Comments for New Dirt

Comment on Capital One Secured Credit Card Review – Credit Diary Part II by Kel

Kel — Sun, 05 May 2013 08:32:58 +0000

Well beware I have had my Capital One secure card since Nov and opened
with a $500 deposit. I have paid the balance off every month and was
very happy with the company until 4/24/2013 when I decided to increase
my limit and sent in an additional $300 to Capital One, the deposit
cleared my bank on 4/25/2013 and Cap one increase my credit limit on
4/4 and on the same day they place a restriction on the total credit
line of my account so I could not use my card at all. When I talked
with their fraud dept they told me that this is done for all secure
accounts when you send a additional deposit to increase the credit
line. The account is placed in a restricted status so you can not use
any of the credit line and it stays that way until you call Cap One and
then they call your bank to verify the account the deposit was drawn
on. What crazy crap this is. I have worked for banks most of my career
and this is a new one even for banking. They have placed a hold on the
total credit limit not just the $300. So beware because this was never
explained to me or could I find any info around this procedure on the
cap One web site.. So now I know be careful with my money when it comes
to banks..

Comment on Capital One Secured Credit Card Review – Credit Diary Part II by Louie646

Louie646 — Fri, 03 May 2013 05:54:35 +0000

Wonderful post.Highly informative and up to the point.
Keep up the good work

Comment on Capital One Secured Credit Card Review – Credit Diary Part II by newdirt.org

newdirt.org — Wed, 20 Mar 2013 15:21:00 +0000

If you would like to win $100 for your secured card deposit or credit building efforts, check out our 2013 giveaway. Requirements are very simple and are posted here: http://www.newdirt.org/forums/topic/2013-one-hundred-dollar-giveaway-by-newdirt-org/

Comment on Bank of America Secured Credit Card Review – Credit Diary Part III by newdirt.org

newdirt.org — Sat, 09 Mar 2013 21:03:15 +0000

Hello Amber,
When applying online, if you are not approved instantly, I think you should expect to wait between 2-3 weeks. I applied at the bank and was given an instant decision there, so I can’t confirm. It might be less but I doubt it. You can always call the applications status number to see if you can get an update over the phone.
Good luck and let us know how it went.

Comment on Bank of America Secured Credit Card Review – Credit Diary Part III by Amber Cuevas

Amber Cuevas — Tue, 05 Mar 2013 20:52:34 +0000

I applied for this boa credit card 2 days ago and haven’t,heard anything regarding approval. My question is how long before I know I’m approved?

When I applied it gave me a message saying that they needed more time to make a decision. Will I get an email when the decision is made?

Comment on Bank of America Secured Credit Card Review – Credit Diary Part III by newdirt.org

newdirt.org — Sat, 23 Feb 2013 15:15:28 +0000

You are right Patrick, BOA is known to be picky, even with their secured card. There are other secured cards, like the one Capital One offers for instance, that are much easier to get. You might have to wait a little longer to apply for a card with BOA, though you should check their small print on their secured card application, I remember reading something about this there. Applying in person might give you a different result as well. Good luck.

Comment on Repairing my Credit with a Secured Credit Card – Credit Diary Part I by newdirt.org

newdirt.org — Sat, 23 Feb 2013 15:04:37 +0000

Hello James,

Though prepaid cards can be practical in certain situations, they do not build credit. What you need is a secured credit card that reports to the three credit bureaus (if you don’t qualify for an unsecured credit card that is). A prepaid card isn’t reported to the credit bureaus because it isn’t related to a debt obligation like a credit card is, so you can’t establish credit history with one. Here’s a related article that you might find useful:

http://money.cnn.com/2012/05/08/pf/prepaid-cards-what-to-know/index.htm

Comment on Repairing my Credit with a Secured Credit Card – Credit Diary Part I by James west

James west — Sat, 23 Feb 2013 10:48:52 +0000

Just want to start rebuilding credit with a prepaid credit card don’t know which 1 to choose

Comment on Bank of America Secured Credit Card Review – Credit Diary Part III by patrick

patrick — Mon, 11 Feb 2013 20:04:49 +0000

I believe Bank of america can be a little vindictive. I filed for chapter 7 2 years ago and they wont even approve a secured credit card. Where’s the risk?

Comment on Bank of America Secured Credit Card Review – Credit Diary Part III by newdirt.org

newdirt.org — Sun, 27 Jan 2013 23:08:31 +0000

The annual fee is $39. My deposit was refunded in full a couple of days after the card unsecured. No hidden charges, in fact, this is a cash rewards secured card even though it is not advertised as such. I was never late so I wouldn’t know about late charges, but this is a secured card, you should never pay late if you want your card to graduate…

Overall it was a great experience and I can say for sure that the BOA secured card is a much better card than the Capital One secured card (which I also have), thought from what I’ve heard, it seems the CapOne card is much easier to get.