Cap One Secured Approved!

torry590 · ‎09-20-2017

Yay, Capital One Secured Card approved with a $49 deposit. Ill take it! First card in years. I already have plenty of installment loans now time to focus on revolving. I may try for Discover secured or Citi next. Capital One seems to be good at graduating, looks like they start at around 8 months?

EX FICO 585, EQ FICO 598, TU FICO 571

The Good:

Self Lender Loan opened 7/2017

Paid off Car Loan from 2010, no lates ever

Current Car Loan opened 10/2015, no lates

Old US Bank credit card opened in 2009/ closed by me in 2011, no lates 0 balance

Old Installment Loan from an online retailer closed in 2011, paid never late

Two student loans current since 2013 from Nelnet

Old School Loan Lates from 2013 120+, nothing since

Charge off that is about to fall off from my old college, DOFD is 1/2011

Toyota Financial Charge off, DOFD is 3/2013, balance is $10K (not sent to collections, not touching this beast)

Inquiries: EX 9, EQ 2, TU 12.

Anonymous · ‎09-20-2017

Congratulations on your capital one card, mine graduated at 11 months. That Toyota Financial may get sold and come back to haunt you, is it still within the sol? Dv

torry590 · ‎09-20-2017

The car was repoed while I was living in California SOL is 4 years there. I currently live in Nevada, SOL is 6 years here. I have no way of paying that balance, waiting for SOL in my state to expire 1.5 years to go. Hoping the sleeping giant doesn't wake up.

Anonymous · ‎09-20-2017

I hope so too, best of luck to you. Dv

Anonymous · ‎09-22-2017

Congrats! Welcome to the Capital One family.

Anonymous · ‎09-22-2017

Cap One isn't too notorious for graduating. The people who got a card more recently are more likely to have the card graduate so I've heard, but the older accounts they seem to be not bothering to even think about graduating them. I'd personally go with Discover over Cap One for a secured card. Discover secured even offers cash back. Plus they review your account for graduation to a non secured card at 7 or 9 months....I can't remember which, but it's better than Cap One's vague graduation policy.

torry590 · ‎09-23-2017

Discover It secured will be my next secured card. Most definitely.

torry590 · ‎09-24-2017

@Anonymous wrote:
Cap One isn't too notorious for graduating. The people who got a card more recently are more likely to have the card graduate so I've heard, but the older accounts they seem to be not bothering to even think about graduating them. I'd personally go with Discover over Cap One for a secured card. Discover secured even offers cash back. Plus they review your account for graduation to a non secured card at 7 or 9 months....I can't remember which, but it's better than Cap One's vague graduation policy.

I am just glad I signed up when I did rather than sooner as the older accounts do not seem to graduate. I have been reading and reading, the old ones dont seem to. The new ones however seem to get a CLI at 6 months and at 12 months they consider graduation. I know Cap 1 likes to play hardball, we shall see if they actually "consider" graduation.

After 6 months or so with this card do you think I could qualify for an unsecured cap one platinum then product changes it to QS?

Anonymous · ‎09-24-2017

Congrats torry! You're heading in the right direction.