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  1. #1
    Platinum Member
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    Aug 2012
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    Default Captial One secured card approval

    I didn't really want to do it, but I just applied for a Capital One secured card. For a $49 deposit, I get $200 in credit, then there's a $29 annual fee. Online it said I was approved and I sent the deposit online. To make the card useful, I'll need to increase the deposit once I receive the card.

    I don't really like the idea that I'll have to cancel the card in a couple years as I don't think they move you to a different card, but it appears this is a better card for building credit. Complaints I've noticed are the annual fee, no rewards and Capital One won't transition you into an unsecured account. Now we'll see if they increase the credit line at all without additional deposits.

    I don't really care much about rewards, It's just one of those things, you need a real credit card to build credit, rent a car or reserve a motel room. I just wish in a time I didn't have to apply for a couple cards from different companies and cancel this one.
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  2. #2
    Gold Member
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    Default

    Maybe you should have applied for a secured card with your bank. I know with bank cards they'll graduate you to a normal credit card with good use after some time. Not sure how long exactly.
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  3. #3
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    Default

    Just checked with bank and they'll be sending me an application. Is it possible to get the Capital One application cancelled before they send the card? I guess I was just excited because I didn't know where to apply for a card and was turned down for at least 7 other cards and 2 store cards in the past couple weeks. My bank said I should cancel the the Capital One now before the account ages or I might be closing an account in a year or so that's in good standing. The primary reason for applying for the card was to have good credit reported each month. They also said the first card I received was a very very bad choice and I should cut the card in half and send it back. They said the card charges people with bad credit every penny the law allows while keeping the credit limit low and possibly no chance to get it increased, ever.

    I got a KAIKU prepaid Visa a few weeks back and that should get me by until I can get approved for the correct card.
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  4. Centurion Member MemberSince99's Avatar
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    Honestly the card you got is FAR from the worst. Some of them charge you more in annual fees than your credit limit. Those are the worst you can get.

    As far as cancelling, well that's certainly something you should call them about if you want to do that. You might want to wait and see what your bank does first.
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  5. #5
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    I have the Capitol One Secured as well. I'm stuck with a $275 limit for 8 months, no increases. I'm not entirely sure why; I have heard that at either 3, 6 or 8 months they give you an increase. But never anything huge.

    Honestly, there are better secured cards out there. I have heard that both CitiBank and Bank of America have secured cards that graduate to regular cards.

    Capital One does have a lower annual fee than most cards though. If you don't mind the fee, I don't think it hurts to keep it, but if you can cancel it now and make do without it, that may not hurt too much either. Just be aware that the inquiry will probably be on your report for 2 years (which isn't that bad). I'm not sure if it will show the briefly open account or not.
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