For those of you who have the Cap One secured card... Did you apply online? Were you instantly approved? How did you go about sending them your deposit? How much of a credit line were you extended? How much deposit? What credit report do they pull? In reference to the above questions, I am looking for answers post bankruptcy...thanks!
I had this card several years ago: 1. Applied in the mail, not online. 2. Approved after a few weeks, not instantly. 3. Sent deposit in with application in the form of a personal check. 4. Deposit-$250, CL-$250 (but raised to $1,000 after a year, unsecured). 5. They pulled EQ.
Did you apply online? Yes Were you instantly approved? Yes How did you go about sending them your deposit? They mailed me the acct info and I mailed in the deposit with a check How much of a credit line were you extended? 500.00 How much deposit? 100.00 What credit report do they pull? EQ I had gotten the secured card about 6 months after my chap 7 in 92. They offered me 500.00 limit with only having to make a 100.00 deposit. Some sort of special they were doing back then. I kept the secured card for about 4 yrs, closed it out once they approved me for an unsecured card which had a high interest rate but heck it was unsecured! Then after 3 more yrs I closed that out after opening up their Carnival Mastercard with a 5500.00 limit(went on a cruise!) in 99...that has a 9.9% rate which isn't bad. If you start with a secured card and show them you are faithful in paying they raise your limit often! I can remember calling them when I had the prior card and complaining saying I was gonna close it out cause of the low limit (it was like 1000.00) and they immediately gave me another 1200.00 LOL
Capital One approved me for this card when I had NO credit at all. And I mean nothing. I applied online for one of their standard cards and they sent me a denial letter, but offering the secured card. I had to send in $49 for a $200 credit limit. I sent the $49 in the form of a money order and in or around 3 weeks I had my card and my credit limit. They pulled my report from all three (EX,EQ&TU.) OUCH! But it has been worth it. I got the card in October of last year , and in march I called Customer service and they raised my limit a whopping $100. But than I was happy with that, thats before I discovered Creditnet! My account will be a year next month, and im eligible for another increase this month. Im hoping they greatly raise my limit by around $500 or upgrade the card with a higher limit all together. My card also has a $49 annual fee. Sure there is an annual fee and the interest rate is 19.8 percent but for me its well worth it. Without that Cap. One card my score wouldnt be what it is today, and I probably wouldnt have the target card I have either.
In my opinion Cap One is a very fair company. They offered me a secured card with a $500 limit for a $49 deposit. If you can get the card you shouldn't hesitate to accept it. Good luck, Sal
Did you apply online? YES Were you instantly approved? NO, I had to wait for a letter How did you go about sending them your deposit? Sent a personal check How much of a credit line were you extended? 500 How much deposit? 99 What credit report do they pull? EQ and EX
