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I agree, I think Capital One offers the best deal in terms of a low deposit. I was approved for a $200 CL card with a $49 deposit. But for some reason I also thought that they would give the deposit back after a number of months, but now that I go back and read, they only say your deposit is “refundable”, but when you close your account.
One thing that I do like is that “you may earn credit line increases based on your payment and credit history”, which basically means getting unsecured increases (I’ve already had a $100 increase). All in all I think it’s a great card and it’s serving its purpose.
I think I just got caught up in the “my score is a little higher, let me see what I can get” phase.
That’s really funny! I see that happening to me as well, going on an app spree. I can actually see it coming.
Congratulations on your HSBC unsecured card, that has to say something about how you are handling your credit now.
What do you think about Capital One’s policy on refunding deposits. I was about to send an extra deposit for a CL increase but now I’m thinking about getting a second secured card instead. For example, I like that both Citi and Bank of America will refund your deposit after 18 and 12 months respectively. Capital One only mentions they’ll refund your deposit after you close your account, and I don’t plan to close it any time soon!
Excellent advice ambersun. Just like you, my first experience with credit was in college. I used to get calls and offers through the mail all the time and that’s how I got my first credit card. I wish it was as easy now for me to get credit as it was back then!
Unfortunately I didn’t use credit responsibly then and I’m suffering for this now that I have a family and want to buy a house (I’m sick and tired of paying rent and living in small apartments!). But well, I just need to be patient. I’m using the Capital One secured card to rebuild my credit and I think I’m moving in the right direction (hopefully).
It’s good to hear from other people that have been through this so thanks for posting!
If you don’t mind the question, can you tell me what is the other MC that you have (is it a secured card?) and also, how has your experience been with the Capital One Card.
Thanks!
