Capital One Secured Credit Card Review 2017

Our rating

3 stars 3/5

See explanation of our ratings system

See breakdown of this card’s rating

Capital One Secured CardIf you have damaged credit, the inconvenient truth is that there are far fewer options available in the card marketplace than there are for those with strong credit scores.

However, you’ve got to start your re-building journey somewhere, and a secured credit card is a good place to start. Because you have to put down a deposit to secure the credit line, the bank may be more willing to take a chance on you. Problem is, some secured cards charge steep fees, knowing their customers don’t have many options. The Capital One® Secured Mastercard® is an exception. Unlike some other products in the category, this card is quite affordable and is offered by a reputable and major card issuer.

Low cost

When shopping around for credit-rebuilding cards, beware of fees, such as application fees, processing fees and monthly servicing fees. Small on their own, they can add up to a lot of money per year.

Capital One’s secured credit card has no annual fee, a rarity among secured cards. There are no application or processing fees.

While the APR for purchases and balance transfers 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.

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.

To get an initial $200 credit line, you’ll make a security deposit of $49, $99 or $200, depending on your creditworthiness. This tiered system is unique and rewards you for having better credit, instead of the one-size-fits-all deposit approach many secured cards take.

After you make your first five monthly payments on time, you can get access to a higher credit limit (no additional deposit required).

Reports to the three major credit bureaus

As a major issuer, Capital one automatically reports 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 rebuild a checkered credit history.

Access to Creditwise

Creditwise is a tool from Capital One that helps you monitor and learn about your credit. Your Capital One secured card comes with this benefit at no additional cost.

How the security deposit works

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 $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.

Before your account is open, if you want to increase your credit limit, simply add to your security deposit.

Your security deposit is fully refundable when you’re ready to move on to a non-secured card. 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.


We continually hear from forum members and site visitors 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 really a popular option for consumers in this segment.

Just be aware that Capital One has no official “graduation” process, meaning it won’t automatically move you to a non-secured product after you’ve rebuilt your credit. You may need to close your account and apply for another card, even if you stick with Capital One.

Click here for the official application and to apply online

Why we gave it 3 out of 5 stars

Full starLow fees: The Capital One Secured MasterCard earns this star for having no annual or activation fees. The only money required is the upfront security deposit, which is required of all secured cards.
Empty starAbility to graduate: Capital One has no official policy for graduating secured-card users to unsecured products. Therefore, it does not earn this star.
Full starAbility to get higher credit line than deposit: The card earns this star for allowing creditworthy applicants the ability to put down less money for the same credit limit.
Empty starRewards: While rewards should never be the focus of a secured card, we like to reward secured cards that give even a small return on spending. This card, unlike some other secured products, has no rewards.
Full starUnique perks: The card gives access to CreditWise, a score-tracking and credit-profile-monitoring service from Captial One.

Our rating was based on our standards for secured credit cards.

While some issuers take advantage of their customers’ desperation with their secured products, Capital One’s secured card is a consumer-friendly option. While we docked it for its lack of graduation protocol (which means you’d have to close your account and apply for a new card when you’re ready to “replace” your secured card), the card gets stars for its lack of fees and the unique ability to get a higher credit limit than your deposit.

This post was written or last updated April 2017

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

I have had a secure capital one card for about a year,I sent 500.00 so I could have a decent card. I resently had my deposit returned. I just wanted to say Capital one has been one of the best credit card co. I have worked with. Best costumer service I’ve seen in a long time. Thank you for helping me get a fresh start !

so I just applied really this morning about 2 am. I seen people saying they were approved instantly mine said 7-10 days. Does that mean I wasn’t approved?

I know I am just a number to them, but I wish they would have at least made an inquiry to me as an actual person regarding what happened, especially since I was a loyal and good customer for so long. In reality I understand the denial, but I can’t let go of this frustration. I know that Citi does this as well, rejects applications for SECURED credit cards if you ever banked with them before, so this makes it hard to apply for any secured credit card with a reputable name considering I have had accounts with most of them at some point, even if it was in good standing and closed way before bankruptcy. Also, I know this point is made repeatedly but I can’t help but repeat it – if I am depositing the money and borrowing against MY money,

Information on your rights to dispute transactions and how to exercise those rights is provided in the Your Billing Rights section in the below Additional Disclosures. I will be required to provide a security deposit to qualify for this account. I understand that I am granting Capital One a security interest in these funds and that they will be used as collateral to secure my credit card obligations. I may not make any withdrawals from the deposited funds. I understand that my security deposit will not earn interest.

I see that Capital One has now “come clean” about not graduating to an unsecured card. For many years, and many reviews, it was apparent that Capital One told many secured card applicants that you would be able to graduate. Glad they put that falsity to rest. 🙂 After many years of thinking that I would always be burdened by an inadequate credit score and paying cash for everything, I finally opened a secured credit card account with Capital One for $2000. After a short while, they increased it by another $300. After about 6 months, I applied for a secured card, which I received, then another, then a new car. Yes, it did take a few years, but I went from a 580 to buying a house and a FICO score of over 800! Take the first step to repair your credit. You’ll be glad you did.

This is exactly why I decided to get a secured card. My credit is around 570 or so and I don’t have a co-signer and I would like to buy a house in the next 5 years. If I make payments on time will it help increase my credit score by that much? Do you mind me asking what your time frame was between wanting to improve your credit to bringing it up to an 800 and are buying a house? I know there are many other factors as well but just curious as to if I’m being realistic or not.

Sometimes, it won’t even take that long to rebuild your credit to the point where you can get an unsecured card. I applied for (and was approved for) this card at the end of 2015, got a $300 credit line increase in June, and by last week (after getting a store card in November) had rebuilt my credit to the point where I was able to get an unsecured Platinum card from Capital One. I still have the secured card and will probably be hanging on to it at least until I get another unsecured card and/or pay down the existing balance on the secured card, as I’ve read in numerous places that it’s risky to cancel existing cards or lines of credit if you don’t have a lot of active credit lines, because it’ll show up as a reduction in your total available credit and decrease your score.

I lost the letter that I need to pay the $99.00 deposit. Is there a link to the website available or will I certailly need the letter for additional information/or just call? TIA

Just called them and give them your ss and they can give you your account number

One additional note; if you make a mistake while making your security deposit, you can get it corrected if you call Capital One right away. I goofed during my application by inputting an amount smaller than I actually wanted to put into the card, so when I realized what had happened I called Capital One at once and they helped me increase my deposit to the correct amount without any trouble.

I applied for the Capital One secured card last night online. In under 60 seconds I was told I was accepted and asked for my bank information. Afterwards it said I was told it could take 7 to 10 days for the deposit to be withdrawn and another 2 to 3 weeks to receive my card. My question is since they gave me a conformation number I shouldn’t have no worry that Capital One will turn around and deny me in that period?

No, once you are approved then it’s official. You have your customer number so you can work on getting your security deposit together

I was immediately denied on the website when I applied. I suspect it is because I had accounts with them that were closed in negative standing as I declared bankruptcy (while the cards were opened). Mind you, I had a credit card with them for over 10 years that had no late payments, always in good standing, until the months leading up to my bankruptcy (and the ultimate bankruptcy of course). This happened not due to irresponsible behavior but a mixture of unemployment and serious medical issues leading to insane medical bills. I needed to use my credit cards to afford treatment. I know I am just a number to them, but I wish they would have at least made an inquiry to me as an actual person regarding what happened, especially since I was a loyal and good customer for so long. In reality I understand the denial, but I can’t let go of this frustration. I know that Citi does this as well, rejects applications for SECURED credit cards if you ever banked with them before, so this makes it hard to apply for any secured credit card with a reputable name considering I have had accounts with most of them at some point, even if it was in good standing and closed way before bankruptcy. Also, I know this point is made repeatedly but I can’t help but repeat it – if I am depositing the money and borrowing against MY money, it is really like a pre-paid card. Why should a credit check or my history with the institution even matter?? I don’t understand getting rejected from secured cards at all – for anyone, not just myself. I am trying to rebuild my credit and have a fresh start, but there are roadblocks everywhere I look. I am skeptical of many secured cards that I might actually get approved for because I have never heard of them (unlike Capital One, Citi, Bank of America etc. which all do credit checks and you history with them matters). In short, I am disappointed with Capital One for the immediate denial based on having an account with them in the past. If it were an unsecured card, by all means deny me in 10 seconds, I definitely do not qualify. But a secured card… SECURED… secured with money I deposit.. and anyone applying is trying to rebuild (or just build) their credit so they obviously have made mistakes in the past. I really think that unless there is some extreme circumstance that I can’t even think of, anyone should be able to have a SECURED credit card as long as you deposit the required amount and follow their rules. /endrant

I had a completely ‘secured’ credit card with Capital One after declaring bankruptcy. UNFORTUNATELY, (when I became very ill), I did not keep an eye out on my account and little did I realize that they actually CHARGED INTEREST on MY FUNDS used to get the secured card!!! This caused my account to go ‘over the limit’, which in turn they started charging ‘over limit fees’….WHAT A MESS!!! This was actually sent to collections at one point, but I was able to negotiate a reasonable amt to pay so that the account was closed out as ‘paid’. Tried once or twice since to get a card again, but was denied until recently. Don’t know why they said ‘yes’ this time (other then the fact that I’m now in school and have ‘good debt’ of student loans,which did wonders for my credit). So, I can completely relate to your frustration! All I can recommend is to not get too discouraged or give up trying. There ARE some good options other than Capital One…such as People’s Trust (which DOES report to credit agencies and does reward good customers with an actual unsecured limit once good payment history is established) and Home Trust Secure–both of which are secured cards. There is also Affirm MasterCard. Have you checked out any of these?

NOTE: This is an unsecured credit card which is specifically designed for those with lower credit scores who are looking to re-build their credit

True credit – no security deposit required
Credit limit up to $3,000
Use it anywhere MasterCard® cards are accepted
Online access to your card account
Interest rate: 29.99% for homeowners and 34.99% for non-homeowners
Balance transfer: 29.99% for homeowners and 34.99% for non-homeowners
Annual fee of $120.00 ($10.00/month)
Balance transfer fee (if applicable) – $25.00
Minimum monthly payment – the greater of $30 or 4%
Reports to credit bureaus every month under Affirm Card/BC
Typical credit score requirements: 600 + traditional or 500+ bankruptcy/consumer proposal
See Disclosure Statement on application for full details of fees
Further eligibility criteria:
Discharged from any bankruptcy
Employed or have regular source of income

3.6 Average rating
Newest to oldest

Tom MacDonald
August 07, 2017
The card had a high interest rate and the mobile app is cumbersome to use. I would look at a Capital one card next time.

Jeff peters
August 04, 2017
Nobody ever got back to me about the card. My card was never provided and an account was never set up

Karen Howie
August 02, 2017
I applied and never heard anything back as to whether and when I’d receive this card. Still have not received it!

Applied for the Cap1 card couple days ago, was told the call them back to answer additional questions. Was told I was approved for Gold Card and that I would hear my CL in a couple business days could be between $ 300-6000. Do they really issue people CC with $300 limits lol

Yes, they do issue $300 limits. I have a few of them. (Not funny)

YEP! MY secured credit limit was $200 after paying a $99 deposit. If I didn’t need help improving my credit I wouldn’t have done it , but I was desperate.

BK filed on 11/5/2015
BK D/C on 2/5/2016
Credit Score before B/K 409
Credit Score after 534
On 2/13/2016 I applied for a Capital One Platinum card ** NO ANNUAL FEE ** online. I was not approved or denied, but ” needed further review” . I called Capital One and they advised me to fax or mail the requested documents to them for review. ( My social security card and I.D.). Which i did on 2/15/216. I called back today 2/22/2016 and the rep told me I was approved for a $300.00 C/L . She also stated that if i made 5 monthly payments on time, I would receive an Credit Limit increase. Yaaayy ! Good Luck.

I started out with no credit history. decided to apply for a Cap1 secured and was approved with 49 down with 200 limit. I opted to max out the deposit limit and received a card with 3k limit. after the 1st month of reporting, my score was 677. I also decided to try for a unsecured cap1 platinum card and got approved for 500 limit with increase to 750 after 5 on time payments. after 2 months of reporting, my score is 720. I took a shot in the dark and also applied for a discover it card. just got approved for 2k limit. 3 inquires is my limit til it falls off. I’m not sure if putting a large deposit help me boost my score but I’m surprised I’m already at 720 in a matter of 2-3 months and keeping balances below 20%.

My question is: Can I raise the limit later after I get the card? I made my 49$ deposit, and am waiting for the card to show up already.

How does it work? I was approved. Paid the $49 deposit. So does this mean I have a $200 credit limit? I mean is it a prepay thing? Like I have to put the $200 on the card and then I can spend? Or is it like a regular cc?

you will have a 200 dollar limit unless you decide to add more to your deposit to increase your limit. it is a credit card, not a prepay credit card. the 49 dollars is just your deposit to receive the 200 CL. if you decide to close your account and your balance is 0 then you will receive your 49 dollars back. you should get a letter letting you know after your 1st payment stating your limit will be increased after 5 months of on-time payments.

If you want your deposit back, you will have to close the account. Closing an account can be detrimental to your credit history. Before you close it, I would make sure you have an unsecured (no deposit down) credit card with a decent limit that you have had open and in good standing for 2 years. By then, you should have a decent credit score, adequate credit limit, and you should no longer be using the secured card; at that point, closing the card to get your deposit back should have negligible consequences.

That’s just what I read, because my girlfriend was looking into this card and I wanted to know how much she’d be screwed over when she tried to get her deposit back.


helpful information

I have had multiple credit cards over the years. I currently have a quicksilver card with a 3500 CL. I recently opened a capital one secured cc with a 200 dollar limit. I only use the secured card for gas. That way it’s easier to pay off at the end of the month. My unsecured card is for misc items. Using your card wisely can take your score from 550 to easily 675+ in a few years. Of course that depends on whether you close older accounts that are in good standing (which I don’t recommend), receive charge-offs, open more accounts, etc. Try not to worry so much about the limit but instead worry about the usage. Even with a low limit and correct usage, you could possible be approved for an unsecured capital one. Pay attention to the little things besides your credit cards like medical, auto, and even apartments. Focus on a 5 year goal not a quick credit score increase. In the end they will be fighting one another to approve you (that’s if you do things correctly)

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.

How long does it take after the deposit is made and withdrawn from my account before I get the capital one secured credit card. I’ve heard some people say a month and other 4 days. Any info / input will be appreciated.

Mine took less than a week. I think a lot of the time it takes is dependant on the usps.


How soon additional secured funds are added to the credit limit?

In other words, let’s say I already have the credit card with a $200 limit, and I add $500 to my security deposit. How soon would my credit limit be raised to $700?

If you go through the steps to add to the deposit online, it specifically states that the additional deposit will be added in 12 days.

When do Security Deposits given to Capital One for a Credit Card get Returned?

First, I want to say that I loved being with Capital One. I was treated well by their representatives. My questions were always answered respectfully and clearly. Their billing statement was easy to understand.

I applied for a secured credit card from Capital One on April 21,2015. I sent, and they accepted a $1000 security deposit. (My application was originally accepted with a $49 deposit for a $200 credit line.) The actual amount of credit that they extended was $1151: $1200 – 49 = $1151. I received the card around May 7th. I charged one item in June and paid the entire balance due after receiving the bill on July 7th. My payment was cleared on July 12 according to the Capital One automated system.

In the interim, my husband received an offer from USAA for a $1000 credit card (no security deposit) and he accepted. I received an offer from the assistant branch manager of my credit union for $700 credit card and I accepted. My husband wanted me to cancel the Capital One credit card, and after waiting as long as I could, I reluctantly called to close my account.

On July 20, 2015, I closed the account through the automated system and the system said to say “representative” to discuss the return of my security deposit.

I spoke with Jordan, who said that it would take 3-5 days to show up as a credit balance on my closed account -BUT I had to call back to request that the security deposit was to be returned to me.

On July 23,2015 at 8AM Eastern Time, I called and spoke with Karla to check my balance to see if the credit balance was showing up and it wasn’t. She acknowledged the $1000 security deposit was shown as the original deposit but not yet showing up as a credit balance to my closed account. She advised me to call back on Monday of next week to see if the credit of $1000 was showing on the closed account.

On another forum, the writer said that his Capital One security deposit was returned within 7 days!

I realize that I only had the card from May – July of 2015, a very short time. I just need to know how and when my security deposit will actually be returned. Thank you, in advance for any replies to my question.

I have absolutely no credit, meaning I’m just starting out with everything. I’m in college, and I have a part-time job. I have a debit card, but I’ve always wondered if I should have a credit card, I want to build up my credit, but, how does this work?

You should apply for the journey card with capital one since you’re a college student

Hello, Ann! Two months ago I was in your same shoes. I had no credit whatsoever, and I didn’t get approved for any type of student card like Discover It or Journey from Capital One. I had no one to cosign so I had to go for a secured one. I applied for the Capital One secured card and got approved with a $99 deposit for a $200 credit limit. I made a $250 deposit which totaled a $351 credit limit, from which $101 were extended to me as unsecured credit, which is nice considering they are gambling with me. After two months credit karma already estimates I have a credit score of 699! (Even though you can’t get an actual FICO score until you’ve had the card for 6 months or more) and that’s because my utilization is currently 56%, which isn’t ideal. That’s a problem with low limits, it’s hard to keep your utilization under 30% at least. Overall, I do recommend it! But keep in mind they do NOT graduate their card to an unsecured product. If you want your deposit back you’ll have to close it down as soon as you qualify for an unsecured card. Do NOT go crazy applying for unsecured cards if you have no credit, you will NOT get approved unless you have a cosigner. I did that and now I have around 9 inquiries hurting my credit in less than 6 months. Good luck!

This is a question regarding the unsecured m/c through capital one. I have to cards through capital, both opened in nov 2014, and both starting w $300,since then 6 months later both cards increased a great deal!!! Question is will increase happen every y six months if continue on time payments??

Lies…well at least thus far. Received BK7 discharge 4/17; applied for Cap1 Secured CC….denied! Have an automobile loan, timely payments since 1/1. What gives?

You need to wait a little longer. Usually after a bankruptcy you should be waiting a minimum of about 6 months to apply for any credit including secured. A bankruptcy is the most severe thing you can do to harm your credit score, so lenders will be weary to help you out right away.

Oh I don’t know. I got approved for a secured AmEx card through USAA six weeks post bk7 filing and six weeks prior to my discharge. Then, after letting that report twice, today was approved for the Cap One secured MasterCard 20 days after my bk7 discharge. Approved for the $49 deposit for the $200 credit limit. Fico scores between 536-560 on all three reports. I don’t know what the qualifications actually are but I had one credit card prior to discharge and one 20 days later. My credit counselors have four cards I am to obtain within 24 months and I got a head start on these two as to rebuild as quickly as possible. It is imperative you find SOME form of credit line ASAP to start building a credit history.

I held a Cap One unsecured card for 2 years (2013-2015) and defaulted on my payments, ultimately having the account charged off in late 2015. I applied for the secured Cap One card 2/27/17 and was approved with a $99 deposit and a $200 credit limit. I also had a BK discharged in 2013, medical bills on my credit report, along with student loan debt ($55k), and an old auto loan that’s still showing ($30k). It is possible to get a second chance from Cap One , and it’s also possible to get the secured Citi card too (applied for it online on 2/11/17 and received the approval email on 2/22/17 with a $200 deposit). I know that I need at least 3 positive trade lines reporting, so I’m going to wait 3 months and apply for the secured Discover It card. Good luck!!!

Jessica Hannan

I can’t even get this card after my bankruptcy. Yet, I’m supposed to up my rating. Good luck being poor in the U.S.

I applied for CC’s about 4 months after my chapter7 discharge. Kept getting denied so I waited now I am 1 yr bankruptcy discharge and applied for cap one sec card approved!! Also discover it approved!!!. Just wait awhile don’t get discouraged. Good luck in the credit building journey.

I was approved today for the credit building card, but got no confirmation email. Is the email sent after the deposit payment comes out of my account?



They confirm your application by mail. They include all information you need and will include a website and telephone number if you have any questions. I did check my email too,but nothing came.

The computerized letters should reach you within 7-10 days and will have the exact date that you applied on it. I got two notifications through the mail within 7 days. If you didn’t pay your security deposit, instructions on how to do this are included. You have to pay the security deposit within 80 days of the date you first applied. I hope this helps. I am very impatient person and waiting makes me anxious. I didn’t need to be anxious, so far so good.

I paid my security deposit over the phone with a rep, she gave me a confirmation number for the deposit but no customer number. I wonder what this means. Confused


I just applied for a Capital One Secured credit card this morning by telephone. I didn’t get any mail offer, I just went on the internet and entered “Capital One Official website” and I got the telephone number from the list of telephone numbers provided. The CSR I spoke with took all my personal information, income information and proceeded to let me know what the terms were and asked if I had any questions. I got the supposed 60 second approval. My question is this: They only asked for $49 but I asked if I could deposit $1000 and the CSR said yes. He gave me a seven digit confirmation number – no codes. He said that I would be receiving a confirmation of this transaction with my approval letter in 7-10days and that I would receive my card within 2-3 weeks. He also had asked for my email address, which I gave him. I have been checking my email for confirmation, but nothing is there. Please tell me if the number I called is a bonafide number for those placing their applications by telephone: 1-800-227-4825. Thank you in advance for any information you can give.


This is just an update to my previous post.
I got a notification in the mail dated 4/21/15 within 5 days:
First, it verifies that they received a request to do a financial transaction with financial institution with every detail of the amount and that if I had any questions about this please contact us .

Second: On 4/27/15 dated 4/21/15 I was approved with a $49 deposit amount. You can tell that they use a computer to generate this because the exact same date is used.
They also remind you to send in your security deposit within 80 days of the date you file your application etc.,etc…..
Nearer the end of this letter
“If you have sent your full security deposit, please accept our thanks. Your card will be mailed in two to three weeks.”

If you have any questions, please visit us at the Web site above or call us toll-free …..

Thank you for choosing capital One. We look for
“We look forward to serving you in the future. ”

Just to confirm, I did call the number and spoke with a representative who was extremely helpful and gave me additional information.

They include the Capital One Important Disclosures with quite a bit of important information. I read it all through. Do yourself a favor and read everything. I filed mine with other important information for future reference. DO NOT THROW THIS AWAY. What you don’t know can hurt you.

I am having the same issue confirmation number for deposit but no customer number. Also was told I would receive a letter in 7-10 days. I am confused.

Hi I’ve had my card since February 2015.
why does the capital one credit summary tell my score is 0 saying not enough activity
I am never late on my payment i pay a week early each month
for April i almost maxed the card out which i’ll pay off in full
when I went to the trans union site my score shows up
sooooo whats the deal

Got this CC end of June. First due date is Aug 20th. Statement posted on July 23rd. Had $15 owed in a $301 CL. There’s 5% utilization that posted to my CR.

Simply: Use the card. Keep it under 20% utilization by the STATEMENT post date. Keep doing micropayments, just remember that your STATEMENT POST DATE is when your information is sent to the credit bureaus. Pay off the remaining 20% BEFORE YOUR DUE DATE and no interest will be due.

Autopay is a God send for the last of the balance due. You can place it for a few days before your due date.

You should pay on the exact date that the payment is due, never before or after. CC companies do not recognize early payments even if it is for their benefit. I was doing the same thing on my car payment and was told that this will negatively affect my credit as banks do not see this as not an “on time” payment.

By paying early, you reduce your average daily balance and thus pay less interest if you carry a balance. On an installment loan, like a car or house, that saved interest can end up saving you payments at the end of a loan.

Hey everyone,
For those of you rebuilding their credit, here’s my Capital One Secured MC tale.

Just applied for Cap1 Guaranteed online last week. This is my second secured card after completing credit counselling (My first and only other card is a Home Trust Secured Visa $1,000). Just got my documents in the mail today, and they gave me $5,000 CL with no security deposit. Just that awful annual fee. LOL

Everywhere I read, most people got $300CL, but I saw on a forum someone claiming to get $750 with no security deposit (I thought they were lying). I am SHOCKED.

Perhaps, to speed up the process, go to Capital one SECOND, not first. I know they’re attractive because you don’t have to give a large security deposit.

Oh and Capital One was one of the Financial Institutions I paid back during credit counselling. They’re the only negative thing left on my credit bureaus! Everything else aged off early. LOL.

GRATEFUL in Canada!

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

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

No your credit limit will initially be two hundred

You will receive a $200.00 credit limit for your deposit.

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

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.

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.

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.

Same exact issue as you josh…told me my card could only get a cli by adding an additional deposit! I wish I didnt even have this card anymore but closing the acct could hurt my credit.

I’ve had mine for about a year and a half.. started with a 200 dollar cl then at 1 year they bumped it up to 500, so I don’t see why they would’ve said the secured card isn’t able to get increases

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

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?

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

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?

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.

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

I never received a code just a confirmation number for my security deposit. Is that normal?.

Yes, you can call 1800 219 7931
and they will take care of you.

You dont have to apply again just call then

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…

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

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!

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

@ 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.

Sorry,but 30% of $300 is not half. They would only be able to use about $90 or less a month to be at 30%. Half is $150 which = 50%. So please don’t use half! It shows desperate usage.

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?

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.

So what you’re saying is …. get things with money that isn’t yours and then, when you’re in over your head, just stop paying what you owe and don’t worry about it…just keep the stuff you didn’t pay for instead of being responsible. I sure hope you aren’t a parent. I have struggled financially for many years while raising my kids as a single parent. EVERYTHING I have..I OWN (ALL PAID FOR). I NEVER got anything I couldn’t afford to buy OR pay off. My kids are now grown and VERY financially responsible. NONE of us put more value on our ‘things’ then what really matters. After all, you can’t take any of it when you leave this life..all that matters is your reputation and the kind of person you were and how you treated others. Your ‘take what you can get and don’t pay for it’ attitude says a lot about your character and THAT is something that you CAN’T put price on!

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

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

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

After 5 payments, they raised mine to 500.

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 🙂

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?

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.

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.

you will have to wait for at least 30 days. I waited for 90 days and got a new card drop 500 as my cl. Went 6 months and capital one increased me to 1000 cl. Take your time before reapplying.


That’s not true. I defaulted on my first Capital One secured card. They took my deposit and applied it to my balance. I paid the rest and reapplied immediately. The only difference was I had to pay the whole $200 deposit the second time.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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?

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.

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.

It normally takes 10 days

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

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

Nicole Baltimore

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

I received my card in April 15 with a limit of $200…paid more then the minimum twice a month and as of last month I logged in to pay my bill and discovered I had an increase of $ 6 months for me

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!

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.

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.

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

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!

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

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.

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?

Friday 22nd Aug, not 23rd.

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.

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

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.

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.

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.

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

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.

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!

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.

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

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?

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

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!

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 🙂

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??

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

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.

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

$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.

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

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

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!

Thank You..Good Advice!

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

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

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!!!!

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

Only Cap1 can tell you, call them up.

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.

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.

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.

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.

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?

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

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.

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?

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.

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.

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$

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

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

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.

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.

smith apple cake

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

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!!

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.

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.

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.

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!

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

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?

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.

My score was 560 and I got approved. I know this is two years answering your question lol. Sorry

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.


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

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

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

more *than

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

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.

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.

that tactic apparently no longer works

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

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

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

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?

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

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.

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!

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 🙂

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 🙂

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

took about 45 days to get mine

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

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.

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!”

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.

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.

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.

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.

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

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 🙂

Christina Thomas

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!

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!

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.

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

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

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

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

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 🙂

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.

Renee in New York

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.

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.

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?

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

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

Greg in Virginia

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!!

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

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

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

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

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!

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?

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.

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!!!

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

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!!’

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.