. This would increase your chance of going over the limit and incurring the over the limit fee (often $29).
Direct Merchants just increased these fees to $35 each.
I have asked all of my companies not to authorize a transaction that will put me over the limit. They can honor this request. I can still go over the limits at the gas pumps since many only authorize for one dollar.
However under normal circumstances I can not go over the limit.
is Cap One a good secured card to get even though they don't report credit limits? Will it improve my chances of getting an unsecured card?