Converting Capital 1 Secured Card Questions

[reneasworld]

So, I have frequently read about people calling and requesting their secured card be converted? I recently has success with CLI'S on my two non secured Caps but they tell me the secured is not eligible. It will be three years with this card. Only received an increase once from 300 to 750. My other two unsecured are higher now and I have not had those for a year yet. How do your request a conversion?

[Ashes]

The Capital One secured card does not graduate. It remains a secured card until you decide to close it, get your deposit back and apply for one of their other unsecured credit card products. I had my secured card for four years and just recently closed it because it served its purpose and it was time for me to move on.

[Anonymous]

I have read somewhere that they can decide to give a cli but you can't request it. Haven't seen it personally tho. No conversion tho, as Ashes said it's secured til you decide to close it.

[reneasworld]

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@Anonymous wrote:
I have read somewhere that they can decide to give a cli but you can't request it. Haven't seen it personally tho. No conversion tho, as Ashes said it's secured til you decide to close it.

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It is true. I initially opened the account with $100 and they gave me a 300 limit. About a year and a half later they increased my CL to 750. Nothing since.

[needtodobetter]

I have had my secured Cap 1 for three years and have never rec'd a credit line increase.  I always made more than minimum payment and was never late.  For the last few months, I have been PIF.  Last month I did email them to ask why I never rec'd a CLI on the secured.  I do have an unsecured card with them and have received a couple of CLI.  The email response I got back was that they periodically review the secured accounts for CLI and sometimes graduation.  I was really surprised by the graduation comment.  I have not heard of it happening to anyone though.

[JamP]

We discussed this a bit on this thread 

http://ficoforums.myfico.com/t5/Credit-Card-Applications/General-cap-one-question/m-p/4051096#M64859

and this one

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Capital-One-upgrades/td-p/4054403/page/2

[taxi818]

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@Anonymous wrote:
I have read somewhere that they can decide to give a cli but you can't request it. Haven't seen it personally tho. No conversion tho, as Ashes said it's secured til you decide to close it.

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This is correct. They dont allow card holder request for cli's but they will give you one if they want to. and there is no conversion. Once your profile improves. you basically have two choices like in my case. Leave it open don't use it and pay the AF every year as the cost of doing business. seeing i only have 49 dollars of my own money involved. no way will i ask for that chump change back. but i pay 29 each year for the history. Or your other choice. Close it and apply for other products. which is also good choice. they will show you their dedication.

I have 3 cap one cards.

My secured. 800 dollars. don't use. pay af each year.

my quick silver $5500

and my Venture. 5k. total with cap one. $11.300. more than enough.

[Erusidhion]

    I would keep the card until you obtain 4 of their average/excellent credit cards which include: Platinum, Platinum Classic, Quicksilver One which are the Average Credit and the Quicksilver, Venture, Venture One which are the Excellent Credit. Until you get these 4 cards at least having the Secured Card long term is adding to/building your relationship and trust with Capital One. That's really the only advice I can give in your situation. Once you have the 4 cards you can probably drop the Secured and then get another Quicksilver/Venture/Venture One and be at their total of  5 cards. Someday if they combine limits... myFICO/Creditboards is going to have some people with $250k+ lines of revolving credit with Capital One... insanity.

    If you can, apply for 2 cards at once since they only HP you once. If both are denied there is really no loss except the one HP on each bureau and not two HPs on each bureau. Good luck!

[reneasworld]

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@Erusidhion wrote:

    I would keep the card until you obtain 4 of their average/excellent credit cards which include: Platinum, Platinum Classic, Quicksilver One which are the Average Credit and the Quicksilver, Venture, Venture One which are the Excellent Credit. Until you get these 4 cards at least having the Secured Card long term is adding to/building your relationship and trust with Capital One. That's really the only advice I can give in your situation. Once you have the 4 cards you can probably drop the Secured and then get another Quicksilver/Venture/Venture One and be at their total of  5 cards. Someday if they combine limits... myFICO/Creditboards is going to have some people with $250k+ lines of revolving credit with Capital One... insanity.

    If you can, apply for 2 cards at once since they only HP you once. If both are denied there is really no loss except the one HP on each bureau and not two HPs on each bureau. Good luck!

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How do you apply for two cards at once? I have never heard of this or do you mean on the same day and have the CBS combine inquiries? 

[Erusidhion]

    Just do one application and right after you apply for one, you immediately do another application for another Capital One Card that you want on the same day. I am not sure of the time period in which you would qualify for only one hard pull for both but it's probably 12-24 hours; maybe less. This is why it's recommended to just try to apply for two of the cards; one after the other.

    But yes, somehow it's only one hard pull for two cards in their system. I have no idea why it works that way but a lot of people have had success including myself.