NEWSFLASH: Capital One Secured MC graduation possible!

[brother7]

This is my friend's card. The Secured MasterCard was her very first credit card, opened less than 1 year ago.

Opened: 12/31/2015

Graduation email received: 11/29/2016

Number of statements received: 11

Date of latest statement: 11/23/2016

Balance on latest statement: 0

Her credit profile:

Credit Karma (11/28/2016): TU 628, EQ 621

Credit cards: 2 (Capital One Secured MC 500 CL 0% utilization, Discover it 3000 CL 97% utilization)

Total accounts: 2

Collections: 0

Public Records: 0

Inquiries: TU 2, EQ 4

After receiving the graduation email, she requested a product change to Quicksilver via online chat but was informed there were no pending offers and to check back in a few weeks.

Reading the email, it sounds like the deposit will be returned as a statement credit on her next statement.

[Anonymous]

Pretty cool to know. Got my CS Secured last November and haven't personally heard anything, but not the end of the world. Any idea what kind of spend they were putting on it on a regular basis? I was using mine a fair bit when I first got it, but that has drastically gone down since I got significantly better cards over time. 

[CreditCuriosity]

Glad to here Cap1 is now doing this as well...  Another positive move for cap1!

[gdale6]

Would be good to know if it is going to report as a new account or if the unsecured will retain the opening date of the secured.

[Anonymous]

That is awesome and exciting news. I have had my Secured MC for about a year now. I asked them a few months back about graduating this of a CLI and was told this card doesnt qualify. So now I have something to look forward too. Thank you for sharing :-)

[brother7]

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@Anonymous wrote:

Any idea what kind of spend they were putting on it on a regular basis?

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For the first 1-2 months, she didn't use it at all. After that, her monthly usage ranged from 200 all the way to the limit of 500. She's never been late and always pays in full.

[rmduhon]

This is good news. Hubby and I both have one, his is 13 months, mine is either 11 months or a year, will have to check. Hopefully we'll get the email soon too.

[rmduhon]

Out of curiosity I looked at our secured accounts and noticed 'account combination'. I don't know if it's new or if I just never noticed it before. Does anyone know if that's been there all along?

[Anonymous]

Wow, this is quite the news.  Their website documentation still says the deposit is only refundable if you close the account and nothing about graduation so this may be a bit of a rare case, however, it is very intriguing to many of us that have a secured product with them.

This may make me keep mine until February (2nd anniversary for the card) rather than closing it now, just to see if it graduates.  If it does, maybe I'd try for a CLI and then combine the QS1 and Plat together.

[Creditplz]

Had mine for 14 months as a first card! I really can't complain... good card, good service too in my opinion.