"Secured Card"

Capital One® Secured MasterCard® Review
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Written by: w998afr on 2010-11-29

Overall Satisfaction Star Rating
Customer Service Star Rating
Rewards Star Rating
Account Management Star Rating
Delivery Time Star Rating

w998afr's review: Callout Comment There are serious pro and cons to this card. I posted the other note on the "Young Adults" card also so if you want to see the more "negative" issues about the card, please read that posting.

Regarding this card, I will try to be more objective. When I applied, my scores ranged from 550-599. I don't remember which score was assigned to each bureau. Here is the pattern that I have observed. If I keep depositing $300/month to CD/Savings accounts, then in five (5) years, I will get the Venture Card. I do not intend to withdraw the savings money. If correct, if I leave the money in the bank then the bank knows where I will fund my card then they won't call to verify employment all the time and they will be less anxious about credit line increases beyond the maximum of $3,000 deposit. The end result will be 2 x $5,000 CDs and 1 x $2,000 savings account.


(Select "browse" all cards from their menu)

(Click "find your credit level here" link on the right and you will see this chart)

Analysis of this chart is as listed below:

< 3 years - limited 01-18 mos

< $5,000 limit - average 18-36 mos

> 3 years + $5,000 limit - good credit 36-60 mos

> 5 years + $10,000 limit - excellent credit 60+ mos

Break down of actions to be taken

limited = secured card = $3,000 18 months

average = unsecured card = $5,000 25 months

good = 3 years + $5,000 36 months

excellent = 5 years + $10,000 60 months


venture blue - excellent - 762


capital one platinum prestige - excellent - 751

capital one no hassle cash rewards - excellent - 751

venture gold - excellent - 743


capital one platinum credit card - good - 699

capital one no hassle miles - good - 692


no hassle cash rewards - average - fair - 660

capital one MasterCard - 650


capital one standard - fair - 627

capital one classic - average - 620


Basically, I am changing my habits from being a compulsive spender to being a compulsive saver. I only want one high-grade card. plus from what I have read on other websites, "better" customer is provided at the "prime" level cards. secured card has the "sub-prime" level customer service and they are worthless to me.


Comment 1 by vingstar
Re: Secured Card User Icon on 2010-11-30

Remarks What's the maximum amount of secured cards that Capital One will let you have?
Comment 2 by wanderer
Re: Secured Card User Icon on 2010-12-01

Remarks Consider other card issuers in addition to Capital One. Spread yourself around. Generally Capital One is a good starter (tend not to grow with you). Bank of America and Citi Bank have been good with secured cards graduating and when it is done you have first class prime.
Comment 3 by redeye
Re: Secured Card User Icon on 2011-11-06

Remarks I have had a Capital One Secured card for 3 months now. I have called their customer service line a few times and asked about gradating accounts to unsecured. The first time they said they do not ever do it. The second time the girl seemed unsure what to say. She gave me a maybe/sometimes answer. Then the other day the rep said that the review after 6 months automatically and the decision is made then and that I can also request an upgrade after 6 months. Well see what happens.
Comment 4 by w998afr
Re: Secured Card Got Me Unsecured Dillards User Icon on 2012-09-30

Remarks Hello, I had bankruptcy chapter 7 discharged in 2/2010. I got my Capital one Secured Card in 12/2011 with $49 down for a $200 credit line. Since that time, I have saved and now have a total of $450 unsecured with $2550 secured for a total credit limit of $3000 all in 10 months. My TU score went up to 636 and that allowed me to purchase a used truck from Toyota Motor Credit. I have had the truck about 3 months now and my score went all the way up to 680 then I got stuck with some unplanned car repairs (other car not the truck) and took 2 months to clean up which tanked my score back down to 634 because I was over the utilization %. However, I am now $400 from the card being paid off again and that got me an automatic approval for a Dillard's Card. My Dillard's credit limit is only $400 but that's a step in the right direction.

The trick i have learned is to charge just about everything on the card like i would on a debit card ... normal charges i.e. utility bill, car insurance, cellular bill, groceries, gas, etc. but pay it off within 3 days of the charge going from "pending" to "posted" category and keep a rolling balance of $25 on the card.

My average monthly usage is around $2K a month and i PIF (pay in full) every month. Now that I have the Dillard's Card, it will be $1500/month for Capital One and $500/month for the Dillard's Card. $5K a year on the Dillard's card will get me the Dillard's Elite card which will then lead to the American Dillard's Card at some point in time. I also am paying $100/month "principal reduction" on the Toyota Motor Credit loan so that loan will be paid off 1 year early.

The point in all this for myself is that I have learned from my mistakes. I'll never assume I have a job ever again. I now save for the rainy day and will work a second job if need to keep my finances "golden."

When my annual review comes with the Card, i will keep you all updated. I am curious to see if they will give me another $300 unsecured credit extension again.
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