- Green Member
- Posts: 4
- Joined: Tue Sep 01, 2015 11:29 am
Sorry it took me so long to get back and provide an update. I've been very busy lately. All of you have been a tremendous help and I appreciate you taking the time to help a newbie like me.
I ended up applying for the Capital One secured card and I was approved immediately, no wait. They only asked for a $49 deposit and gave me a $200 CL. I'm not worried about having a higher CL on my first card so I didn't deposit more. The annual fee is $0 (on their website and advertised elsewhere). I chose Capital One because the card reports as unsecured and has a low initial deposit. Also, I plan on holding it for several years so having no AF works for me. Capital One's secured card does have a couple negatives, but I can deal with them. First, their APR is %24.9 but I plan to PIF every month. Second, the card does not graduate to an unsecured card but you are given periodic CLIs with no additional deposit needed. Third, and hardly a negative, you are not provided with FiCo updates. Capital one does have credit monitoring though. I believe they provide you with updated TU scores. All together I'm out $49 and have my first CC. I did receive a hard inquiry on my credit report but saw an 11 point increase on my TU score someone.
Funny side note: I applied for my secured card Friday night and got approved. Saturday, I checked the mail and had a pre-approval from Capital One for their unsecured card. Almost wish I would have applied for the unsecured first but I'm okay with the secured for now.
Thanks again everyone!