Works exceptionally well!!
So I promised myself I would add a review if things worked out well for me, and they did! I started with this card with virtually no credit score. I was approved for a $200 credit limit with no money down. However, I added additional money to give myself a higher limit. So I am near the six month mark and ck shows I have a score of EF 683 and TU 684. However, this was grossly off. When I was alerted I have a new FICO score from my bank, upon viewing it, my score was 747. Wow! So it took me a few days to make a decision of applying for a new card. I’m very mindful of how to use my credit after working so hard for it. I want to diversify my credit so I have to space out my credit applications. This is mostly for big purchases such as a home, car, etc... Generally, I will wait 6 months in between credit dings. So I applied for an Amex and I was approved! I’m very excited to say the least.
I accomplished this by always allowing my statement balance to close and be reported at 1% utilization rate. After my statement balance closes, the very next day I pay off that 1%. So when the due date comes around to pay off my balance. I don’t have one! Also, pay multiple times per month just to keep your bill low. Just ensure your statement balance close at anything below 10% utilization. 1% is the most optimal range.
Just wait, be patient, and vigilant and good things will come. Follow those rules and you will have amazing credit. Everything else comes with more time, higher limits, score increases = lower interest rates!
A little disappointed by their report
I have the card for 7months now, and I was patiently waiting for updates of their reports. I like the card coz it helped me build my score way up for the 4mons using it but just 2 to 3mons ago I noticed that they report IMMEDIATELY the balance but it takes like 3months to for them report you already paid it off...3months ago I had to use the card for urgent in like 15% of my credit limit, then I paid it off before the due. I waited like 2months if it will show to my record, unfortunately it's already 3months now and the balance is still the same. Making my credit score lower or not moving. I am thinking to cancel this card and get a different one. Any suggestions?
Do not close your card. I know you want to see if your credit scores have gone up but closing your card could cause your credit rating to drop. Just don't use the card for any further purchases. They should be reporting scores quarterly, normally that is how it is done. Use Credit Karma or a similar secured credit site to check your scores (I know Credit Karma is great for updates) and periodically check, (Credit Karma usually emails you.) But if you close your card now, it will have a negative impact on your credit rating. If you do need to use your card, use it for small purchases which you can pay off easily which will show consistency.
its not capital one its the Reporting agencies, the lag behind one another alot during certain times of the year be patient eventually your profile will calibrate itself in the CRA
Great starter card!
Got approved for this card with a $49 down payment. Just got my 6 month increase to $500 limit. Not sure why people are saying it’s inadequate, it worked and still works well for me. Capital One app is a breeze to use and my credit scores are going up due to responsible use.
Great Card to rebuild credit
This card along with one-time payments to my Mortgage company has help boost my CS from 408-599 in 6 months.
I keep my utilization between 1-5% and never carry a balance. The also increased my CL to $500 after 5 months just like they said they would automatically. Very happy with this Card
Excellent starter card
This card eill give your credit the boost it needs. Just always pay in full each month and remember to keep the utilization low.
One Month in and already see CS increase
I am just finishing the bankcruptcy process so of course my CS across the board starting at an average of 460-ish. After only one month with my card with a $300 limit I saw an increase of +58 points on Experian, +57 points on Equifax and +62 points on TU. I keep my utlization between 30-40%, I make 2 payments BEFORE my due date. I will continue this as I know that this credit rebuild will take time but I am willing to wait for this hard work to pay off and so far, just one month in, it is showing positive benefits!
How long did you wait to apply after filing bankruptcy
Better then credit one hands down
It's a great card for begginers as long as you at least make your minimum payment on time every month before you know it you will get a credit limit increase and other offers will cone your way if you choose to take them.
I apply for several cards trying to staring over my credit and finally I got approved by capital one platinum, the credit limit is only $300 but I am still exciting for the future... and I know this is the only the biguine for a new history... so I recommend for people like me have been applying and no luck ... my scores is 660 590
With high or low inquires? I am really nervous about applying for this card. I got declined a few years ago..
you should have got the Securdd Discover card because this catd do not Graduate no more and it will be stuck at 500 dollar limit until you close it
In my case with high inquires ... I don’t know I think it’s was just lucky... it’s my first card after a disaster and trying get back in track 😁
Good for rebuilding, bad for long-term
I was approved to open this card with the $49 deposit, so which I added an additional $500 deposit for a $700 credit limit.
After making payments on time for five months, my limit was only increased $300, so I applied for the the unsecured Discover It card and was immediately approved for a $2500 limit.
I find it strange that a company that I have no history with is willing to extend me more credit than one I've shown a history of responsible use for AND HAVE A DEPOSIT WITH.
Grab it if you need it, rebuild, then let it collect dust as soon as you're comfortable applying for a better card.
I love Capital One! Amazing card! Good for credit repair & score boasting!
Hasn't been a good experience
I would not recommend this card for anyone Capital One Secured card never get unsecured and getting a credit line increase is like pulling teeth and we all know that's painful no matter how responsible you are with using the Capital One Secured card even after a year they will not give you a credit line increase they constantly tell you your account is periodically reviewed we all know that is BS bypass on getting this card even if you have bad credit I recommend discover secured card they will unsecured the card after 5 months of making your schedule payments plus they will give you a major credit line increase unlike Capital One