Capital One Secured Credit Card Review 2015

Posted by CreditCardGuru

Capital One Secured CardDo any of the following terms describe the state of your credit: no credit history, bad credit, impaired credit? If you fall into any of these categories, the inconvnient truth is that there are many fewer options available in the credit card marketplace vs. those who have credit history and a strong credit score. But, everyone must begin their credit life at some point and it’s always better to establish and build a positive credit history sooner than later.
So, what is the best option out there? While there are several secured credit cards on the market the best in terms of value and trust is from Capital One. The unfortunate reality is that most secured cards charge a steep cover charge in the form of an annual fee, knowing their customers don’t have many options. The Capital One® Secured MasterCard® is an exception. Unlike the other products in the category, this card is quite affordable and is offered by a reputable and major card issuer. It also happens to be the highest rated secured card on CreditCardForum, based on reviews from real consumers. Here’s why…

Reason #1: Low cost

Most cards for bad credit charge an extremely high annual fee in addition to several miscellaneous expenses, such as an application fee, processing fee and monthly servicing fee. When combined, these fees might cost you up to $150 or more per year.

Capital One’s secured credit card has a very low annual fee of $29. There are no application or processing fees.

The interest rate is 22.9% variable APR on both purchases and balance transfers. While this might seem high it’s actually quite reasonable for a secured card aimed at those with bad credit. However, as with all credit cards, you can avoid interest charges entirely simply by paying your statement balance in full and on time each month.

Reason #2: Low minimum security deposit

The next cost associated with secured cards is the security deposit — the amount you put down to secure the credit line.

The great thing about Capital One’s offer is that your refundable minimum security deposit is only $49, $99 or $200 based on your creditworthiness. Depositing the minimum will get you a $200 credit limit.

Based on your payment and credit history, you may even earn credit limit increases without having to increase your security deposit. This is a benefit you won’t find on most secured cards.

Reason #3: Reports to the three major credit bureaus

Watch out – I’ve heard a number of complaints about fly‐by‐night banks never reporting customer accounts to the credit bureaus. Why not? My guess would be because those banks are attempting to cut costs and pocket the savings (banks have to pay the bureaus in order to report customer accounts).

Fortunately, you won’t have to worry about that problem with Capital One. They will automatically report your account to the three major credit bureaus (Equifax, TransUnion, and Experian).

This makes their secured MasterCard the ideal choice if you are trying to build credit for the first time, or rebuild a checkered credit history. It provides the opportunity to improve your score with responsible use.

Reason #4: Access to Credit Tracker

What is Credit Tracker? It’s a new tool from Capital One which helps you monitor and learn about your credit. Your Capital One secured card comes with this benefit at no additional cost.

Reason #5: Fund your security deposit over time

Don’t have the money available to fund your deposit today? That’s not a problem!

After your credit card application is approved, Capital One gives you up to 80 days to fund your full minimum security deposit (which as mentioned, will be only $49, $99 or $200 based on your creditworthiness). So even if you don’t have that money today, you will have plenty of time. You can
even make partial payments as you are able, a long as you pay the full minimum amount within 80 days of approval.

Once your account is open, if you want to increase your credit limit, you can do so at any time simply by adding to your security deposit.

Verdict for 2015?

We continually hear from consumers who have successfully used this card to help build or rebuild their credit history. When you consider the low cost and low minimum deposit, it’s clear why this is a popular option for people in this segment.

Click here for the official application and to apply online

Don’t forget that your security deposit is fully refundable. If at any point you decide to close your account, you will receive back your full deposit, assuming there is no balance on the card. If you do owe a balance when you cancel, the amount owed will be deducted from the deposit and the remainder will be refunded to you. This will also be the case if you decide to “graduate” to one of Capital One’s regular unsecured cards, which is a distinct option once you’ve proven your responsible credit behavior over time.

This post was written or last updated January 14, 2015

Editorial Disclosure: The editorial content on this page is not provided by any bank, credit card issuer, airline or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

164 comments... read them below or add your own

  1. Anthony March 23, 2015 at 7:36PM

    Hi my name is Anthony me and my gf applied for that capital one card she has no credit all she has is a working cell phone in her name and no bad credit they asked her for a $300 dollar depo but it says when you apply your credit limt can be 300 or more depending on your credit I was told no credit it better then bad credit so what could her limt be

  2. Ivan March 8, 2015 at 2:25PM

    I got a letter today that I’m approved with a 99$ deposit… 99$ is that going to be my cl ??

  3. josh March 1, 2015 at 7:27PM

    I had the secured card for 3 years never missed a payment nor be late never had a credit increase without having to pay a deposit my cl is 350. I don’t want to close this cc but I’m getting really upset about not getting increases I asked them about it but they sent me a letter stating that this secured card isn’t able to get cli

    • Kimberly March 4, 2015 at 7:50AM

      I had mine for about 18 months then called and canceled it because I couldn’t get a credit increase. Then about 6 months later I reapplied and they gave me a card with a $3000 balance. Not saying this will happen to you but you’ve obviously built your credit up over the three years and perhaps you should try to obtain a different card if it is no longer what you want/need.

    • Rhonda March 6, 2015 at 2:57PM

      You cant get an increase on a secured card, unless you use your own money. I have a secured card with them with a $200. limit. I called today and they approved me for a unsecured with a $500. credit line. I know its not alot, but Im trying to rebuild my credit after bankruptcy.

      • Crash March 7, 2015 at 11:03PM

        This is not true. I started at $200 with this card. 5 months later, they gave me a $300 unsecured credit limit increase without me knowing. Didn’t even send me a notice for 2 months. I only knew because I was maxing and paying off monthly. I was even carrying a 50% balance when it happened. 3 months later I was approved for a quicksilver.

  4. Don February 28, 2015 at 10:03PM

    Applied for the card online and was approved in less than 3 minutes. Was asked for the $49.00 deposit, but made the $200.00 deposit from checking on a Sunday, it showed in my account on the following Monday… question is : what is my expectation on card delivery

  5. Amber February 25, 2015 at 10:37PM

    I’ve secured c/card and I made excellent payment over the 15 moths, just wonder is that possible to switch my secured c/card type to avoid annual fee?

    • Crash March 7, 2015 at 11:05PM

      Capital One does not convert cards. You have to apply for a different one.

  6. samantha lawson February 12, 2015 at 11:35PM

    I was approved for the secured card but i lost my internet connection and my session timed out before i could pay the security deposit, and now when i apply it denies me. Can this be fixed?

    • Johnson February 20, 2015 at 1:01PM

      If you have already been approved it will be in the system. If you dont remember that long code they gave you after approval. Just call custumer service.

    • Renovated March 2, 2015 at 9:13PM

      you should have gotten a reference number by email for your approval you would use that number to finish the application

  7. Jimmy Grimes January 25, 2015 at 11:05AM

    Capital One Secured Card is a lie. I have bad credit and applied and wnuld of course put up a deposit and was denied. They lie. A secured card means just that…

    • Jon January 26, 2015 at 3:01PM

      Got this card in August six months later I got offers from other cards, great for rebuilding only.

    • Mike February 7, 2015 at 8:36AM

      I had a 585 credit score and got approved in November 2014. It does not charge for credit line increases as some cards as well. It started reported as of November and my credit has gone up 35 points. Also, it does not report as “secured” like some (not all) secured cards do.

      Just because it is secured does not mean they do not have cost. If someone goes to the original $200 limit and never pays they are losing, money every month on reporting, collections, statements etc.

      I hope this helps!

  8. Andrew January 8, 2015 at 2:37AM

    I just received my capital one credit card with a 300 CL but my question is I never put down a deposit for this credit card so is it safe to use it in my case to buy groceries?? Or do I have to put down a deposit and then start using it I’m new to to this so please help

    • ariadna Leon January 21, 2015 at 2:46PM

      @ Andrew no you don’t have to put a secured deposit down because you did not receive a capital one secured credit card, you received a credit card. In your case, you have a credit limit of $300 only use half of that, that way you stay at 30% and your credit score will be fine.

    • Shantee March 19, 2015 at 4:22PM

      Hi.. I just did the application for the capital one secured credit card and they approved me and asked me for a $200 deposit which I paid with my checking account. So now I’m just waiting for it to come in the mail. My questions are how does having this secured credit card work if someone knows please explain? And also do I have to keep putting money on it ? And does having it make me look better for having it when applying for for certain things? Please help … I’m just lost with this whole thing it’s my first time but my credit score is at 556 , with having this card will it improve in a short time or will it take longer?

  9. steve geddy December 8, 2014 at 11:23PM

    I recieved my capital one card 4 years ago. Put $500 on it (secured). As months went on I brought it up to $1000. Year or so later they increased my limit to $2500. My credit score is 541. I know, pretty crappy. I made a couple of phone calls in the recent months asking them to increase my limit, since they did it within a year of getting my card for a reason, that I don’t understand.I buy at alot things on ebay with my card so the balance is always up there, but I’ve never missed a payment and paid way more then the minimum(this is very important to do). My balance was around $2000. Recently I came into some money, and paid the balance off, maybe I left $200 on it. Last week they increased my limit to $5500. This is from a person that once had $100,000 in credit. In 2008 I owed around 80-90 grand. Sold my car, boat.etc, to try to save my my credit. Big mistake, I was throwing good money to the bad money. These where credit cards and one unscured loan. One day I said **bleep** it! I stopped paying. I got the harassing phone calls for a while. They stopped after a year. Never went bankrupt or debt consolidation. Never do either one of those things.Now if your loan is secured than that’s a whole different story. They can come after your house, put liens on your stuff.etc. Listen with credit cards and unscured lines of credit, they can’t do a single thing, except ruin your credit score. Sure they can put a jugment on you, that’s just going to last 10 years instead of 7. So after 7 years your pretty much done. You can start rebuiding. I have around year and half before these debts or gone.I still have my house. Bought a new boat, 3 cars (not the beautiful camaro that I sold) but I’m working on that. Live is good right now. It was a tough but I pulled through just fine. Don’t get me wrong, I tried everything to save my excellent credit score, but I had enough. I got in over my head. The moral of this story is, don’t worry the can’t do a single thing. Relax that’s a part of life. Now I’m much more careful with money and I learned my lesson. I hope this message helps anyone going through the same thing. Remember no bankruptcy and debt consolidation. They only want your money. If you still have money keep it. I had no one tell this when I was in debt. Sold a lot of things that meant a lot to me( around 20k) thinking I could save myself, when all along I could have kept them. I pretty much have everthing back, but I didn’t need to go through that. Don’t make the same mistake I did. Keep your things and **bleep** them! SAT 08/18/75. Good luck.

  10. justin December 5, 2014 at 10:26PM

    I got a cap card 300 limit no deposit in the paper work it said if i made 5 ontime payments i would get a credit increase. i’ve made 3 so far does anyone know if i will get the increase and how much will it be

    • mike January 7, 2015 at 8:59PM

      I opened my account in Dec ’13. I received a credit increase in May/june ’14 after making on time payments. So i would say that’s pretty much correct

    • Andrew January 8, 2015 at 2:40AM

      I just received mine as well, I was never asked for a deposit and I have a 300 CL so can I start using this card to buy groceries etc.. Without a deposit or will it be denied

    • randy January 13, 2015 at 12:18AM

      After 5 payments, they raised mine to 500.

    • Bobbie jo January 14, 2015 at 6:10PM

      Varies from what I read.Approved for $300 in jan ’14 increased to $1300 July ’14.
      Used the card daily & paid it off weekly.Hope it helps.Good luck :)

  11. Urshines December 3, 2014 at 11:37PM

    I have a question I had a capital one secured card. There were some unfortunate events that occurred in my life and now I am in collections with it due to not being able to pay. I want the card because I need to rebulid my credit. does anyone know if I can reapply or if I pay what I owe if my card will be reinstated?

    • Mike February 7, 2015 at 8:42AM

      I had a Cap One secured card about ten years ago that went into collections. I tried reapplying a few times and got turned down. Just applied on 11/14 and got approved.

      Try one of the 2nd tier secured cards or First Premier or HSCB. I had these in the past and they were ok.

    • Crash March 7, 2015 at 11:16PM

      Your card will not be reinstated and you can not apply for a new one for at least 1 year. The fact that you defaulted on the secured card means they won’t be offering you any credit anytime soon. Pay off the collections. Capital One WILL take you to court and have your wages garnished. Good news is, they will give you credit again.

  12. Angie December 2, 2014 at 1:21AM

    Hello guys. I apply for capital one secure card and got approved. I already made my $99 dollar’s deposit so now I’m just waiting. But here is my question. if I use 50% of credit limit and pay it in full and do this every month will this help my credit an would I get an CL increase? Thanks for any suggestions.

    • Mark December 14, 2014 at 9:53PM

      Hi Angie,
      Do not ever use 50% of your total credit, keep it 20-30%. This will show you are being responsible with the card. Paying your balance off every month is a good idea. I cannot give you an exact timeframe for your CL increase, but banks look at your credit score and recent activity. As long as you continue to use it wisely, your credit score will rise along with your CL.

      • Mike February 7, 2015 at 8:50AM

        Good advice Mark. I was at 98% at first and it increased my credit score by 15 points, however, once I paid it down to 25% it went up another 20 points. The card is only 4 months old so I believe if I kept it at 98% there would be no unsecured credit line increases forthcoming.

  13. Adam December 1, 2014 at 6:00PM

    I started paying on my 200.00 security deposit today. Be aware that the annual fee (in my case– $29.00) will be assessed on your first bill (just got off the phone with customer service about this for general questions). There is no inactivity fee for the card, just the annual fee which shows up on the statements just like any other charge. I don’t have a problem with this, but some people might be struggling with the security deposit AND the annual fee. Other than that, It looks very promising. Make sure you can afford the annual fee on the first statement and make sure you factor it into your first month’s payment.

  14. Janet November 30, 2014 at 8:53PM

    This card has been the key to a successful rebuild for me. I’ve had it for four + years, and will not ever cancel even though I’ve moved on to secured cards with CL’s many times this one. (<<Be mindful, too, that if you *are* rebuilding, you will take a hit if you cancel your oldest account in good standing. I plan to keep mine for other reasons, but just a reminder for other rebuilders). I started a score in the mid 500s and just hit 700. Regular unsolicited CLIs, excellent customer service, no transaction fees overseas, monthly TransUnion credit score. The only con I can imagine is that transactions tend to stay in pending a lot longer than my other cards, which can be irritating if you like to pay off right away. Thankfully this is a minor issue and I'm happy to wait the 3 or 4 days/deal with it in exchange for the other benefits. Above all, Cap One was the ONLY issuer who would take a chance on me without burying me in ridiculous annual fees. $29 & a deposit was a very small price to pay for all I've gotten back.

  15. Anthony November 22, 2014 at 2:47PM

    I opened my CO account in June,2014 with a deposit of $200. I’ve increased it to $700 just this month. I pay my bill (minimum, plus a hundred more or so) as soon as I receive my e-mailed statement. I checked my account today and they had increased my limit to $1,000. Customer service is excellent, very personal representatives. I don’t mind the APR because their service is excellent and I am rebuilding my credit. Since June, 2014, my credit score has increased by 38 points. I wish it would increase quicker, but good things come to those who wait. Capital One is giving me the opportunity to get back on track. Thanks, Capital One.

  16. Sylvester October 28, 2014 at 7:57AM

    I recently filed Chapter 13 Bankruptcy in November 2013. After reading multiple reviews and posts concerning bankruptcy and credit, I started feeling a little hopeless. Navy Federal Credit Union approved me for their nSecured MasterCard with virtually no hassle at all. The minimum deposit is $500.00 dollars. I am excited at the opportunity to start repairing my credit DURING bankruptcy. I would recommend this card for those of you who are out there struggling to find a way to obtain credit and restart the building process again.

    • Mike February 7, 2015 at 8:45AM

      I have read this is one of the best secured cards on the market. However, be careful for applying for credit before bankruptcy is discharged. Not allowed by the court most of the time.

  17. chelle September 29, 2014 at 9:56AM

    What other options are there to pay the deposit of 200 other than checking or savings? Can it be done with a prepaid card or some other way?

    • Marcus September 30, 2014 at 9:35PM

      No, it can only be drawn from a checking or savings account. I called them and they said that for the initial deposit a checking account is required. But it doesn’t have to be yours. Call them and have the owner of the checking account present to give consent. After that, you can make your payments how you want.

    • Jay January 4, 2015 at 5:09PM

      You can send a money order, and you can use the banking route info from the prepaid card. Just wait 3-5 days for them to draft the deposit.

  18. Tim September 26, 2014 at 9:36AM

    Ok, how does this work?

    Let’s say that I open a card with a $200 (or even $300) deposit and limit. Assuming a $200 limit, and the min payment as per contract is $25, then…

    For a prudent percentage of the advised 30%, that means that I have to put about $65 on it. Ok, so I buy something for $65.

    But the minimum you can pay is $25. So that means that the ‘optimal’ initial balance should be paid within 3 payments ($67 – 25 -> 42 – 25 -> 17 (paid in full at $17)).

    So I should be buying stuff for just under $70 and every three months, paying $25 each payment, right?

    I don’t know how long it takes for each payment to clear, so when would I make my first payment? Can I pay the first $25 the day after the charge… do I get an alert as to when the payments are due and cleared?

    • Marcus September 30, 2014 at 9:40PM

      You make your first payment as soon as you get your bill. You don’t want to pay before your bill comes because if you have a balance when your bill is cut, you will need to pay again. Also always pay more than the minimum and even pay off your card if possible. As long as the initial charge is reported to your credit bureaus you are building credit.

  19. Ana September 25, 2014 at 5:10PM

    So I was approved for a secured c/c and was asked for a deposit of $49 bucks. I opted for the online deposit on 9/24 and it was processed from my account a day later 9/25. I see alot of people on here asking about the how long the deposit takes to process so I thought I would share my experience. I still don’t know what my CL is either way I need to repair and rebuild my Credit so here I am a new CO cardholder.

    • Marcus September 30, 2014 at 9:41PM

      It normally takes 10 days

    • Mike February 7, 2015 at 8:53AM

      True, this is for the first deposit only. After that is takes up to ten days.

  20. Cynthia September 25, 2014 at 10:23AM

    Can someone tell me how fast their credit increased after getting the Capital One secured card?

    • Nicole Baltimore December 4, 2014 at 4:13PM

      I had my CO card for 2 months and my score has already increased 16pts and 18pts on the other bureau. I pay the minimum plus about $100 more. Also, I pay 2 times a month. I went high on my utlilzation but surprisingly my CS is increasing still. Make sure you make a payment at least 4 days before the due date :) Good Luck

  21. Abbie September 24, 2014 at 9:21AM

    I just applied on 9/22/14 for a card for my husband and again on 9/23/14 for a card for me, we were both approved for $49 deposits, even though I have no credit history at all, and my husband’s credit is poor. Capital One just took both deposits out of our account today, 9/24/14, so I’m hoping for cards soon!

    • Abbie September 29, 2014 at 11:00AM

      UPDATE: 9/29/14 just got official approval letters for myself and my husband from Capital One in the mail. They say our cards should be here in 2-3 weeks, the letters are dated 9/22/14 and 9/23/14 though, so I am hoping we will have cards sometime this week or the next.

      • Abbie March 23, 2015 at 9:11AM

        UPDATE: My husband and I just received $300 credit limit raises on our secured cards. I’m not sure when they raised them, but I just noticed yesterday, 3/22/15. My husband’s Experian credit score is 635, up from 585. He also has the BoA secured card, which I think having both has helped raise his score faster. He was able to receive an unsecured card from First National Bank with a limit of $2100. I hope these updates help answer questions people might have.

  22. Meshia September 22, 2014 at 1:02PM

    I just opened an account with capital one today and I just want to know do you really ha ve tp wait until 12mid just to use your card has anyone gotten their money early I hope so todays is my husband bday an I would like to do something nice for him anyone Please Reply ASAP

  23. Nicki September 4, 2014 at 8:33AM

    I applied for a cap one secured card back in Feb 2014 with a $200 deposit. I used the card every month and paid it IN FULL every month. I was told this is the best way to do it. Now/today after my 6th full, on-time payment they have increased my CL to $500. They have also approved me for a unsecured cap one with CL of $300 and my credit went up 100 points in the last 6 months. I LOVE CAPITAL ONE!

  24. AJ September 3, 2014 at 1:58AM

    What a load of crap, I have had a card with them for about ten years not once have they offered to increase my limit and my annual fee is 69$ which is way too high. I had to give them a75$ deposit for a three hundred dollar limit. I went with them at the time because I had just gotten divorced and had no credit history. Long story short. I hate capital one nothing but high fees and no bonuses, on that note I love the scotia scene, no fees and you earn movies free.
    That’s just my two cents. Cheers

  25. Lauren September 2, 2014 at 10:41AM

    Let me start by saying I’ve never read a review for this card (or capital one in general) saying that they are generous with CLs. That being said they gave me a chance to build my credit when no one else would. If you want to build/rebuild this is the way to go cause they report to the 3cbs and it does not show secured. Take it for what it is and you will not be disappointed.

  26. Julie-anne August 28, 2014 at 11:23AM

    I applied for the capital one secured card on Friday 23rd Aug 2014 and made my security deposit of $49. As of today (28th Aug) they have not taken the security deposit but yesterday I received the approval letter in the mail. Anyone know how long it takes for them to receive the security deposit? And how long the process is afterwards?

    • Julie-anne August 28, 2014 at 11:25AM

      Friday 22nd Aug, not 23rd.

    • howard August 28, 2014 at 7:50PM

      Same thing for me Julie-anne. I applied and made the deposit on the 22nd and received the approval letter on the 26th. On a few other forums I’ve seen this same topic, so it doesn’t appear too unusual. My hunch is they build up a week’s worth of deposits and then process them all at the same time, which might explain why some apps process faster than others. Our deposits could have hit at the beginning of a “new” cycle. But, this is just a guess. No matter, I’m thinking (hoping!) ours should be withdrawn sometime in the next day or so, before the weekend.

      • Julie-anne August 29, 2014 at 11:56AM

        Hmm.. Well hopefully they take my deposit soon cause I’d like to get the card asap so I can begin my credit journey

      • Mike February 7, 2015 at 8:56AM

        Nice thing is they report the first deposit on your report as a payment. At least in my case. Applied in November, got card in November and it was post to all three credit companies in November. Journey started right away.

    • Robin August 29, 2014 at 6:23AM

      I have capital one and have had it for almost three months. It took a week to get the security deposit removed from my account. Then they wanted to confirmed the checking account I was using. It took me no more than three weeks to get everything done and to receive my card in the mail. But it is so worth the wait, my credit score has gone up 10 points since using this credit card.

    • Tony September 13, 2014 at 8:56AM

      It takes at least 2 weeks for the initial security deposit to be processed. After that, expect the same for additional deposits if you want to increase your credit limit. Caution: When you make a payment they often hold your money until they can “verify your funds with your bank”. So you think the payment you made on the 15th would be credited on the 15th, but that’s not always the case. You may have to call the 1-800 # on the card and wait while they call the bank to verify the funds. then wait again while they get a Supv to apply the payment to the account. PITA.

      • Mike February 7, 2015 at 8:46AM

        It says on the site 10 days and I have found that to be true. Nine days most of the time.

  27. Lani August 26, 2014 at 1:35PM

    I just applied today for secured card and requested me to pay my $200 deposit and it states I can fullfill the payment until Nov2014. Which is actually great, because you don’t need to make a full payment upfront. I hope this will be the beginning for me to improve my score.

  28. ed August 13, 2014 at 8:41AM

    Why am I forced to see adds like capitol one on my computer? I would NEVER apply for something that I have NOT asked for.Please,GET IT OFF!

  29. Wondering August 9, 2014 at 1:27AM

    My son applied for this secured card because he just turned 18, is still in high school and does not have an income. He wants to start building credit. He was denied because of no income. Anyone have any ideas what to do next? He has plenty of cash to put toward a secured card.

    • Michael August 13, 2014 at 11:21PM

      Ummm…have him get a job and therefore, income?!

    • jamahl September 20, 2014 at 6:49PM

      Co sign

  30. Joseph F August 8, 2014 at 2:38PM

    I just applied for the Capitol One secured card … and got rejected out of hand. Knowing that I don’t have ANYTHING on my credit history (always paid cash), I was curious why they would reject an application for a secured card. They sent me the reasoning in writing today, and apparently (according to TransUnion) my Credit Score is (and I quote!) “Missing or Invalid”. Ummm…? “Missing or Invalid”? I did not know such a thing was even possible. I had assumed that, despite having no credit history whatsoever, that I would have *some* number–!

    So I have gone to my credit union (a member there for more than 20 years) and applied for–and gotten–a secured Visa card through them instead. Still, this whole C1 rejection thing is weird. Do you think this “Missing or Invalid” credit score could be the result of having no credit (good or bad) on my lifetime credit history?

    • Marcus September 30, 2014 at 9:49PM

      You need to apply for the cap one card for no credit or newcomers.

  31. Dan August 5, 2014 at 1:27AM

    Say what you say, but CapOne has been great for me . I opened my secured card one year ago July 13′ . I made a $49 deposit and they gave $200 CL , the around Xmas I got another Automatic CL increase pushing me to $300.. Then It got really slow and then surprisingly July ’14 my credit cars was unsecured and they increased my CL to $800 and refunded the $49 deposit .. All this with out me asking.
    I really appreciate Capital One. If you really want to succeed just pay on time Keep ur usage bellow 35% and pay ur balance within the grace Period if not always pay more that the $25 minimum ..
    True story!

  32. Chris August 1, 2014 at 6:07PM

    I aplied for a secured card got approved paid the deposit to a credit limit of 300 used 1/3 a minimum of credit limit each month and paid the amount in full every month and after 5 month i got approved for unsecured :)

  33. Tee Jay July 22, 2014 at 4:35PM

    Can additional deposits be made online to increase your credit line? I’ll be getting my card soon and would like to be able to increase my limit without having to mail in money orders….. I made my initial $99 deposit online, so I’m assuming yes??

  34. amanda July 20, 2014 at 10:11AM

    so i got their secured credit card.. i paid the the 99$ deposit and was told i had a $200 credit limit bedore i recieve the card i asked about the membership fee of $29 how is that charged they said that when i recieve my first bill i will see the 29$ membership fee i asked if it would be taken out of $200 and they said no bullshit i got the card activated it and went to the store kept my reciepts so i knew my balance went to the store and got declined i called and it said i had 10$ left it should have been at least 60$ so i waited for customer service and told them whats going on and the guy said that when you recieve your card you dont really have $200 you have $171 boy was i pissed… i asked about this prior to recieving the card and i was lied too so i will pay off what i owe and then close this card fucking ripoffs

    • Michael August 2, 2014 at 7:16AM

      So, you got your new credit card in order to build good credit and then promptly went out and almost maxed it out?! That’s the dumbest thing to do. You should probably cancel it anyways. You don’t sound like you have a grip on the kind of responsibility that comes with credit.

      • Mike February 7, 2015 at 9:00AM

        I have to agree Michael. Also, it just makes sense the annual fee would be on the first statement.

    • Robin August 29, 2014 at 6:28AM

      $29 is not a high annual fee and with secured cards they always take it off bat. I have seen secure cards that take $79 from your balance. I don’t know about you but I was told this from the start about the fee taken out of balance, thats why i increased my credit limit.

    • Ana September 25, 2014 at 11:43AM

      that’s the whole point of a “secured c/c” the deposit is a deposit and not used for payment or fees kinda like an apprt. deposit… same concept

  35. Tj July 12, 2014 at 2:40AM

    I applied for a capital one bank card they approved me but didn’t make me pay a deposit when the approved me ………..but why I know my credits not that good to not have to pay a deposit

  36. Keith July 5, 2014 at 12:35PM

    So much horrible credit advice here. People need to understand that Capital One is a conservative lender. They will give you enough rope to either get yourself out of the hole or hang yourself.

    If you have a Capital One secure card and apply for credit elsewhere, they will not increase your limits. If you continually open new credit, you will kill your “average age of accounts” (AAoA) and your score will get worse, not better.

    I have killed my credit score after opening 5 other accounts after Cap1. I went from Cap1 ($250) to:

    Sam’s Club $1500
    Discover $1500
    USAA $7000
    Citi $5000
    AMEX $2500
    Comenity $3000

    All this in 6 months! However, I don’t recommend doing this as I was foolish!

    If you want to increase your scores and credit, start with the Cap1 secure card. Use it for 7 months to a year. Apply for another building card next when your credit can support it – like Discover. Use that for another 6 months. After 6 months of the second card use, the Cap1 credit inquiries will fall off (for the most part). By now 13 months have passed, as long as you have been making good payments, keeping the utilization down to 30% or lower, you will have good enough credit to apply for and receive 1-2 new cards a year! If you are late just once, this is a VERY BAD THING!!!!! It doesn’t matter to the credit card company if you are 1 day or 30 days late!!!! Pay on time, don’t charge over 50% of the cards value, and DON’t have any unnecessary credit inquiries – like cell phone, cable, or bank accounts!!!!!!! They all count against you!

    • Angel July 9, 2014 at 11:07AM

      Thank You..Good Advice!

    • Antoine August 14, 2014 at 10:09PM

      this is a lie inquiries stay on your report for two years.

    • Mike February 7, 2015 at 9:04AM

      I have read the whole thread up to your comment and cannot see any bad advice. Your advice is correct as well.

  37. Keith July 5, 2014 at 12:12PM

    This card is awesome!!!!

    In only 6 months I have started with this card and since opening it, I have opened a total of 6 accounts with $20,000 in total credit lines!!!!!!

    Thanks Cap1!!!!

  38. Ronda July 4, 2014 at 2:13PM

    I want to put down a 200 deposit. I was approved..but I want to know how much my credit line will be.

    • Keith July 5, 2014 at 12:36PM

      Only Cap1 can tell you, call them up.

    • Robin August 29, 2014 at 6:36AM

      you want to put down 200 deposit or is that what they are telling you. Because it they told if 99 deposit (like they told me) and you put 200 like I did, then your credit limit will be 301. But if they told you to put down 200 deposit, then you are only going to get a credit limit of 200. Anything over your required deposit from CAP1 is going to be applied to the credit limit. They should have told you when you got approved.

  39. Kim July 3, 2014 at 4:26AM

    Hey guys I was just wondering I got the guaranteed capital one master card. I had to put $300 security deposit given my credit history. Does anybody know how much credit I get, is it just max$300 or is it more?

    Thanks, Kim.

    • Keith July 5, 2014 at 12:40PM

      Probably by $300 but if you pay on time and keep balance low, they will move you to $500 quick as long as you don’t EVER show more than $100 balance at the end of billing period (this would be a 33% utilization) and you would be much better off paying in full before closing of the billing period… Nowhere is it written you can make multiple payments online!!!! And lastly, if you apply for new credit lines shortly after receiving the Cap1 card, you will ruin your chances of getting a credit line increase so be warned.

  40. Lea July 2, 2014 at 11:42AM

    I’ve slowly been trying to rebuild my credit so finding this card after doing a web search has been a godsend. I got my card with a week of my deposit and within two weeks, I added a bit to my deposit since I was going overseas for a vacation. I had no issues with setting an alert with Capital One or using to pay for a small part of my vacation. I’ve had this card for 9 months now and I have never had any issues – I’ve added more to my credit line with a few deposits and hoping that I will be given an credit line increase, but for some who is still trying to recover from three years of poor credit and income, I would recommend this card. I have never had any issues. The few times I’ve phoned Capital One, the rep has always been helpful and polite.

    Since getting this card and being very careful with my use and paying the balance on time, BoA (who I bank with) has sent me multiple prequalified offers for their secured card.

    Also their new feature of Credit tracker added to their website has been so helpful and has reeducated me about good credit and being more diligent in monitoring my credit scores so I can hopefully ‘graduate’ to unsecured cards.

  41. jesus June 22, 2014 at 12:00PM

    I applied for a capital one cc and I though I wasn’t approved but I just realized that I got this email saying this

    You’ll receive your new card soon.

    Visit Capital One Sign in to your account

    Your new credit card is on its way

    Jesus A Montoya,

    Your new credit card was mailed today, and you should receive it within 7 business days.

    Thanks for being a Capital One® customer.

    this means that I’m getting one or its just like a offers mails?

    • Marcus July 14, 2014 at 5:05PM

      It means that you got the card. They always send an email to let you know that they sent your card.

  42. Tom Johnson June 21, 2014 at 8:56PM

    Too much negative about this card. I’ve had positive experiences with this secured card. I applied for it in sept 2011, I had a 530 credit score. Past due collections major derogatory and charge offs. I had qualified for the card, but had to put $200 deposit. Had used the card minimally for about 6 months. Made I boosted my limit to $300. Three months later after minimal use, they gave me $100 increase. After this time did my credit go up for on time payments despite all the crap in my report? Yes, it went jumped to 563 then to 590. So I kept going with it. Things dropped off my report due to the 7 year drop off. Also I paid some debt off (around $1700 out of $9000. Hard inquiries dropped off and things kept rolling off. There was plenty times I maxed my limit with debt I let it ride a few months making minimal payments and my score dropped a bit. Got it paid off or back to 20% or below and my score boosted back or above the previous high score.

    As of today, with the secured card as my only open account, I have it at $1000 limit due to deposits. I am at 741 TU, 697 EQ, 687EX. I noticed every time I boosted the limit my score went up. I did this at $100-$150 increments. I used credit score simulators on credit tracker and CK.

    I still have one derogatory account and my scores have only been going up. So this card worked for me even though it took over two years. The way I see it, two years is better than never to increase my score.

    I don’t own a home, I don’t have any types of loans taken out ever, no other credit cards or anything. Only this card. It helps over time and rebuilds your credit despite the bs told by others. Btw
    I don’t work for capital one, I am a computer systems engineer and don’t know anything about finance except for the numerous articles that I’ve google about increasing credit scores and the ways to do it.

  43. Justice June 21, 2014 at 4:10PM

    I have never had a credit card in my life. I am a 19 year old student in college. I applied to Capitol One and Bank of America starter credit cards and I was turned down. How is that helping someone with no credit build credit by turning them down?

    • kat June 24, 2014 at 3:49PM

      You can apply for credit cards like Journey it’s a credit card for college students and it’s unsecured so for sure you will get that card.

    • Marcus July 14, 2014 at 5:07PM

      That is why they have the secured card. Apply for the secured card. If you a declined for that, apply for the open sky credit card. After 7 months or so, apply for a regular credit card.

  44. carmelo June 5, 2014 at 6:54PM

    I signed up in 12/2013 with a 49$ deposit. As of today 6/2014 I always kept my balance under $60….Hopefully capital one gives me a raise sometime soon. Can’t really do anything with 60$ and if you spend more than 101$ it looks bad on your credit score as your using more than 50%…. I don’t want to put more deposit into my account as if you add an extra 100$ they will only give you 50$ raise….kinda stupid My score today is at 630 hopefully one day I can qualify for a good credit card with atleast 1000$

    • JD June 13, 2014 at 10:29AM

      what was your credit score in 12/2013? (im wondering how many points it brought you up in the 6 months)

    • marcus June 22, 2014 at 6:55AM

      That is not true. If you deposit 100 more dollars, they will increase your limit 100 dollars. I do it all the time.

  45. Corey June 4, 2014 at 4:46PM

    Captial one secured card has worked wonders for me. Okay I started with a 200 dollar limit then 3 months later i raised it 100 dollars. Followed by 5 to 6 months of on time payments cap1 increased my limit 300 dollars out the blue stating it was part of their promotion. So my suggestion would be pay on time and stay between 10 to 30% your credit limit.

  46. Joyce May 1, 2014 at 3:14AM

    I opened a cap 1 secured card in march 2013 with the full $200 deposit and in sept. 2013 they raised it to $300 limit and just today I saw it was raised to $750!! I’ve never asked for a raise because I didn’t think they would but I was definitely wrong. I love this card! It’s raised my score enough that I was able to get a Kohls charge and then an unsecured cap 1 card which has a $600 limit!!! I highly recommend it if your interested in repairing credit mistakes you’ve made in the past.

  47. smith apple cake April 5, 2014 at 9:29PM

    what i do it pay for 15 cards 200 each first prog cards cap 1 discover and barrick bank secured cards i learned 5 years ago before i had one card i reviwed how fast i can get my score up my score went from 499 to 678 in this time frame get as much as you can stick 5 to 8 cards in a glass of water put it in the freezer and forget about it

  48. pete April 4, 2014 at 10:31PM

    I was wondering why they make you fill out credit app then after you click send they come back and tell you to send in your money (deposit) $200/$3000 then at that point they will either accept or deny your app. is that a scam? why not just tell you if you’re accepted or denied before they want your money? if you are denied it takes 30 days to get your money back!!

    • senia April 11, 2014 at 11:27AM

      you can do it electronically through your bank and they do only up to a 200 deposit i was approved for 99.00 with 200 limit. They do not draft the money unless you are approved.

      • mojo July 17, 2014 at 10:18AM

        I applied in June didn’t get an auto approval, called next day and told I was approved and pay 49 bucks. Received letter a week ago and asked for Ssn and proof of address. Called today to see if docs received and they said still pending and money will be sent back then if I’m approved then pay the 49 again.

  49. Kate April 3, 2014 at 8:02PM

    My husband and i fell on hard times and lost our house to foreclosure and comletely ruined my 725+ score down to a 587 in our mid 20s. We let all my great standing cc’s fall into collections…almost 7 years later we are much wiser and have opened secured cc lines for both of us hoping to rebuild. Future looks hopeful to someday buy another home and make the life i always wanted that we wasted in our ignorant youth. I hope all of you make smart choices, do your research and have faith in yourselves. Only YOU have the power to get control and climb out of a hole YOU put yourself into! Good luck everyone.

  50. wil March 24, 2014 at 4:33PM

    DONT!!!!!!! apply for this card. Capital one sucks like number one.. deny you for a SECURED CARD then when you call to ask what would be the reason the tell you that you have crappy credit and we can do what we want. we don’t need you as a customer!

  51. liz February 24, 2014 at 9:52PM

    I never had a secured visa through any company . capital one denied me for a card. at a 540 credit score. i wonder why

  52. Denise February 21, 2014 at 12:05AM

    I applied for the secured card and was approved. Then I applied again because I didn’t pay the security deposit in the time frame and denied???? What’s the minimum score to be approved?

    • kat April 20, 2014 at 12:41PM

      I have a score of transunion 580 my vantage is 621 but I have some stuff on my credit report that I thought would mess it up for me.I did get approved with a $99.00 deposit but don’t know credit limit or anything as they have not even taken my deposit out or sent a welcome kit.You might call and ask what was the reason for the denial.I plan to be wise and rebuild my credit with this card so I can go unsecured.I thought they would not approve me as I had some stuff in collections and old accounts.My friend tried for one and his score was 640 transunion score yet he did not get it for having a thin file.I felt bad for him as he has no debt ,paid off his school loan but has no credit cards or anything so who knows why he would not get it.

  53. April February 17, 2014 at 12:37PM

    I have just applied, was accepted and paid a $75.00 security deposit.
    Was given a $300.00 limit with $75.00 deposit. I would like to use the card for an upcoming trip and was wondering about adding an additional $300.
    But cannot seem to get my head around Capital One’s procedures with this.
    Does this mean that the additional $300 will only be paid back once I close the account? (along with the initial $75.00 security deposit) And will I have to pay this $300 back when I get my statement next month? (hence paying it twice..)I guess what I am asking is do I lose this additional $300? And guess it will increase my limit to $600. I just want to be sure that I won’t be allowed to “borrow” this extra $300 and be charged fee’s on it if I use it.
    I am very reluctant and sceptical. $300 is a big deal and will not bother if this $300 will be pretty much lost.
    Does this make any sense?? lol If someone could please explain adding extra funds to increase limits and downfalls (if any)? I would appreciate it. It’s driving me cRaZy! I want to rebuild my credit and could also use more than $300 as a limit.


    • chris March 22, 2014 at 1:10PM

      that is all they will give you. Its like an actual credit card. your 75$ deposit is whats refunded. you cant add more to an actual credit card, if you need to put that 300 on a prepaid visa gift card or something like that. You can use 2 credit cards at a time. Also for the 300 capital one card, the 75 allows you the 300 limit. If you keep paying it, it will go up. If you max it out and than don’t pay it, they will come after you

      • Keith July 5, 2014 at 12:14PM

        Completely wrong advice. She can add up to $3000, all refundable when the account is closed in good standing with $0 balance.

      • RTR August 1, 2014 at 8:14AM

        No, you can’t use more then 1 card if you purchase airline ticket online. That is for SURE!

      • jamahl September 20, 2014 at 7:11PM

        more *than

  54. Angel Frias February 15, 2014 at 11:48PM

    Hi. If I add an additional deposit to the secured card that I have had for a year, will that increase my credit score?

    • Marcus July 14, 2014 at 5:13PM


  55. Raymond V. February 15, 2014 at 9:21AM

    I think Bank One Credit Card is a rip off to say the least. I have many cards from other banks, e.g. Citi, Chase, BOA, Discover but I have always avoided getting credit card from Bank One despite their constant offers. I did get a Bank One credit card for my daughter who is a college student to build her credit and paying the $45 annual fee (which I never pay for my card) was acceptable to us. But when she started to use the card, came the monthly service and interest charges even though we pay the balance in full. When I called them and complained, they told me you should have read the fine prints. We have quit using the card since.

    • Tiffany March 10, 2014 at 11:31AM

      Suggestion: What I’ve would’ve done was allow your daughter to become an authorized user on one or more of your accounts in order help build her credit. That would have been best. Only a suggestion.

      • pr March 26, 2014 at 11:43AM

        that tactic apparently no longer works

    • Melissa July 18, 2014 at 11:32PM

      Are you sure you are talking about the same card? The annual fee for this one is not $45.

    • Schiphrah August 14, 2014 at 12:36AM

      Capital One is NOT Bank One. Even though the logos look similar they are not the same

  56. Melvin February 10, 2014 at 7:02AM

    Got my card 3 months ago thanks Capital One!!! what’s in your wallet?

  57. James February 3, 2014 at 1:45PM

    Made my deposit on the 1/30
    Funds removed from my bank 1/31

    any guess on when i may receive my card?
    also why does it take 2 weeks or more anyway?

    • Shun February 6, 2014 at 7:13AM

      I made my deposit on 1/13, it was withdrawn on 1/14. I got an email on 1/24 that my card was mailed the previous day and I got my card on Monday 1/27. They wait 7 business days to make sure the deposit doesn’t come back NSF.

    • New CO CC holder February 28, 2014 at 2:21PM

      I got my card within 2 weeks. They have to wait and make sure that your deposit has totally cleared your bank. Then the card has to be made. I liked the fact they emailed me and told me they had shipped my card. Got it 2 business days later.

    • Brytni May 30, 2014 at 1:35PM

      I got a letter being approved on april 28th, sent money same day. May 9th i recieved letter to confirm identity at the post office. May 26th i recieved my card. Alot of waiting. Also be aware, when u activate ur card u will be charged 59$ membership fee!

  58. Shun January 29, 2014 at 11:17AM

    Although I have a Capital One secured card and I do like it…. I would suggest to try out the Discover secured card. This is NEW and it’s THROUGH DISCOVER. You will have to apply for a regular discover card and if you are not approved they will offer you their new discover secured card!

    - 1% cash back on ALL purchases
    - 5% cash back in categories that change throughout the year (example: January – March 2014 category is restaurants and movies)
    - 100% US based customer service
    - No late fee on your first late payment
    - Pay up to midnight(ET) on your due date
    - $200 to $2500 deposit can be made
    - Free fico credit score on your statement MONTHLY

    ** The only downfall is Discover will not let you increase your deposit so whatever amount you use for your security deposit, your stuck with it. I called and asked about this and the rep told me this may change in the future, but there is no guarantee **

    I really like my discover secured card so I just wanted to share it on this blog :)

  59. Turquoise January 18, 2014 at 2:53PM

    Opened my Capital One Secured card in November I have the phone app which is super easy to use and manage my account that I downloaded from the apple store on my iPhone. I have no complaints I wish the limit was bigger than 200. The deposits are great giving options to pay $99 dollars and up or less. I like my cards designs that we can pick and change online, I like email updates, I like everything about the card a credit line increase is suppose to happen after your 5thmonth and i can’t wait!! A happy customer :)

  60. Melissa January 16, 2014 at 4:33PM

    I just applied and paid my deposit today. .I was wondering how long it takes to get the card??

    • alan January 28, 2014 at 12:41AM

      took about 45 days to get mine

    • Shun January 29, 2014 at 11:06AM

      1/13 I made my deposit
      1/14 deposit taken from my bank account
      1/24 I received an email that my card was mailed
      1/27 I received my card in the mail

  61. Ken Mc January 16, 2014 at 12:40PM


  62. Tony January 7, 2014 at 7:59PM

    I have both a Capital One and Bank of America secured credit card. BoA is by far much better! Not only is there a possibility of my deposit being returned after a year, but more importantly I earn cash back with BoA. Will probably close my Cap1 card soon.

    • Mike February 7, 2015 at 9:08AM

      BOA is reported as secured. If this makes a difference. The fact Capital One will not give back deposit after graduation is a down point. It is generally not a good idea to close your oldest credit card. It could ding your score. It all depends what other cards and credit you have and how old they are was well. If it would not hurt I would “get that money!”

  63. ALlan January 6, 2014 at 8:50AM

    As stated, my Chapter 7 discharged back in July.
    After doing some research, the best way to build credit back asap is to apply for a secured cc.
    I wanted to apply for a secured cc with either Bank of America {BoA) or Wells Fargo (WF). However, after more research, both BofA and WF require their secured cc applicants to be 1 year removed from bankruptcy. This lead me to Capital One (C1)

    After four months from my discharge date, I applied for C1 secured cc. To my surprise, I was approved with a min deposit of $49 for a $200 line.

    My initial plan was to deposit $500 and i assume that my credit line would be $500 and that my money would be returned and my account will graduate in 6months-1year.
    After browsing through the web reading reviews on C1 secured cc, a lot of customers complained that you only get the deposit back ONCE YOUR ACCOUNT IS CLOSED and PAID IN FULL. Also, the biggest bummer is your ACCOUNT CANNOT BE GRADUATED. This means that even if you are in excellent standing, you will not receive your deposit back and your secured card account will not be unsecured, only when you CLOSE YOUR ACCOUNT will your money be returned to you (also without interest).

    This changed my whole credit rebuilding plan. I am no longer going to deposit $500 into Capital One because I will only get that money back once my account is closed.
    My plan now is to have the Capital One Secured for 1 year.
    However i am only going to deposit my minimum $49 plus $25 ($74) for a credit line of $225. My account will be paid in full except for the $25 so every month my balance will be 11% of my credit line ($25/$225). I decided that leaving an account balance would look better than paying the account in full each month.
    After all, credit wouldn’t exist without the prospect of interest right?
    However at such a high interest rate, i settled that 11% or $25 is just the right amount. I’m guessing the interest amount i have to pay is around $5.5 multiply (X) by 12 and after a year i will have given Capital One around $100…($70 in interest + $29 annual fee)

    Since I bank with Wells Fargo, my plan is to get a secured credit card once its been a year since bankruptcy (1 year WF AND BOFA secured credit card critera)
    After more research, WF and BofA do graduate accounts from secured to unsecured after a period of good standing (6months to 1 year) in which they actually refund your deposit without having to close your account.

    My credit goal summary:
    -Use Capital One Secured Credit Card as a stepping stone…I will have to eventually close this account
    Reason being:
    #1 Your deposit will never get refunded until your account is closed and paid in full
    #2 Your account will never graduate from secured to unsecured.
    #3 Your interest rate will not change. You will always have to pay a $29 annual fee

    -Get a Wells Fargo or Bank of America Secured Credit Card as soon as i’m eligible (1 year from bankruptcy date)
    That credit card can graduate from secured to unsecured and your deposit will be refunded while your account is still active.

    -Maintain my Capital One and Wells Fargo secured credit cards. Once my scores jump up and i am approved for an unsecured card, cancel Capital One.

    I hope my experience and review can help those that just filed or will file Chapter 7.

    • Ron January 13, 2014 at 4:59AM

      You have a great strategy in place! You may also want to apply for a secured loan as well where you set up a CD as collateral. Having both revolving credit (credit cards) and term credit (secured loans) may boost your credit score more than having only revolving credit.

      I have successfully used this strategy with Amalgamated Bank. The great thing about secured loans is that after you set up a CD for the amount of the loan (plus interest), the bank will immediately cut you a check for the loan (minus the interest). I look at the interest as a small price to pay to repair credit.

    • Abraham March 24, 2014 at 11:16PM

      I would suggest that you pay off your monthly bill every month. The way companies look at credit card payments has changed. A “transactor” is someone that pays the bill on-time and in full every month, the other is a “revolver” which pays a portion of the amount. After so many people have filed bankruptcy or debt went into collections, banks now prefer a transactor because they show more responsibility. As recovery continues, I’m sure it will go back to the preference of revolver, but not yet.

    • Me July 4, 2014 at 3:32AM

      No no no, please don’t do this! You’re half right that having a small balance on your statement (to show that you are using the card) is going to look better than no balance.

      HOWEVER, you do not want to incur interest on a secured credit card. That is not going to help your credit.

      What shows up on your statement is what is going to be reported to the credit bureaus. So it is good to show a small balance on your statement, because a $0 balance shows up as not utilizing credit. But it is NOT good to show that you carry any amount of balance from your previous cycle’s statement and that you were charged interest for it.

      Say you spend $20, so that your July statement balance is $20. Pay that whole $20 off before the due date. This will mean your “last statement balance” has be paid off. Then, spend $20 again before your August statement is generated. And when that $20 balance shows up on your August statement, pay off the whole $20 before the due date.

      Say for some reason you end up having to spend $100 on something. Pay off $80 of it BEFORE the statement is generated, so that once you get your statement, your balance will be $20. Pay that $20 off before the due date shown on your statement.

      Just keep repeating this cycle. Never leave your “last statement balance” unpaid when trying to build your credit; there is no good reason to purposefully incur interest.

      What will help your credit is demonstrating to the credit bureaus that you are utilizing credit at a low debt-to-credit ratio, and that you’re paying your full statement balances off on time.

    • xavier July 17, 2014 at 6:35PM

      i have the same problem as you i have a BOA acc and a wells fargo acc but was denied for a secure CC because of bankruptcy so i went with capitol one i was approved for a 49 deposit but i deposited 1500 because i need it for car rentals and soon found out they dont graduate you and being this is my oldest account it will hurt my score baad to close it but 4 months after BK i applied for a capitol one platinum card and was approved for 1500

  64. Mic November 1, 2013 at 7:02AM

    I am on a working visa in the US with no credit record, and have applied almost every chance i got from various businesses for almost 4 years but always received “insufficient credit history on file” with every application i made. (Despite my good salary, it was painful to always have to buy everything fully paid) moreover,(it also wasn’t my fault) i have no family here nor had to study here… so i practically had no way of starting;

    Fast forward… Capital One offered me a chance and i got approved.. i have been a good card holder and have been paying my balance right after i use their card (i always like to see zero balance on my card).

    I think a lot of opportunities are missed with people like me who have the money to pay regularly but just don’t have credit history due to uncontrolled reasons.

    Thank you very much Capital One :)

  65. Christina Thomas October 14, 2013 at 3:36PM

    Applied for my card 2 weeks ago, paid the $200 deposit a few days ago, and now I’m waiting for my card to arrive! Like most of you, I am trying to rebuild my credit (mid 500′s will not do) to buy my dream home. I’m tired of paying rent, and even more tired of not qualifying for a loan! I am more than optimistic about Capital One. There are so many great reviews! Good luck everyone!

    • Melissa H January 7, 2014 at 12:50PM

      Christina, what do you think of your Capital One card now? I am in the exact position. Achieving better credit to get out of paying landlords and become a homeowner.
      Good Luck in your success!

    • Isabella March 31, 2014 at 10:22PM

      Hi, I am planning on doing a $200 deposit but how much credit line do you get? I want to get as much as possible to help pay bills an then pay the credit bill balance in full when the bill comes in. Also, is it possible to deposit more than $200? I wonder how much needs to be deposited if you want the max $3,000 credit line? Will also try for discover. But I can’t afford to have one more hard inquiry on my report. I. I get one more, my score will go from C to D. I have 6 recent hard inquiries. Ouch.

      • xavier July 17, 2014 at 6:41PM

        i filed BK 4/19/14 and applied for a capitol ome card the next day and was approved 2 months later i applied for discover and was denied so then i tried another capitol one unsecure card and was approved for 1500 keep in mind i had 19 hard inquirys and a recent BK with a TU score of 573 anda month after that im a 640 i just keep my balaces low

      • J July 22, 2014 at 6:50AM

        3000 is max u can deposit into your account the 200 u also deposit is credit line

      • J July 22, 2014 at 6:57AM

        Excellent secure card did the 200 deposit added 700 more then approve for the Quick Silver rewards card also approve for the classic platinum card now I switch my checking account from Wells Fargo to the Capitol One Rewards checking and earn bonus miles when I use my debit card!! Capitol One For Life

    • Brandee April 3, 2014 at 12:17PM

      Christina, how is the credit card now? And did u have anything in collections when u applied?

  66. Osiris August 28, 2013 at 1:28PM

    I am looking at different cards and so far, this one seems to be rated #1 recommended that people use to build credit. Since it will be my first credit card I am just nervous about payments, since again, it will be my first. I would like to buy a brand new car in the future so I need to work on building my credit history. Wish me luck :)

  67. Alisha August 23, 2013 at 11:39AM

    I opened my credit line in May of 2013 and was so uneasy as my credit was 603. I knew I was not good about paying on time payments since in 2007 Capitol one offered me a card that I abused right off the bat. So I was hoping they would give me another shot. I put 300 on to start and have increased it to 450 since then. Every month on time so far.
    Wish me luck.

  68. Renee in New York August 11, 2013 at 8:07AM

    I’ve just completed my application $100, plan to add additional money before the end of the month. I would like to buy a home within 2 to 3 years. My FICO score is in the low 500. I was laid off for 2 and a 1/2 years with excellent credit. I’m trying to re-build my credit. After searching high and low for ways to rebuild I’ve stumbled on the Capital One site, listed as one of the top secured credit cards. After reading all the posts I feel extremely confident in getting a second chance to build back a Great credit score and be able to buy a home. Part 1, I will continue Part 2 in 6 months.

    • Mike February 7, 2015 at 9:11AM

      Good move! Don’t get a car loan before you get the mortgage. It is a killer for sure. If you do get a car loan in the meantime make sure it is paid off before you apply for mortgage.

  69. billy July 25, 2013 at 7:27AM

    Just made my $200 deposit a week ago. Looking forward to using the credit monitoring service. Is the score they give you the same as the fico score?

    • Ken Mc January 16, 2014 at 12:38PM

      I’ve got Capital One Credit Inform,Wells Fargo ID Protection,Credit Karma and FICA, no two scores are ever the same.

  70. Max July 23, 2013 at 12:47PM

    I am encouraged just reading the testimonials. Prayerfully Capital One will be as good to me as they have been to each of you :)

  71. Greg in Virginia July 2, 2013 at 7:44PM

    Capital One is a great one…I am trying to rebuild my credit from a bankruptcy and a credit score of 570 I have had a tremendous increase in monthly income and only a few moths after getting my card I got a loan for a new car to also help raise my credit score, I did put down 12K in cash and trade for 4K and financed the rest so that I could raise my score. My ultimate goal is purchasing another house (first one was under water mortgage)I also applied for one other secured card called First Progress they are close to the same fees as Capital one! The bank that I was trying to purchase a house through said it was best to have three lines of credit for one year pay them all on time and I would easily be able to get my dream home. It was also ironic the car loan ended up being financed by none other than Capital One Financing LOL! They are great!!

  72. Julie May 28, 2013 at 10:15AM

    I applied for and got the capital one card and it has been good to me. they do report and my score has gone from 518 to 571 in four months!! a lifesaver.
    Highly recommended

  73. lewis May 2, 2013 at 4:15PM

    Does the card report as a secured or unsecured card on your credit reports?

    • Michael May 7, 2013 at 12:24PM

      From my experience it just says “Capital One Bank Card.” It does not label it as secured on the report.

    • David T October 22, 2013 at 9:48AM

      It reports as an open line of credit through Cap One Bank, their address, the credit limit, and limit available, and payment history.

  74. Alex April 30, 2013 at 1:55PM

    I have no credit score as I didn’t have student loans and never bothered to get a credit card. This will be my first card, and I’m determined to start off on the right foot to build a good credit score. I’m sick and tired of needing guarantors for leases!

    • David T October 22, 2013 at 9:53AM

      You were smart by not assuming debt at an early age, besides adding this secured card to your “thin” credit file, have you considered also being added on as an authorized user to a family member or significant other’s credit?

      • Lee January 14, 2014 at 3:08PM

        Like Alex, I too have a “thin credit file”. I discovered this after checking my credit score on I have banked with BoA for almost two years and have just applied for a credit card. I am also applying for a Capital One Secured Card however, I am slightly dubious about providing my routing and bank account numbers online in order to make the $49.00 deposit. The webpage appears to be genuine but you can never be too sure. The telephone number quoted during the application process does match a number on the official Capital One website, so payment over the phone may be more secure than online.

  75. Marie April 9, 2013 at 4:50AM

    I opened this card with a $200 deposit 6 months ago and increased it to $1,000 by making deposits. Used it regularly and today they increased me an additional $300 unsecured… Great card. Since then I have been able to open two other cards, one with a $2,000 limit and the other one with a $7,500 limit. Thanks Capital One for helping me start over!!!

    • RTR August 1, 2014 at 8:29AM

      How did you make the deposit? What was the process and when did it show up on your account?

      • Shantee March 19, 2015 at 4:43PM

        I want to know when you make the deposit what if you don’t have the amount of the money that the secured card is asking for but they still approve you even though they say 10 days? Please if anyone knows!!’

  76. Tom March 30, 2013 at 11:40PM

    From what I’ve experienced Capital One has some great opportunities for people with bad credit. We all have to start somewhere to rebuild our credit and getting a secured credit card is a great way to get started. I starting with a Capital One card and it gave me a good tradeline on my credit.

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