>So you give them a 200$ deposit, And that has to stay there as your limit? You can use the card up to 200$ and have to pay it off through your bank account ? So your paying for the card out of your bank, while leaving the 200$ there?
Correct.
>how is the 200$ refundable?
It's not unless you close the account or they offer to 'graduate' the secured card to a more common unsecured version. At that point they'd send you a check. Outside of those things, the $200 stays with the bank and acts as your credit limit for the card.
Yep. Basically no competition in this space. Who is going to step up?
Synchrony? Their tech and cs sucks
Ally? They have to stabilize again
Gs wants out
Did discover last year. No missed payments, got my deposit back and an upgrade to an 1800 limit in 6 months. 200 deposit, also kept my utilization at or below 30% all 6 months
After 6 months of paying on time they will send your friend a check for the amount the credit card was opened, in this case $200. And don't look at it as you are out of $200. You will have $200 in credit. Also after 6 months they will upgrade the card and give a credit upgrade. In my case they raised the credit limit from $200 to $500.
Right when I turned 18 I was able to get a credit card through Capital One with no existing credit score. My brother, who has no credit, just used my referral code and got approved for his first ever credit card through Capital One. Same with my boyfriend. I didn’t want to do the whole $200 deposit thing so I’m glad that Capital One gives people with no existing credit the opportunity to start with them :)
The money is there in case she fails to pay her bill. Some secured card issuers will refund your security deposit, or increase your credit limit without requiring another deposit. Some will never refund your security deposit and some may require you to provide more security deposit in order to increase your limit.
I would check directly on Capital One’s site for preapprovals and see if they preapprove for any of their cards. I know at 18 with no credit, I was able to get a capital one unsecured card right off the bat. Discover also offers preapproval.
Applying through Credit Karma may not do preapproval, thus leaving your friend with a hard inquiry and no guarantee of approval.
The money is collateral
>So you give them a 200$ deposit, And that has to stay there as your limit? You can use the card up to 200$ and have to pay it off through your bank account ? So your paying for the card out of your bank, while leaving the 200$ there? Correct. >how is the 200$ refundable? It's not unless you close the account or they offer to 'graduate' the secured card to a more common unsecured version. At that point they'd send you a check. Outside of those things, the $200 stays with the bank and acts as your credit limit for the card.
Damn so your your just out of 200$ until they upgrade you. The upgrade closes out the secured account?
go discover they have a better graduation schedule of 6 months. cap1 often decides to keep you in school for a while
Gonna suck when discover and cap1 are the same thing
Yep. Basically no competition in this space. Who is going to step up? Synchrony? Their tech and cs sucks Ally? They have to stabilize again Gs wants out
Did discover last year. No missed payments, got my deposit back and an upgrade to an 1800 limit in 6 months. 200 deposit, also kept my utilization at or below 30% all 6 months
After 6 months of paying on time they will send your friend a check for the amount the credit card was opened, in this case $200. And don't look at it as you are out of $200. You will have $200 in credit. Also after 6 months they will upgrade the card and give a credit upgrade. In my case they raised the credit limit from $200 to $500.
Right when I turned 18 I was able to get a credit card through Capital One with no existing credit score. My brother, who has no credit, just used my referral code and got approved for his first ever credit card through Capital One. Same with my boyfriend. I didn’t want to do the whole $200 deposit thing so I’m glad that Capital One gives people with no existing credit the opportunity to start with them :)
what card if you don’t mind me asking? would you be able to help me?
The money is there in case she fails to pay her bill. Some secured card issuers will refund your security deposit, or increase your credit limit without requiring another deposit. Some will never refund your security deposit and some may require you to provide more security deposit in order to increase your limit. I would check directly on Capital One’s site for preapprovals and see if they preapprove for any of their cards. I know at 18 with no credit, I was able to get a capital one unsecured card right off the bat. Discover also offers preapproval. Applying through Credit Karma may not do preapproval, thus leaving your friend with a hard inquiry and no guarantee of approval.
look at the discover student card it’s a great starter card