topic Re: Cap1 has Unsecured me :) in Credit Card Approvals

Cap1 has Unsecured me :)

catherine412 — Sat, 07 Oct 2017 17:00:25 GMT

Hi, all. I have had a Capital One secured mastercard with a $250.00 credit limit for the past two years, and it's the only card that I have. (Well then, somehow I applied for another one with a low limit and got it, so I combined them both but still only got a total combined credit limit of $500.00). I was starting to feel hopeless at the 2 year point, that they would just never unsecure it and of course with a secured card they won't up the credit limit, their rep told me on the phone...basically not much controlling power. Well today they didn't tell me but I checked and they unsecured the card (I got an email about it), and uped my credit limit to 1,500.000. It's not quite as high as I genuinely would desire, but I was happy with that since I was going to give up hope. It's a lot more liveable than my credit limit before and considering I have a couple hard inquiriys for applying for new cards that won't disappear for 2 years, i might not be able to get approved for a new card for quite some time so I was happy that they uped it to a more liveable amount of money. Also, take into consideration the fact that I have decided to go back to college FT, and am only a PT worker right now (had to give up a decent paying FT job to bang school out FT in a reasonable amount of time), so I am not really making much money at all right now for a halfway decent credit limit.

I applied for a Chase Slate card two months ago, and feel like I was approved but just got stuck on the verification process....they gave me a list of all the things that could verify my information 3 ways (couldn't use driver's license due to having a separate mailing address than home address), and I couldn't provide that information. I don't own a home, I don't have an apartment anymore, my car was gifted to me and both the car and the insurance are not in my name even though it is my car, i didn't have a bill to show them, my tax form has my mailing address on it so that was a no. They wouldn't accept government clearances, government licenses, or a drivers license. But literally out of what they told me which was steered in the direction of home insurance or car insurance, I could not provide any of that and so I wasn't penalized for it but I didn't get the card. After faxing them multiple things and losing hope, my Cap1 card was unsecured with the CL raised so it was a nice small consolation prize for losing out on Chase.

Re: Cap1 has Unsecured me :)

Anonymous — Sat, 07 Oct 2017 17:28:40 GMT

@catherine412 wrote:
Hi, all. I have had a Capital One secured mastercard with a $250.00 credit limit for the past two years, and it's the only card that I have. (Well then, somehow I applied for another one with a low limit and got it, so I combined them both but still only got a total combined credit limit of $500.00). I was starting to feel hopeless at the 2 year point, that they would just never unsecure it and of course with a secured card they won't up the credit limit, their rep told me on the phone...basically not much controlling power. Well today they didn't tell me but I checked and they unsecured the card (I got an email about it), and uped my credit limit to 1,500.000. It's not quite as high as I genuinely would desire, but I was happy with that since I was going to give up hope. It's a lot more liveable than my credit limit before and considering I have a couple hard inquiriys for applying for new cards that won't disappear for 2 years, i might not be able to get approved for a new card for quite some time so I was happy that they uped it to a more liveable amount of money. Also, take into consideration the fact that I have decided to go back to college FT, and am only a PT worker right now (had to give up a decent paying FT job to bang school out FT in a reasonable amount of time), so I am not really making much money at all right now for a halfway decent credit limit.

I applied for a Chase Slate card two months ago, and feel like I was approved but just got stuck on the verification process....they gave me a list of all the things that could verify my information 3 ways (couldn't use driver's license due to having a separate mailing address than home address), and I couldn't provide that information. I don't own a home, I don't have an apartment anymore, my car was gifted to me and both the car and the insurance are not in my name even though it is my car, i didn't have a bill to show them, my tax form has my mailing address on it so that was a no. They wouldn't accept government clearances, government licenses, or a drivers license. But literally out of what they told me which was steered in the direction of home insurance or car insurance, I could not provide any of that and so I wasn't penalized for it but I didn't get the card. After faxing them multiple things and losing hope, my Cap1 card was unsecured with the CL raised so it was a nice small consolation prize for losing out on Chase.

Congrats on your unsecuring, I know how awesome it feels.

1) If you don't have any particular preference for a CC or CCC, and you basically want to improve credit, I'd steer away from commercial banks (I like Cap1 though) and explore the CUs world, which is pretty big. Advantages being they'll tipically give you higher SLs (sometimes regardless of any income or your current CLs), usually less/lower fees, and they're much more flexible with fair scores and issues in the past.

2) 2 HPs shouldn't be much of a concern. After 12 months HPs are not even computed in your FICO, and after 6 months they also have much less effect. Also, after 5-6 recent HPs on your report any extra HP doesn't affect at all. I.e. I have 16 HPs on my EQ report right now, 13 of which from the last 3 months, and I am counting the days to apply again.

The agressive approach is that every 3 months you should be able to apply and get approved for some LOCs. If that feels like too much, then every 6 months is safer. But 2 years is unnecessary unless you wanted to garden/age your current accounts. However I prefer to apply now and age later than aging 1-2 cards now and apply in bulk in years, bc it'll take me double the time (or more) to reach the same AAoA.

Hope it was helpful

Re: Cap1 has Unsecured me :)

AverageJoesCredit — Sat, 07 Oct 2017 17:30:26 GMT

Congrats on unsecuring, i understand C1 can be difficult to do so. Enjoy your new limit

Re: Cap1 has Unsecured me :)

Anonymous — Sat, 07 Oct 2017 22:31:40 GMT

It be so cool if we could figure out how they conclude who gets unsecured. Is there any rhyme or reason?

Re: Cap1 has Unsecured me :)

Total80sKid — Sun, 08 Oct 2017 06:40:25 GMT

Congrats!

I’m going on 3yrs with my AF secured Cap1 QS1 with a $850 limit.

The fee gets charged in Dec. I will call towards the end of November and ask one more time and if they tell me again that my account isn’t eligible and I will cancel my card instantly.

I don’t have a use for it. It won’t grow with me so why would I want to pay $40 a year for that?

I have cards at $20k now, for goodness sakes

Re: Cap1 has Unsecured me :)

Anonymous — Sun, 08 Oct 2017 06:43:07 GMT

Congrats! As AJC stated, not easy to do with Cap1, so good job!

Re: Cap1 has Unsecured me :)

JoeLuvsHisCredit — Sun, 08 Oct 2017 14:13:19 GMT

Congrats

Re: Cap1 has Unsecured me :)

Shooting-For-800 — Sun, 08 Oct 2017 17:23:23 GMT

OP - Congrats on Cap One.

I have found them to be very generous and forgiving.

Be loyal and make large or PIF payments and they should grow with you.

Sometimes it is easier to open an new account to get better rates and credit lines.

Some starter accounts will have glass ceilings, but they are not saying that you cant get more credit, just have to open a new acct.

Several times I have been denied for CLI and opened a new account with a higher SL than the card I had that I was trying to get CLI on.

Use the card, pay the card, make smart decisions, and hang in there.

Re: Cap1 has Unsecured me :)

Anonymous — Mon, 09 Oct 2017 15:48:21 GMT

Congratulations!!!!!

Re: Cap1 has Unsecured me :)

Anonymous — Sun, 24 Dec 2017 14:57:17 GMT

Two years is a loooooonnnnng time to wait for unsecuring. Of course, forever is even longer. I’d love to get another Cap1 card, but their triple pull policy has me gun shy. I was hoping to PC my secured card when it unsecures, but am becoming discouraged. It just reported my 11th month ... all PIF and on time. Not on the unsecuring.

Re: Cap1 has Unsecured me :)

Anonymous — Mon, 25 Dec 2017 09:05:51 GMT

@Anonymous wrote:
Two years is a loooooonnnnng time to wait for unsecuring. Of course, forever is even longer. I’d love to get another Cap1 card, but their triple pull policy has me gun shy. I was hoping to PC my secured card when it unsecures, but am becoming discouraged. It just reported my 11th month ... all PIF and on time. Not on the unsecuring.

If I remember correctly I believe capital one starts reviewing for graduation beginning at 11 months, so hopefully you'll get some good news soon

I know they've said that they're going to be reviewing ALL secured accounts for graduation but I've seen plenty of people with older ones still secured after a couple years, I think accounts from 2016 or 2017 and on are all on the 11 month policy though (that's not when it'll definitely unsecure obviously, just when they'll START reviewing, I think they'll just continue to do so every month until they see whatever it is they're looking for, and who knows what that is lol)

Re: Cap1 has Unsecured me :)

dsotm76 — Mon, 25 Dec 2017 20:17:02 GMT

Congratulations on your unsecuring! That's amazing!!

I have to admit to being jealous. I've had my C1 Secured with a $500 CL for two years now and they won't do a thing about it. They keep trying to get me to apply for their other cards. When I talk with them about unsecuring the card, they keep saying it's "against their policy" even though I have cited that others have had it done. I don't want to close it since it's my oldest, but when my Sony hits two years, I'll probably close the C1. I'm tired of PIF each month and getting nothing out of it. And I don't want to apply for another one of their cards because I don't want the three HP from them.

Enjoy being in the promised land. You have been chosen as one of the select few. LOL

Re: Cap1 has Unsecured me :)

Anonymous — Wed, 27 Dec 2017 15:57:44 GMT

Cap1 just unsecured me! I’m so excited! I received the notice this morning, which is 5 days after my 11th statement posted. A wonderful way to start the new year!

Re: Cap1 has Unsecured me :)

boomkattack — Wed, 27 Dec 2017 21:05:04 GMT

Congratulations!

Re: Cap1 has Unsecured me :)

Adkins — Thu, 28 Dec 2017 04:10:13 GMT

@Anonymous wrote:
Cap1 just unsecured me! I’m so excited! I received the notice this morning, which is 5 days after my 11th statement posted. A wonderful way to start the new year!

Congratulations!

Re: Cap1 has Unsecured me :)

arenglish — Fri, 29 Dec 2017 14:38:35 GMT

That's awesome! Congratulations.

@Anonymous wrote:
Cap1 just unsecured me! I’m so excited! I received the notice this morning, which is 5 days after my 11th statement posted. A wonderful way to start the new year!

Re: Cap1 has Unsecured me :)

Anonymous — Fri, 29 Dec 2017 15:26:46 GMT

Yesterday, I tried the online luv button for a CLI. I was denied saying that this account had a credit line change recently and so I was not eligible for a CLI.

This morning, I engaged in an online chat with Cap1 and simply asked how I might check to see if I qualified for a PC. The rep I talked with was very nice, and now I’ve been PCd from the Plat to the QS. This really is a great way to start the New Year! Of course, I won’t get the sign on bonus, but that’s fine with me. Everything stays the same, just a reclassification of the card. The card number, account age and CL all the same. I believe the rep said the expiration date will be different on the new cards, which will come in 7-10 days. And I can continue using the old card until the new one arrives!

Re: Cap1 has Unsecured me :)

Shooting-For-800 — Sat, 30 Dec 2017 14:52:57 GMT

Awesome!

Cap One can be very generous.

Re: Cap1 has Unsecured me :)

Anonymous — Sat, 30 Dec 2017 23:09:23 GMT

Congratulations, I am waiting for the same results, I sure hope I'm next!!! 😊

Re: Cap1 has Unsecured me :)

Anonymous — Sun, 31 Dec 2017 00:21:56 GMT

I hope you are, too. Good luck!