How Much Should Your Secured Credit Card Deposit Be?
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- čas přidán 16. 03. 2022
- How much should your secured credit card deposit be? Those of you who are aware, know a secured credit card deposit determines your credit limit for your secured card. There are exceptions, but for the most part your credit limit is determined by your deposit amount. So how much money should you put down as your secured credit card deposit?
#securedcreditcard #securedcard #creditlimit #deposit #Wateryoursoil
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Thank you for your content, Peace and Blessings to you and your Family
I appreciate it. Thanks for watching, Kevin.
Good advice. Thank you for taking the time to share. 👍
Thanks for watching.
Helpful video. I feel many people have wondered this. Thanks
Thank you for watching.
I think the secured credit card limit should be on the lower end ( $500 or less). Whats more important is utilization and paying on time.
Good point. Thanks for watching, Collin.
Thank you for the information.
Thanks for watching.
Thank you for the info that u experience it helps a lot
Thanks for watching.
23 year old here. Had great credit, then struggled with financial decisions and had my credit ruined because of it. Back on my feet trying to get good credit again. Thank you, your videos help so much
You have the opportunity to turn it around. Thanks for watching, Eugene.
I think the deposit is different for everyone and how responsible they are. Because if your limit is low that will make it alot easier to pay off every month.
Thanks for watching, Ricky.
I finally got approved for a card and I love the advice and knowledge you gave in this video.
Congrats! Get the most out of the card. Thanks for watching.
Great info👍
Had a secured credit with the minimum deposit kept it at 2% and it graduated 7 months .
Nice. Yeah, I had a minimum deposit as well. Thanks for watching.
My capital one secured CC was only for $200. As soon as i improved my credit I jumped got the Quick silver. (Maybe 4-5 months later) . I don’t use those cards anymore, but they were a great starting point.
Yep. They're great for starting out. Thanks for watching.
Just got one deposit was $100 for $200 credit.
Ayy thx for the shoutout man 🙏🏾🙏🏾
No problem. Thanks for watching.
I guess I got lucky because I have 3 secured CC with Wells Fargo,capital one and discover all $3000 credit limit and i didn't have to put down anything ..thanks for the info brother
Thanks for watching.
How did you do that ?
@@timothyburrell7018 he is lying , its not a secured credit card if you dot have to put down a deposit , its just regular cc
So how is it secured if you didn't have any down payments?
Grate vid brother I have no credit history and fumbled a secured card, was trying that pay off early method doesn’t work!
Thanks for watching.
Thanks
Thanks for watching, Annette.
I started with secured card now 14 months later 3 personal 4 business Amex cards.
Nice. Congrats on that. Thanks for watching.
What bank will take 5000k secured card bcuz cap 1 doesn’t
@@timothyburrell7018 discover it secured well.
well ,the more you put down means you can cover a lot of ground, paying bills etc..plus its better to put more down then to wait for the bank to increase it.. like 3 to 6 month before you can get a higher limit..
Thanks for watching.
Unless you don’t mind waiting
not true. If you put down more you'll have higher limit but you are borrowing your own $ from yourself basically. Secured cards also generally have low max limits. So even when you can get a limit increase in 6 months or whatever it will be small. Couple or few hundred $s. Point of secured cards is to raise your credit score so you can get approved for unsecured cards with higher limits. Your credit card score is based on % of on time payments, length of oldest CC line, what % of credit used vs available, prior charge offs, etc. Having a $200 secured card vs $1-2k secured card literally has zero benefits. But it can have its downsides. Lets say you put 2k deposit down. Then you need the money and can't pay back right away. You'll be paying 30% interest borrowing money from yourself. Might as well keep that money in the checking account.
I max my credit card out and pay it off before the statement and due date and mines just jumped 82 points. I haven't carried a balance for 5 months and this is with my cap 1 secured card. I plan on doing the same with my discover card I just got but I'm only going to use that one for gas.
Nice. Thanks for watching.
I did $500 with discover chrome got it back in 6 months.
Nice. Congrats on that.
I think the downpayment is important because once they upgrade I think it will affect how much your credit limit would be. Managing is important but I think a larger deposit looks better on credit report as well.
Thanks for watching.
i plan on velocity banking with it, so $1500-$2500 is my range
Thanks for watching.
I put 200 and got 1200 back after 6 months now I got 2800 on it lower is best
Nice. Thanks for watching.
Do they return your deposit?
@@WalterYT007yes
@@WalterYT007yes i jus got my $200 back today
Lol. I'd say don't put much down at all especially if its cap1. Been a year on my cap1 secured and I still haven't graduated or seen that back despite having my score up almost 200pts and having travel rewards cards and what not. They're hanging on to my $100 deposit as hard as they can
Why was your deposit only $100?
@@WaterYourSoil Just needed a secure deposit for a $200 limit cap1 secured. Not sure why! They only asked for $100 at the time and that’s what they got. Actually, maybe it was 200. I’ll have to check my bank. If it is, then that’ll annoy me a little more 😂
@Little onion dope. Hopefully, they'll get you your deposit back soon.
I put down $49 on my capital one secured got $200 limit..Bye the way new sub here 😁
@@shereebailey8131 yep. Capital One has that benefit. Thanks for the sub.
The way he keeps saying card tells me he’s from buffalo ny their accent is different 😂😂 or Boston
Thanks for watching.
I only need a secure credit card to boost my credit score
They work when used right. Thanks for watching.
Thank you for this video, especially the end because I’m trying to figure out how much to put on this 2nd card I got approved for & the $300 for the 2nd card is what I was thinking & what you said! ♥️
Thanks for watching.
So it’s better to use my card. Wait for the bill then pay it off. Then use it on a Monday and pay it off on Friday. And is it better to pay it off in full after being billed. Or paying the minimum ?
Choose which way works best for you. Always use your own discretion with your credit cards. Thanks for watching.
I have a limit of $200 on my secured card .. how much should I spend a month to keep my utilization down?
I break it down in this video:
czcams.com/video/Nqef6v7V_Is/video.html
30% should be the ideal number.
I just got a 200 limit card on sign up so 10% is 20.00 .. so buying lil thing on Amazon with the card will work ? Cus I shop mainly on amazing?
It's your card, so it's your call. Thanks for watching.
you can spend the entire $200. just make sure to pay it off when your payment is due for the month and it won't affect you negatively. % of credit used out of total available counts for a lot of credit points. If you pay off your balance when its due it will show 0% credit used.
@@Andy-ug2hm zero credit use isnt ideal ? I’m confused
@@obeii1805 its good to have a history showing payments.
Is it possible to increase your credit limit or the deposit while using the secured CC? Thanks for the great info
You would have to contact your credit card company. Thanks for watching.
Once I apply for the card, how long does it take for them to actually send me the card and how long do I have to activate the card?
It depends on which secured card you get approved for. It took them about 5-6 business days to send mine. The best thing to do is to activate it once you receive it.
You are spot on accept I never believe you should be at 1 or 2 percent!! Zero all the way!!
Thanks for watching, Russ.
@@WaterYourSoil love you channel.
@@russdangelo7274 Thank you, Russ.
My deposit was $200 but I deposited $1000 would that affect anything? It’s been about a week and I still haven’t received my card. Which it says can take 2-3 weeks for my card to arrive.
Congrats on getting approved. Thanks for watching.
Brother if you put 5,000 or 10,000 on a secured credit would this help you in getting high credit limits in the future on other unsecured credit cards?
Credit limits are determined by a lot of different factors. Thanks for watching.
@@WaterYourSoil thank you brother.
No. Unsecured credit card limits depend on your credit score and history with the company. You may get unsecured unsecured card with low limits with credit score in 600s. But to get ones with higher limits you'll generally need 700+. The really good ones 750+ even 800+. Credit score is based on % on time payments, length or credit lines, % of available credit vs limit, etc. Having a $500 secured card vs 10k one isn't going help build your credit score enough to qualify for high limit unsecured CCs.
Is discover or capital one better ?
It's all up to you. I'm a fan of Discover, but either secured card helps. Thanks for watching, RyNeshia.
Discover 100% Capitol One are scumbags!
I was thinking of getting a secured credit card for 500$ so I can put my monthly expenses on it would that be a good idea??
Always use your own discretion with credit cards. It's strictly your call. Thanks for watching.
I’m currently doing this with my cap one quicksilver. Mostly going towards my phone, light bill, wifi, and the occasional gas charge. These expenses are not large for me which is something I can pay off within a month. I think it’s a great idea to utilize your bills to build your credit, cause if you think about it you have to pay bills each month why not create a strong credit foundation with it
So let’s say if I got a $200 limit. Does that mean I have to spend $20 or less every month?
It's your card, you decide how much you want to spend. Always use your own discretion with your credit report and credit score. Thanks for watching.
@@WaterYourSoilto get a good credit score do I have to spend less than $20 per month out of the $200 credit limit? Sorry I’m new to this credit card thing.
I actually put 3000$🥴! Is that means I can’t get my money back?
So, if I spend one thousand then I have to get it back to my credit card!?
I don’t understand, the worker said that I can get my money back at any time!
With secured cards you get your deposit back when/if it graduates.
@@WaterYourSoil 🤠 okay, I thought I can get it at any time!🥴 okay they just broke my plans.
Thanks for your great videos
Is 1 secured card are two for rebuilding credit
Thanks for watching.
@@WaterYourSoil you didn’t answer the ?
@@fresh5237 what was the question?
@@WaterYourSoil Is it best to get 2 secured cards are 1 with primary trade lines
@@fresh5237 Its strictly your call. Please use your own discretion when it comes to credit cards and your credit report.
Hey, do you get your deposit back ?
Your card has to graduate from secured to unsecured.
Love famo
Thanks for watching.
@@WaterYourSoil I try to watch as often as possible, I got that bell clicked. Keep pumping em out.
@@Thenochillofcomedy I appreciate the support.
I get $1000 limit because I rent cars and hotel rooms but pay it down weekly
Thanks for watching.
There is no need to put down so much on a secured card knowing you have a goal to get unsecured. As he said, it's not about how much you put down. It's about the usage. I think people when they get unsecured, the bank don't increase the credit they keep it as the same that was deposited, because its how their overall credit history is. The bank will unsecured the card but still watch to see how they improve, then can auto increase.
For the most part, many people have increased upon being unsecured. I only deposited $200 on my Discover it secured card 8 months ago, and yesterday 11:08pm got my email of return deposit, and my credit limit was now $1,000. I suggest people put the minimum deposit unless they choose to deposit more. Just use your overall credit responsibly, and don't run your credit a lot unless it's really necessary. Do so sparingly.
@water your soil - Thank you for doing these videos very helpful. Continue doing what you're doing, helping our community with financial knowledge.👏🏽👏🏽👏🏽
Thanks for watching.
I disagree!! If you put $5000 on a secured credit card when you pay it of utilizing only 7% when you keep paying and graduate the card rolls over and you stay with the $5000 credit you put down and you get your 5k back. So you'll have $5000 dollar credit. at the end of the day you have 5k unsecured credit and your 5 Grand back and repeat the process.. so it really does matter how much you put down my friend!!!
You're free to disagree. It's all subjective. I graduated my Discover secured card with a $200 credit limit. I now have a credit limit on that same card that's much higher than $5,000. Thanks for watching, Danny.
So your saying It would be smart to use the secured card as a checking/ savings account and just hold the high amount in the secured account and eventually that should roll over to useable credit?
Thanks
Thanks for watching.