Finally Have A Card

For just about anything you want to get off your chest about credit cards.
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lorkat89
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Finally Have A Card

Postby lorkat89 » Fri Jun 01, 2012 6:27 pm

So I finally got the courage a few weeks ago to apply for the Capital One Secured Card and got accepted. I only had to send in $49 to get the $200 limit. Which surprised me I was sure I'd have to do the full $200. I got it in the mail today and activated it. I can't wait to use it and build some credit. Already have an idea of what my first purchase will be. But for now it's just setting all cozy in my wallet.
Capital One Secured Card - $1,200 limit
Citi Double Cash - $2,000 limit


NYC_Dweller
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Postby NYC_Dweller » Fri Jun 01, 2012 9:05 pm

congrats on your first card. use it wisely and know your personal limits and not the cards. i am assuming you are new to the credit world so if there are any questions just let us know.

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FastSRT8
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Postby FastSRT8 » Fri Jun 01, 2012 9:09 pm

congrats! spend wisely.....
Carpe diem quam minimum credula postero!

MemberSince99
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Postby MemberSince99 » Fri Jun 01, 2012 10:35 pm

Keep in mind that the first month, you won't be able to pay online before your statement cuts, HOWEVER you can call them and make a payment over the phone at any time. Once your first statement is out, from then on you can pay whenever you like. I would wait a few days between payments though, or they may decide to do 10 day holds. Be sure to check that your available credit has been restored before you use the card again, don't just assume anything or you will easily go over the limit and they will hit you with fees.

You are going to have to be careful with that card due to the credit limit - many gas stations pre-authorize 100 dollars (or more) for a fill up, keep that in mind as you use it.

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InCreditWeTrust
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Postby InCreditWeTrust » Fri Jun 01, 2012 11:43 pm

lorkat89 wrote:So I finally got the courage a few weeks ago to apply for the Capital One Secured Card and got accepted. I only had to send in $49 to get the $200 limit. Which surprised me I was sure I'd have to do the full $200. I got it in the mail today and activated it. I can't wait to use it and build some credit. Already have an idea of what my first purchase will be. But for now it's just setting all cozy in my wallet.


I only had to send in $49 to get the $200 limit.


That does not sound like a good deal to me. My first credit card was a Capital One Platinum card, started at $300 credit limit, no $49 fee or anything like that. Though, yours is a "Secured Card", not sure why you didn't you get the the actual credit card. I'm not a secured card or credit card expert, but from my experience and opinion just doesn't seem like the best option.

As other users have cautioned you be careful with your card, my only advice is be sensitive about the utilization rate with this card try to keep it below 50% (i.e. below $100), higher utilization rates give Credit companies the impression you're a risky card user.

craigm1
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cap one

Postby craigm1 » Sat Jun 02, 2012 9:27 am

I started similar with them $50 for a $300 limit, then they said send $200 for a $1000 limit this was in 98, Now i'm up to $4800 with an upgrade this month to a rewards card with no annual fee.

Good luck

Craig
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Money card
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Postby Money card » Sun Jun 03, 2012 5:15 pm

congrats on getting your first card.



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