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Capitol One Secured Credit Card

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Jacqueline Said:

need to have 2 open revolving credit accounts to build a credit score. having 2 secured credit cards help?

We Answered:

Credit cards is a great way to build up a good record. All the credit company's are looking at is that you don't default on your payments and you always pay on time.
Like you've obviously found out it very hard to obtain credit without a credit record as they have nothing to go on then...
Also, here in the UK you must be on the Electoral Role too.

Lois Said:

where do i apply for capitol one secured credit card?

We Answered:

Call Secured card Customer Relations
1-800-608-5227

Miriam Said:

I need a second credit card, which to get?

We Answered:

My advice is to join a credit union, and apply for their card.

First, credit unions are just a good idea to begin with. They don't charge hardly any of the hefty fees banks usually do. Plus their credit card rates tend to be better, and again, they don't charge you those late fees up the whazoo!

Pamela Said:

HOW DO SECURED CREDIT CARDS work?

We Answered:

A secured credit card requires that you deposit money with the issuing bank, and the bank will issue a credit card in the same amount for your use. Secured cards are guaranteed to be approved, because the bank has your deposit money in case you do not pay your balance. A secured credit card for bad credit operates much like a regular credit card. You receive a monthly statement, and you pay your minimum monthly payment or the balance in full each month. You are charged an interest rate, annual fee and possibly other fees for a secured credit card account.

Be aware that with a secured credit card for bad credit, your charges are not deducted from the deposit you have with the issuing bank. The bank is simply holding your deposit in the case that you default on your credit card balance. You must pay your monthly payments, and owe the bank the balance that you have charged on the credit card. You cannot refuse to pay simply because the bank is holding a deposit without further damaging your credit. Read more from: http://www.credit-card-gallery.com/secur

Kristina Said:

What is the best way to repair credit after bankruptcy?

We Answered:

You have the answer- a secured Visa/Mastercard- Use no more than 30% of your limit- don't pay late- pay more than minimum payment but don't pay it off each month. After 6 months they will usually increase your limit. When paying rent- pay by check- the mortgage company is going to want proof of on time rent for 24 months. A handwritten receipt does not work (anyone can write their own receipt). FHA will also let you use non-traditional credit such as light bill- cable bill- etc if you don't have enough credit. Just make sure you have at least a year of that (with everything in your name). Put the $5000.00 in savings now & keep it there. You will need 3.5% down for FHA. No bad credit allowed after the bankruptcy so make sure of that. Good luck! You will need a 620 credit score most likely.

Ruth Said:

Why ping your more than one credit report?

We Answered:

Most creditors like to check more than one bureau so that they can use the average score and also to ensure that no major problem was left off of one report.
All three bureau's are accurate. Some creditors only report information to one bureau and that is why the information is different on the different reports.
Thanks to fair credit reporting laws, you are entitled to one free credit report from the three credit bureaus every twelve months. Go to www.AnnualCreditReport.com
As for obtaining credit. If you look at the fees for Orchard or Capital One you will see that they add up to over $150. In fact, your credit limit will be close to the maximum before you ever get to use it because of the outrageous fees. If you get a secured credit card, you will have to put up $200 security deposit that gets held in a bank account for you. You will then receive a credit card with a $200 limit and the annual fees are usually around $35. That may be a better choice for you. After you maintain good standing with the credit card company for 6 months, you will be able qualify for better credit card offers.
Good luck!

Irma Said:

How long do I wait after paying off all credit cards to ask for an increase in my limits?

We Answered:

You aren't likely to be given a second card issued by the same lender, this is rare. As for the limit increase, you won't be able to ask them to do it, in fact Capital Ones computer systems do not have a method of setting limits manually its completely automated.

Although they won't tell you how the limit increase algorithm works with some research you'll be able to find it out as I have:

Capital One say:
Make charges and purchases with your card
Don't exceed your limit
Make payments on time
Keep your account in order
And on your fourth statement you will be increased.

However there is another condition they neglect to mention but that does determine if you get limit increases:

Never exceed 50% of your credit limit, this includes all purchases, balance transfers and charges etc, effectively you must treat your card as if its limit is half what it actually is.

Your current limit is 1750, you should limit your spending to 800, never exceed this, ever. Treat the card as if 800 was its limit. Follow all the other conditions and on or after your 4th consecutive statement obeying all of the above, you will be increased, remember even as the limit increases never exceed half the balance in any four month period and you will be increased.

You are probably wondering why they do this, in reality almost all credit card issuers do this, its to do with Financial Risk Management http://en.wikipedia.org/wiki/Financial_r

Basically, someone who exceeds 50% of their credit limit is deemed as someone who cannot control their finances, they are seen as having little self control and deemed as a high risk volatile investment. Your Ad Here

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