Capital One secured credit card offers those with no credit or bad credit an opportunity to build and/or rebuild credit. This is very attractive to those who have had a rough patch in their credit profile and wish to rebuild a positive credit score.
The way it works is they’ll review your credit to determine if you’ve ever had credit or what your past credit history looks like. Depending on what they see (or don’t if you’ve never had credit) on your credit report, they may extend a Capital One secured credit card offer to you.
If they do, they’ll determine the amount of your security deposit and the amount of your credit limit. They use several factors to determine these amounts, which are subject to change at any time. Once they receive your security deposit, they will issue you a secured credit card and send it to the mailing address that you provided on your credit application.
Over time, Capital One will periodically review your credit (usually once every six months, but it may only occur once per year, depending on the type of card you applied for). They do this for a variety of reasons such as increasing your credit limit or lowering your interest rate.
With a Capital One secured card, you will also receive many benefits such as 24/7 roadside assistance, mobile apps that allow you to have immediate access to your account, account alerts that let you know when your payment is due or when you’re too close to your limit and you can add an authorized user if you wish. Adding an authorized user to your account gives the user the same access you have, but it gives them a card with their name on it and it helps their credit in addition to helping build a positive credit history of your own.
As you continue to positively build your credit with Capital One, they may increase your credit limit, which helps boost your credit score because it shows that you are taking steps in the right direction which may open other lines of credit for you in the future.
Many users report that the Capital One secured credit card has worked wonders for them and made it possible to purchase a home, obtain an auto loan and said that it was easy to seek approval. According to some of the consumers who have this particular card, they’ve reported that Capital One alerts them quickly if there’s suspicious activity on their account and have said that online payments post quickly once they’ve paid their bill using the online bill pay feature.
All in all, 91% of users would recommend this card to a friend or family member who is needing to rebuild their credit. This number has been taken from over 11,000 reviews, most of which are 5 star reviews praising the card and giving it credit for the positive impact it has had on their credit score. Overall, this card receives a rating of 4.4 out of a possible 5-stars.