Personal Finance

Capital One

  • Last Updated:
  • Aug 16th, 2020 12:28 am
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Newbie
Jul 29, 2020
79 posts
33 upvotes

Capital One

Hi

I have the capital one secured card and I'm coming up to that 6 month mark. I still have the original credit limit I did when I started they have said they don't give an increase until 6 months have been completed does anyone have experience with them? Should I go ahead and ask for one after my next statement comes through or just keep waiting until I get an offer?
Last edited by CanadianAW1990 on Sep 14th, 2020 1:28 pm, edited 1 time in total.
12 replies
Deal Guru
Jan 19, 2017
10048 posts
6145 upvotes
CanadianAW1990 wrote: Hi

I have the capital one secured card and I'm coming up to that 6 month mark. I still have the original credit limit I did when I started they have said they don't give an increase until 6 months have been completed does anyone have experience with them? Should I go ahead and ask for one after my next statement comes through or just keep waiting until I get an offer?
Is it a credit card where you don’t need to put your own money first before you can use it?
Newbie
Jul 29, 2020
79 posts
33 upvotes
Yes I secured 300 with it so I can always add more but wanted too see how long it would actually take for me with good payment history to get an increase with them
Sr. Member
User avatar
May 18, 2019
933 posts
513 upvotes
CanadianAW1990 wrote: Yes I secured 300 with it so I can always add more but wanted too see how long it would actually take for me with good payment history to get an increase with them
You won't get a credit limit increase with a secured credit card. You can only add money to it as far as I know up to the limit that they allow for you. After the 6 months pass give them a call and see if you qualify for the unsecured version of the card or for one of their higher-tier cards which have no annual fees. Best of luck.
Deal Guru
Jan 19, 2017
10048 posts
6145 upvotes
CanadianAW1990 wrote: Yes I secured 300 with it so I can always add more but wanted too see how long it would actually take for me with good payment history to get an increase with them
Wow, they don’t even allow you to put more money in first? What they got to loose since you have to put money in first and can only spend whatever amt in your acct. they should allow you to put as much money as you like. you must have a very bad credit history. They don’t even trust the money you put into the acct.
Newbie
Jul 29, 2020
79 posts
33 upvotes
No I can secure up too 2500 I just wanted too see how long it would take to get an increase or have it become unsecured which is what they said they do sometimes I also know of a few people who had it secured at 300 and it was upped to 2500 without them adding any more funds
Newbie
Jul 29, 2020
79 posts
33 upvotes
I think this is how some companies work I asked cap one about if they do it even if it's secured and they said yes but usually not until aster 6 months I've known two people one secured 300 and they raised it too 2500 and another secured 2500 and they raised it to 5000
Sr. Member
Jul 15, 2019
724 posts
588 upvotes
They won't bump you up until their system says you are eligible... which is after 6months minimum. I had the guaranteed mastercard from them started at $1K, and on my 7th statement I was bumped up to $5K.
Jr. Member
Feb 3, 2010
160 posts
74 upvotes
In the past, I applied and was approved for $75 for $300 secured card. 8 months later I randomly got piece of mail that said I was pre-approved for a $3000 increase bringing me to $3300. They absolutely do increases on the secured card without you having to add more funds. Just use the card regularly and pay it and in the future they might increase you. They still have my $75 security and won't refund it but thats fine i don't use that card much as i have better ones but it is my longest standing card.
Newbie
Jul 29, 2020
79 posts
33 upvotes
I think 8 months is a reasonable time I've heard of another who went from 300 that they had secured too 2800 at the eight month mark so maybe that will happen I'm sure that would be a nice boost to my credit score also did you pay off in full every month or did you leave a small balance?
Jr. Member
Feb 3, 2010
160 posts
74 upvotes
CanadianAW1990 wrote: I think 8 months is a reasonable time I've heard of another who went from 300 that they had secured too 2800 at the eight month mark so maybe that will happen I'm sure that would be a nice boost to my credit score also did you pay off in full every month or did you leave a small balance?
I believe at the time, I did both. Some months I paid in full some months I paid at least the minimum payment depending on my situation but I always paid on time. During this time I dont know if capitalone will even do increases but who knows. Goodluck:)
Newbie
Jul 29, 2020
79 posts
33 upvotes
illusionoffire wrote: I believe at the time, I did both. Some months I paid in full some months I paid at least the minimum payment depending on my situation but I always paid on time. During this time I dont know if capitalone will even do increases but who knows. Goodluck:)
Yeah I will let you know how this goes I have just got my credit score increasing steadily and I've heard they increase after 8 months so we will see after that point

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