Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
OmgNhanci

0 Contributions
0 People Helped
REBUILDING: Wells Fargo Secured or Capital One Secured?
I am new to CK, and am very grateful for all the knowledge and information it provides.

Anyhow, I applied for Capital One CC but was denied and approved for a secured card instead. I have to put $200 deposit in order to get that line of credit. I currently bank with Wells Fargo and am debating on getting their secured card, I applied and my deposit would be $300.

If you want a higher CL, you can deposit more funds on both cards. My thing is I rather deposit the minimum due, in hopes of getting a CLI, once good standing is established. But do they really do CLI? Is their a chance for an upgrade to unsecured?

My credit score fluctuates between 612 - 620 with the CB's. All my baddies have fallen off except a few hospital bills which are a little under $500.00 total. I currently have two HP on my files. Any thoughts, would be greatly appreciated.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1756 Contributions
3022 People Helped
Most Helpful Response

Helpful to 3 out of 3 people

Capital one will not give CLI's on a secured creditcard unless you deposit more money to increase your limit.   

Most secured credit cards (99%) can not  be upgraded to unsecured cc.  Sorry

good luck.

Reply by
Anitap814

3 Contributions
1 Person Helped

That is not necessarily true. I got a secured Capital One CC for $200 (pd $49 app fee/secured deposit) in November 2015 because I am rebuilding and then less than a month later got an unsecured CC from them as well for $500. I made purchases and payments on both, never paid full amount, just min plus a little more. After 5 months of on time payments they increased my secured card to $500. My unsecured one did not increase because I did forget a pymt, but made it the next day. They waived the $25 late fee and said after 5 timely pymts that limit would increase as well. So I did not have to make additional deposits on my secured card for them to increase it, they are doing it every time I have 5 on time payments.ur Reply

3 Contributions
1 Person Helped

CapOne Secured CC is great!!

That is not necessarily true. I got a secured Capital One CC for $200 (pd $49 app fee/secured deposit) in November 2015 because I am rebuilding and then less than a month later got an unsecured CC from them as well for $500. I made purchases and payments on both, never paid full amount, just min plus a little more. After 5 months of on time payments they increased my secured card to $500. My unsecured one did not increase because I did forget a pymt, but made it the next day. They waived the $25 late fee and said after 5 timely pymts that limit would increase as well. So I did not have to make additional deposits on my secured card for them to increase it, they are doing it every time I have 5 on time payments.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.