A previous post indicated that Capital One is very slow to desecure cards. I currently have a secured Capital One card now a year old. During this time what negative information there was when I applied (10 paid collections) has been deleted but my card is still secured. Does Capital One rely on it's own internal records and a fixed time line or do they use the credit bureaus to determine when to desecure your cad and send you back your money with the big .34 cents in interest it has earned in the security account.
I filed BK in 98 which included Capital One do you think if I would apply online with them do you think they would issue me a card?
As I mentioned in an earlier post, according to my observations of its treatment of those with bad credit on its secured card program, I believe once you enter in this fashion you are labeled "sub-prime" for life and there you shall stay. In your position, knowing I was one year away from clearing my derogatories I would most likely have gone with a Western Security Bank card, it having the lowest interest rate at 5.9%, and then proceeded to apply for "prime" cards, Capital One amonst them, once the negatives were removed. So, one way to PROVE it (about Capital One) one way or another is to commence applying for "prime" cards try to avoid First (we are crooks) USA, if you find you are successful, in that you are granted at least one of these cards I would contact Cap 1 and ask for my card to be de-secured, if at that time they still refuse to do so you, and everybody else here, will have their answer.
RE: thanks for info on WSB I wasn't familiar with this card. I just invesitigated it on their website and it looks good. I'm thinking about including it on my list of secured cards I recommend to my clients. Can you give me any feedback regarding customer service?
RE: info on WSB It is my opinion that this is the best secured card on the market. An opinion I might add that is shared by a number of others on various credit sites. The only negative I have ever heard mentioned regarding this card is the fact one must put down a minimum of $500 to receive an effective $400 credit line. It is probably the second easiest secured card to obtain (after Net1) and has the lowest fees and interest rate bar none. As for feedback here is one direct from the source http://board.creditnet.com/read.php3?num=1&id=244&thread=244 this was in response to an inquiry posted a day earlier (March 17) and shows that this bank has a presence on the credit boards and is willing and able to respond quickly.
RE: info on WSB Thanks for the info and quick reply. As for Bobby, you really weren't expecting anything terribly original, were you? Although, I am sorry about his flooding your e-mail box.
I have had several "go-rounds" with Capital One concerning the credit limit and the "secured" aspect of the card. I have been with them for 2 years, never a late payment, and always a payment that is greater than the minimum. I was told that they do not un-secure a secured card. You can call to let them know you want to cancel and they will come up with an offer to keep you. They offered me either a $100 credit limit increase (whooppee!) or a 12.9% rate. I took the rate. The offers change almost every week. Once you take an offer, it is 4 - 6 months before they will do another one. The only accounts that can have increases are unsecured, or secured cards with a "savings" book. Actually, Cap One has been easy to work with. I decided to keep their card and use it in place of a gasoline card. Better interest.
