New to site time line added

[madison]

Hi all, just had a great time reading everything I could on this site! What a great idea to share all these experiences! So my story, got overwhelmed after 20 yr marriage ended, was a housewife so really didn’t ‘learn’ the ins and out of financial management(still no excuse), got overwhelmed and credit suffered…did some research online and decided to apply for cap one as it seemed to be the best suited for rebuilding credit, premier card has you pay $95 for a $300 limit but fees are high, and Orchard is what you put down is what CL you have, so Capital One it is! My time line: Applied Jan 25, approved instantly for $99 deposit with CL of $200..still wasn’t secure about it so did more research, found out my sister had gotten one so I made my deposit on 2/23, funds were deducted from my bank same day, Image approval email received from cap one march 5th(if you choose a custom picture for your card, it takes an extra week or so), received an email today stating card shipped was shipped yesterday-3/8. Excited to begin rebuilding my credit. I have had 11 major surgeries in last 5 yrs, had to stop working and am on work comp and disability due to work injury etc, ick. My goal is to repair my credit post bankruptcy which I ‘had’ to file because of tens of thousands in medical bills and I hope to purchase a home in 24 months or less. I have a vehicle loan which I managed to get almost a year ago and I have paid on time and paid extra every month. Score went from 483 when I applied for loan last April to 594 currently and I am anxious to see what it will go up to once I activate and use the card for teenie purchases in the next couple months. I too have read never to exceed 30% of your available credit without paying it down. There seems to be no clear cut answer as to’if’ adding more money to increase ones CL with this card is a good choice or not… If you do add more money to increase the CL, doesn’t that becomes part of your security deposit too, meaning you wont get it back unless you close your account or they decide to upgrade you to an unsecured??, something I haven’t heard happen here….sooo I am going to be mindful and cautious before I decide to increase the limit. Any thoughts?

[Get Ahead]

Welcome to the forums Madison.

Glad to hear that you are on your way to begin rebuilding your credit.

I did want to comment on one point you brought up. You asked if you add more money to the card, where does that money go.

You are correct, any additional funds you deposit to Capital One….grrrr….are held with the rest of your initial deposit.

I have tried to ask that all my money I put in be refunded to me, minus the initial $200 I had to deposit. I was told that if I wanted any money back, it was all, and close the account, or none. That is why I refuse to deposit more for a higher CL. I am doing just fine with $500 but wish it was higher.

Adam

[fontanaman]

Hey Madison, welcome to the forums! First of all congratulations on your new card and it’s good to hear that you are feeling better.

I agree with Adam, any additional funds you ad become part of your security deposit, which will only be refunded after you close your account. Some people are ok with this and keep adding money. It’s up to you. I also have a $500 CL and decided this was more than enough. Instead I opened a 2nd secured card which offers graduation, and put all the money I could in there knowing that if used responsibly, it will be refunded after 12-18 months.

I suggest you use your Capital One responsibly for 6 months and then try getting a 2nd one either from Bank of America, Citi or a bank that offers graduation. Who knows, maybe you’ll even qualify for an unsecured card then. CapOne is great to start with, but unfortunately it will not grow with you, so have this in mind.

[vonnieg328]

Hi, im new to the site also and i have a few questions. . .I have had a capitalone card for many years. I have also paid $8.99 for creditinform. How did i not know this service was free to cardholders? Should i cancel creditinform and register with capitalone? Should i join myfico? Just at a lost. . .Thanks in advance for your help.

[fontanaman]

Hi vonnieg. Welcome to the site. Please next time start a new thread with your question. This helps keep the forum organized and each topic clean.

As far as I know, the creditinform service offered for free by capital one is for people that are approved for their secured card. If you have had a card with them for many years I suspect it’s not a secured card so you might not be elegible for this offer, but you might want to call and check.

[fontanaman]

Capital One offers free enrollment in CreditInform if you are approved for their secured card. This service lets you track your credit information, including FAKO scores.

[Author]

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