Capital One Secured Credit Card

lala9

Has anybody had one of these/applied for one of these?

Any thoughts on them?

immoral_angeluk

I sincerely hope they don't exist.

Also, I'm moving this to the credit cards board as isn't relevant to bankruptcy. It should get better responses there.

fermi

immoral_angeluk wrote: »

I sincerely hope they don't exist.

By 'secured', looks like they actually mean by a one time security deposit.

http://www.capitalone.co.uk/creditcards/secured-credit-card.jsf

immoral_angeluk wrote: »

Also, I'm moving this to the credit cards board as isn't relevant to bankruptcy. It should get better responses there.

If they are really easier for a discharged BR to get and build up a positive credit history, then they would be extremely relevant.

But with most of these things, apparent short cuts usually turn out to be nothing of the sort. As the pre-paid cards reporting to CRAs as loans has shown, where they are next to useless.

lala9

I posted in the bankruptcy area as I am a discharged bankrupt trying to rebuild my credit, and exploring different avenues. But thanks anyway x

UsetheFORCE

I have one of these, paid £200 deposit for a £200 limit card, sounds a bad idea???

No, it's been brilliant, after 6 months you apply for their progress card and hopefully they should give you that on the back of a well run secured card. Also green 00000's on a CREDIT CARD should do wonders for your file. It works exactly like a regular card.

I now have a unsecured card with 200 limit and my partner received as 500 limit.

So to recap, pay the deposit they ask for, upto £200. Run the account well for 6 months then apply for their progress card.

Regards

immoral_angeluk

fermi wrote: »

By 'secured', looks like they actually mean by a one time security deposit.

http://www.capitalone.co.uk/creditcards/secured-credit-card.jsf



If they are really easier for a discharged BR to get and build up a positive credit history, then they would be extremely relevant.

But with most of these things, apparent short cuts usually turn out to be nothing of the sort. As the pre-paid cards reporting to CRAs as loans has shown, where they are next to useless.

That's a relief!