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Cap 1 Secured Q

Valued Member

Cap 1 Secured Q

I know, as do most of the human race, that Capital One loves their money enough not to hand it out freely, or sometimes, at all. A year ago, my scores were garbage. A little over 6 months ago after extensive PDF's, my scores improved significantly, and I got a Cap1 Secured. Since then, I've been approved for both Amex Gold and Green, (I took the Amex Green, slightly better AF), so I have to say that Cap1 did their job. Now, Cap1 has never gotten a dime in interest from me. In return, I got no CLI at 6 months. Is there a correlation here, or is that coincidental? Are they hatin' because I hate interest and PIF? Or should I brush it off as a lag in the system and hope for an increase in the near future? Perhaps I'm being overly eager to get an unsecured CLI from them. Any thoughts?

Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so. ~Douglas Adams

Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 1 of 12
11 REPLIES
Valued Contributor

Re: Cap 1 Secured Q

 


Jesster wrote:

I know, as do most of the human race, that Capital One loves their money enough not to hand it out freely, or sometimes, at all. A year ago, my scores were garbage. A little over 6 months ago after extensive PDF's, my scores improved significantly, and I got a Cap1 Secured. Since then, I've been approved for both Amex Gold and Green, (I took the Amex Green, slightly better AF), so I have to say that Cap1 did their job. Now, Cap1 has never gotten a dime in interest from me. In return, I got no CLI at 6 months. Is there a correlation here, or is that coincidental? Are they hatin' because I hate interest and PIF? Or should I brush it off as a lag in the system and hope for an increase in the near future? Perhaps I'm being overly eager to get an unsecured CLI from them. Any thoughts?


 

Cap 1 and CLIs dont go well. Even if you get a CLI from them you wont get a lot and will be stuck again for a decade. I will forget abt CLIs from CAP1. There is no relation between paying interest and CLIs. I got a couple of CLIs from CAP1 and I never paid them a penny. If your scores look decent, I will wait for Amex to show up for a couple of months then apply for chase freedom or a local CU.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 2 of 12
Epic Contributor

Re: Cap 1 Secured Q

Also even though it's been reported in the past, Secured cards don't usually get CLI's until after it becomes unsecured.

Message 3 of 12
Established Member

Re: Cap 1 Secured Q

Typically but Capital One secured cards usually DO get CLIs ranging from $100 - $400 ( depending on the deposit ) sometime after 6 months.

Message 4 of 12
Valued Member

Re: Cap 1 Secured Q

And from what I was seeing late last year, it was happening often, and (maybe) like clockwork. Granted, I'm not too many weeks beyond the 6 month point, and I may be completely jumping the gun. I was more curious that since I was of little profit by means of interest, that there may had been some correlation between that and CLI's. One of those classic "We're making money from you by late fees and/or interest, and it's apparent that you like charging more than you can pay, so please, take this extra thousand and sign your financial future over to me" ccc moves. While I don't fall for their shenanigans, I'd love an unsecured CLI. I won't give up unnecessary money to gain one, though.

Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so. ~Douglas Adams

Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 5 of 12
Valued Member

Re: Cap 1 Secured Q

And by the way, has anyone heard of anyone having the Cap1 graduate, or is it still too early for that? It is my understanding that the card wasn't offered in it's current form until sometime in May '10...

Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so. ~Douglas Adams

Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 6 of 12
Senior Contributor

Re: Cap 1 Secured Q

IMO, Giving out unsecured CL to their secured card is one the great features of the Capital One secured card.  No one else does it that I know of.

 

I just got my $300 increase a few weeks ago.   I have never paid any interest and I let the monthly utilization on that card go to almost 90% at times.  

 

I believe you need 6 full statements closed and then the review is the following month and then they mail the letter.   So It is more like 8 months from the time you apply.    Good Luck.  

 

 

Message 7 of 12
Valued Member

Re: Cap 1 Secured Q

i'm just impatient. I've yet to have a bad experience with Cap1, they're a great (re)builder card, without a doubt.  It makes sense that they review on the 7th month. I'll just hold my breath until I get an increase. If I never post again, call the paramedics...

Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so. ~Douglas Adams

Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 8 of 12
Established Contributor

Re: Cap 1 Secured Q

i'm in the same boat, january was my 6th month and i already paid my february balance, always PIF every month.  The only thing I can't figure out is how they decide how much to give for the CLI, my initial deposit was $200 so I'm afraid my CLI will only be $100.  If there was something I could do the make it higher, I would, I just want higher credit lines to up my credit score.  I also found out that I probably should have applied for the Cap1 Platinum unsecured with the score I had at the time I applied in July (about a 550), now I'm @ 606.  They seem to approve almost everyone for that card.  Anyway, just wanted to chime in and say i'm waiting for my CLI too, and hopefully some others will post what their amounts were when they got theirs versus their initial deposit...

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Message 9 of 12
Valued Member

Re: Cap 1 Secured Q

There's a smorgasborg of posts about unsecured CLI's on secured Caps. I can't really say I noticed any correlation in deposits and CLI's, but I'm far from a Cap1 rep, so I could be way out of line. You know you can add funds yourself if you choose, right? I started at $400, but upped it to $600 to help utilization. Those low limits suck, since a RC Cola and a pack of imitation Fun-ions will dang near put you over limit...

Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so. ~Douglas Adams

Cap1 Secured - $700 (chopping block)/ Amex Green / AmazonGEMB - $3200 / Amex BCE - $3200 / Chase Freedom - $3000 / Discover More $3500
Message 10 of 12