Never mind what the name means. It's called Capital One for a reason, and one of those reasons is that it's the credit card of choice for people who need a lot of money.
Capital One has been a successful financial services company since it was founded in 1995. The global company has offices in many different countries. Capital One is one of the 100 best companies to work for, according to Forbes. Well, why not? Capital One offers a wide range of financial services, such as home, auto, and personal loans, financing for dental, medical, and cosmetic procedures, and different banking services. Also, the company has a line of credit cards called Capital One secured credit cards that are said to be perfect for people with bad credit.
Safe vs. Not Safe
A person who wants a secured credit card has to put down a security deposit. If you have bad credit or no credit at all, you might only be able to get a secured credit card or an unsecured credit card with high fees and interest rates.
Should it make you feel bad that you have to pay a security deposit before getting a plastic? You could, but doing so would be pointless. After all, there are a lot of credit card companies that will gladly give you a card, but these cards come with high fees when you sign up, when you use the card, each month, and every year. So, if you have bad credit, it makes more sense to send in a deposit to get a Capital One secured credit card.
What a secured credit card can do for you
You could save money by getting a Capital One secured credit card, but you could also get your deposit back. Just make sure you pay the company what you agreed to and don't let your account go past due. Also, if you build credit with a top credit company, you have a better chance of getting an unsecured credit card in the future. You see, if you always pay your dues, you're already making a good credit history. Every time a good payment history is reported to one or more of the major credit bureaus, your credit score goes up.
Secured credit card applications
Even though there are benefits to secured credit cards, you should first apply for a Capital One secured credit card before getting a secured card. This is because the steps for getting a Capital One secured credit card aren't too different from those for getting a secured credit card.
Limits on credit
If you get a secured credit card, the amount you put into your secured account will determine how much credit you can use. The first credit limit on a Capital One secured credit card is $400. You might think this amount is funny. After all, it's not enough to buy a new car or round-trip tickets to Timbuktu. But keep in mind that Rome wasn't built overnight. In the same way, fixing bad credit takes time and is best done one step at a time.
Putting a hold on the secured credit card
People with bad credit have few options left, but the Capital One secured credit card is one of them. So, always be careful not to spend more than you can afford. When it comes to credit scores, 750 is the magic number. If your credit score is at that level, you can get credit cards, car loans, and mortgages quickly. Also, the Fair Credit Reporting Act has been passed by the American Congress. The law sets rules for how consumer credit data is collected, used, and shared. This helps people with bad credit get better credit.
People with bad credit deserve a second chance, and the Capital One secured credit card gives them just that. Don't waste chances to do better. A third one might not happen.
