Read this Secured Credit Card Story



A recent CapitalOne credit card offer via email convinced me that they prevaricate frequently and misrepresent what they know about their potential card holder’s credit worthiness. As you can see in the snail mail solicitation, they included a fake card with the cornball name Lee M Cardholder. I guess there are people who are impressed with such fake gimmicks, but they probably live in the backwoods of Arkansas or Mississippi.

This particular credit card promotion stated We recently reviewed your credit information and designed an offer that we believe is the right one for you. They then wrote that if I made the first five payments on time, they would increase their  microscopically low credit limit.

How do I know they could not have reviewed my credit history with Experian or another credit bureau? I have an $8000 credit limit card with Sam’s Club which would qualify me for much better deal without the BS of having to make 5 consecutive on time payments. I can see the necessity of that requirement for somebody who had never had a credit card before or has bad credit, but not somebody with a solid and long credit history.

I paid for a secured CapitalOne credit card a long time ago. They wanted $200 down. They sent me a piece of crap card with only a $300 credit limit. I paid on time for 6 months and they NEVER upgraded my credit limit past $300. I had just moved to the United States and needed to build a credit history in order to raise my credit score. I got a better offer from Sam’s Club Master Card, making average monthly payments of over $1200! They kept raising my credit limit without me asking. This is great because you won’t get your credit dinged by hard inquiries like with BankAmerica Visa card.

So I cut up my CaptialOne card and will never use them again. My credit score has gone through the roof because of my always on time payments with a much better Master Card than the one they offered.

CapitolOne master card solicitation misrepresents what it knows about your credit hustory
CapitolOne master card solicitation misrepresents what it knows about your credit  history

2 comments on “Read this Secured Credit Card StoryAdd yours →

  1. One has to admire the honesty and integrity of Lasha G. who resides in Oakland,CA. She is a responsible you woman who admits her financial blunders, but is mature and accountable enough to not shirk her responsibilities. Nothing but respect for the Sista!

    I was ghetto. I accumulated up almost $10K in college buying mindless crap and living beyond my means. Going to college with a bunch of rich kids will do that to you Bought a desktop computer and a laptop computer during college which made little sense, since I worked in a computer lab all 4 years of college for work-study. Got behind in my bills and it was the most stressful and shameful experience ever. Paid my debt off during my first 2 years of work after college. Accrued around 8000 dollars in debt again moving from Houston to San Francisco and buying new apartment furniture and many other items I could not afford. I also went on a “much deserved” shopping spree after I got a promotion, that did not pay shit, at my last company.

    I quit my last job which stopped all my “unhappiness spending” that I was doing, I moved from a studio to a 4 bedroom apartment for a year to reduce my rent by 50%, and I’ve learned to get things I want/need without buying them new. I now have 3 major credit cards and a car note. The 1st card was paid off in September and I’m paying off the 2nd card this month. The third card and my car note will be paid off in February. I have a combined credit limit of $20K that they keep raising to my dismay, but I’ve learned to not carry my credit cards and therefore, not to be tempted. Yes, I’m proud. And yes, I’m looking forward to financial (and mental) freedom and a savings account in the new year…

    Now if I could only get rid of those pesky student loans, I guess I am destined to push that Sisyphean rock up the hill my entire life!

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