TheCloudX

Capital One Secured Card Upgrade

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Recently was approved for a CapOne Secured Card. Put enough down to get a $550 balance. Been using it for my revolving bills such as insurance, netflix, cable, and cell phone. I'm paying it off each month. When I signed up, they said I would get an automatic balance increase after 5 months so long as I make on-time payments. I'll be nearing that soon, and since I pay it off in advance, anticipate getting the BI. Few questions on this and next steps:

1) Anyone know what the BI usually amounts to? Is it a decent upgrade?

2) How often does CapOne do BI's?

3) Any realistic expectations of them moving me from the secured account into an unsercured?

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I don't know how they run their secured cards, but the first card I got when rebuilding was Cap1's  $300 limit unsecured card.  They upped me to $500 at 6 months.  My wife got the same card and she also got the $500 bump at 6 months, but then she got another bump to $1,000 at 9 months that I haven't gotten yet.  I had been paying in full each month and then I gave the card to my daughter and added her as an authorized user.  I don't use it anymore other than to check the minimum is being paid.  She's been staying on top of the minimum, but it hasn't been PIF since I gave it to her, so I'm guessing that's why my card didn't get the increase to $1,000 that my wife got.

Even if they don't move you to unsecured, as you know, you're still building credit.  Once you get your score up around 650, try for Chase and Discover.  Both offer 0% for 18 months and are no annual fee.

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Thanks for this! I'm hoping with a few payoffs and goodwills, I'll be to 650 in no time. A clear and strong CL and history on this CapOne is my foot back in the door I hope.

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