Capital One Secured Just Graduated.

[Anonymous]

Yesterday was the date of my 6th statement on the Capital One Platinum Secured card I opened in late April this year with a $49 deposit for $200CL. Logged in first thing this morning to see as expected/hoped that my CL is now $500. I haven't gotten an email from them yet regarding my deposit refund, but I'm sure it will be coming soon. Just posting to add another dp. I'm not as excited about this as I would have been a couple of months ago, as I just joinied NFCU on Tuesday and got approved for a Go Rewards Visa with $1600SL and also got in with AMEX through Green Card in August.

I do think the Capital One Secured and DiscoverIT Secured are key cards to a fast rebuild though. I opened the DiscoverIT at the same time and hope it will also graduate at the end of 7 months as many have reported. 

[Anonymous]

Might not have graduated, it could be a credit steps CLI increase but it may still be "secured" with that initial deposit!

Report back either way.

[Anonymous]

That's a possibility and I will report back, but from what I understand the secured version of this card isn't eligible for cli. Has anybody on here gotten a cli with the secured Platinum?

[Anonymous]

Some 2016 threads which may or may not still be relevant:

• http://ficoforums.myfico.com/t5/Credit-Card-Approvals/CapitalOne-Secured-CLI/td-p/4776650
• http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Capital-One-Secured-CLI/td-p/4473014
• http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Platinum-Secured-CLI/td-p/4627436

Many more threads if you typed platinum secured cli in the search bar here!

[Anonymous]

Okay, maybe I'm wrong then. I just thought I'd read that newer accounts opened in 2017 were unsecuring quite often now. Either way, I'll take a cli on it and still keep it open since the deposit was only $49, which is their minimum. I may apply for the Quicksilver but I'm not sure if I need it now or not with the new NFCU Go Rewards.

[Anonymous]

It's possible it graduated but the data points I've seen say it tends to graduate at the 11 month mark (or after).  I'm not sure if I've seen any data points graduating earlier than that but please do update us!

As for getting more cards, that's up to you -- if you don't have 3 open CCs, you want 3.  The maximum FICO benefit comes from having 5 CCs but cards #4 and #5 ding your score for 12-24 months of aging.

Figure out your AAoA and base that on if you should apply or not.  I like to keep my AAoA above 12 months but I also want to get it to 24 months and never let it fall below that.  Will take me a year to get to 24 months, though.

[Anonymous]

Thanks. The cards I currenty have other than the Capital One are the DiscoverIT Secured, Walmart Store Card, AMEX Green, NFCU Go Rewards. Others I want to apply for are the AMEX BCE (after Green card statement cut on the 19th of this month) and possibly the PayPay 2% Cashback MC (after I get my first increase from Sync on the Walmart card). According to the Capital One prequalify site, I'm prequalified for the Quicksilver One and Platinum.

[Anonymous]

Regarding AAoA mine is of course below 6 months, since that's when I began my rebuild. It may be better to go ahead and apply for the other cards I want now and take the hit on AAoA since it's so far from 12 months anyway.

[andersk08]

Here’s my story. Applied approved for security card in January 2017. Funded it with $600 and five statements later it was increased to $900. My 11th statement just cut this morning so I went online and applied for an unsecured card and was approved for the platinum at $300. I have read on many separate occasions people getting their secured card graduated to an unsecured a week after the 11th statement has cut so I will be checking my email and my account for that over the next several days. I did call capital one and asked them about graduating out of curiosity and they told me that it is at random and something for me to possibly look forward to in the future. I did try to do a credit limit increase on my secured card and it was not denied right away. I got the usual 2 to 3 business day review response.

[Shadowfactor]

Ever since my own thread about closing this card. I emailed the EO office to get the real story on graduation.

Talked to a lady today about it. They will return your deposit she said, but the card will never see good credit limit increases or any kind of product change. She said they start an internal review at the 10th statement.

I ended up closing mine tonight at 4 months. I hadnt used the thing in 2 months. Have much better cards that get rewards.

Congrats on the CLI