Capital One Secured Mastercard CC

Janey1968

Ive had one for about 5 months. Had to pay £49? and have a £200 limit. Always pay full bill at every invoice.
Not looked at credit limit yet to see if it has improved!

john1002

I also have one of these cards, have had it now since august and am expecting my first limit increase in april, always pay off in full, you can apply for there luma card as long as you have held another cap one card for over 6 months. Normal credit checks would apply though. The secured cards are credit checked but of course have a lower cut off point for acceptance.

john

AprilAngel

Ah OK thanks John. I was hoping Capital One would inform me that I'd be eligible for a different card with a higher limit once they'd seen I had managed my secured card account well so I wouldn't have to guess and apply to be rejected. I don't know how it works but it's early days yet I'll see how it all goes.

@Janey I think I had to pay the full £200 as I have zero credit history so I guess they see me as a huge risk having nothing to go on. I think having no credit history is the equivalent of having really bad credit history which I think is a bit unfair because I've never defaulted on anything or needed credit in the past so I think that should be a positive factor. Unfortunately I don't write the rules so I just have to go with it! I'm hoping this will allow me to build my credit rating up.

MrSilk

AprilAngel wrote: »

I think having no credit history is the equivalent of having really bad credit history which I think is a bit unfair because I've never defaulted on anything or needed credit in the past so I think that should be a positive factor.

While I do understand where you are coming from, however from Capital One's and any other credit card providers point of view, you've not been given the chance to default on payments as you've never had any form of credit. It tames time, takes years to build up a positive credit history. Remember lenders can view up to 6 years worth of data on your credit file, so if you do happen to default, it will show on your report for 6 years, and will make it harder to obtain credit, ecpessially from the 'Mainstream highstreet lenders'

Just make sure you always repay in full each month, and don't go above your limit and you'll be fine, after a year, lenders like Barclay's may accept you for their Initial credit card.

http://www.barclaycard.co.uk/personal/credit-cards/initial