topic Re: Capital One Secured in Credit Card Applications

Capital One Secured

Anonymous — Wed, 18 Jan 2017 01:58:42 GMT

I've had my Capital One Secured card since April of last year, started with a $200 CL and received an automatic CLI in Oct/Nov to $500. My question is, how long do they normally take before they unsecure?

Seems like Discover is quicker with this as I've had my card since May of last year, $200 CL as well and it currently stands at $1700 CL and unsecured this past November at exactly at 7th month statement cut.

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 02:37:56 GMT

I don't believe Capital One unsecures. But there have been rumors that some have. I've had my secured about a year and a half. Holding out hope the rumors are true. If mine does not unsecured by 2 year mark probably gonna close it.

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 03:11:06 GMT

I had a capital one secured card for about two years and it never unsecured so i closed it. I called many times to try and unsecure it and they said they didn't unsecure anymore. But like the above poster said ive seen of people receiving an email that they had been unsecured. Good luck

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 04:29:09 GMT

I got mine when my FICO was 610 about 5 months ago now my score is 664 FICO which is more than enough for a good unsecured card so I'm hoping they unsecure me soon otherwise I'm closing it.

I actually app'd for this one and then the quicksilver card and they just cancelled out my quicksilver app because they said they had some 6 month rule even though I would've been approved for the unsecured.

There's really no upside to keeping the card there's no rewards or benefits really plus your money isn't accruing interest if it hits a year and it doesn't unsecure I would close it and app for an unsecured card if your score is 600+

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 16:49:03 GMT

Wow, I had no idea Capital One didn't unsecure. So there really is no point in keeping the card other than AAoA and since I'm new to building credit (this past April) it be smart to stick with them for at least a year since it was my first card.

What should I do after the year? Venture or QS? This is after gardening a bit of course. Can it be PC to either or or should I just close it?

Re: Capital One Secured

SecretAzure — Wed, 18 Jan 2017 17:51:45 GMT

@Anonymous wrote:
Wow, I had no idea Capital One didn't unsecure. So there really is no point in keeping the card other than AAoA and since I'm new to building credit (this past April) it be smart to stick with them for at least a year since it was my first card.

What should I do after the year? Venture or QS? This is after gardening a bit of course. Can it be PC to either or or should I just close it?

Talked with Capital One last week. They do unsecure cards. It is something recent and done completely by automation. We have no data as to what triggers the system to upgrade someone. No amount of talking with representatives (over the phone or chat) will get you a different answer. Here is a direct quote from my chat: "Unsecuring is a relatively new feature, and we are assessing opportunities to increase eligibility in the future. Please keep your account in good standing as we periodically review accounts for eligibility."

I have had the card just over 5 and a half years. I'm still crossing my fingers that they'll upgrade me. It could be because I don't use it often that I haven't been upgraded but I simply don't know if that's true or not. I do pay my $29 annual fee (this was a thing back then).

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 18:23:37 GMT

Seems like they're a little uptight about this. Good to know, we'll see what happens after the 1 year mark. Thanks for the info Azure, I really appreciate it.

Re: Capital One Secured

SecretAzure — Wed, 18 Jan 2017 18:30:07 GMT

I'm thinking of calling the execuitive office this week to see if that would make a difference. I will make a new post if this works but either way I'll respond to yours if I get any useful information. I'm happy to be of service to the myfico forums.

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 18:31:43 GMT

Considering you've had that card for 5+ years, calling the executive office to try and get them to budge I'm sure will be a positive thing. I mean, 5 years is a long time.

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 18:52:53 GMT

I'm pushing up on 2 years and mine and my wife's are still secure. We're going to wait until June/July when the annual fee is due and close them. Served its purpose and now it's time to move on.

Re: Capital One Secured

SecretAzure — Wed, 18 Jan 2017 18:57:03 GMT

@Anonymous wrote:
Considering you've had that card for 5+ years, calling the executive office to try and get them to budge I'm sure will be a positive thing. I mean, 5 years is a long time.

You'd think that...but this is Capital One...so who knows. I've called before these cards were upgrading and got a flat "never gonna happen" from them. Things have changed so I figure i'll give it another shot. It's my oldest card so if I could upgrade it to QS I would be incredibly happy and definitely use it more.

Re: Capital One Secured

Anonymous — Wed, 18 Jan 2017 18:59:43 GMT

Hmm based on you guys replies it seems like this card is just to get us in our feet on the rebuilding stages and then to the trash it goes. I guess there isn't any PCing this card huh

Re: Capital One Secured

SecretAzure — Wed, 18 Jan 2017 19:16:07 GMT

@Anonymous wrote:
Hmm based on you guys replies it seems like this card is just to get us in our feet on the rebuilding stages and then to the trash it goes. I guess there isn't any PCing this card huh

I wouldn't give up just yet. Especially if you're using it...they could upgrade it but no one knows how common that is yet or how much they expect you to use a card with a tiny limit and high APR.

Re: Capital One Secured

SecretAzure — Fri, 20 Jan 2017 15:03:39 GMT

The executive office now connects you with the regular customer service line. I got someone who doesn't speak very good english and was not capable of providing me any help. I didn't expect them to over-write a policy but maybe offer some other peice of information other than what the chat bots say. She says accounts will be reviewed periodically and to keep my account in good standing and an offer will come up. 5.6 years in good standing apperantly isn't enough. I'll hold onto the card because I'm (still) home shopping but I don't think I'll keep it open for very long after that...and I am stubborn and like the creditors, I hold a grudge. Capital One will not only never make a dime off of me but will definitely be losing money on me when I get my deposit back.

Re: Capital One Secured

Anonymous — Sat, 21 Jan 2017 20:09:50 GMT

Unfortunately we've been debating this for over a year.

Cap-1 'promised' that formerly ungraduatable cards would be considered for graduation, especially since they stopped the ability to increase CLs with additional deposit funds....That was LAST February, as in 2016

Yet, they've graduated NO cards
They said secured cards, would be evaluated for CLIs just like other cards but that has NOT happened, period.

Bottom line the Cap-1 secured CC does NOT graduate!
Used to be a go to product but now with multiple HPs and no graduation, it's a NO go, just a place holding rock on your credit profile.

Re: Capital One Secured

Anonymous — Sun, 19 Feb 2017 15:19:54 GMT

Great news!!!

I just checked my email and received this!!!

They refunded me my $100 deposit directly into my account yesterday. My card was originally a $200 secured card and got bumped to $500 in October. Since it is now unsecured, I wonder if I can do a product change? I am so thrilled this happened because I was considering closing it.

Re: Capital One Secured

Anonymous — Sun, 19 Feb 2017 19:27:34 GMT

Wow that's great how long have you had the card? I'd assume 10 months since October was your CLI

Re: Capital One Secured

Anonymous — Sun, 19 Feb 2017 19:37:39 GMT

@SecretAzure wrote:
The executive office now connects you with the regular customer service line. I got someone who doesn't speak very good english and was not capable of providing me any help. I didn't expect them to over-write a policy but maybe offer some other peice of information other than what the chat bots say. She says accounts will be reviewed periodically and to keep my account in good standing and an offer will come up. 5.6 years in good standing apperantly isn't enough. I'll hold onto the card because I'm (still) home shopping but I don't think I'll keep it open for very long after that...and I am stubborn and like the creditors, I hold a grudge. Capital One will not only never make a dime off of me but will definitely be losing money on me when I get my deposit back.

They shut down the EO phone number a while back - the only reliable way to get through to them these days is via e-mail to the CEO: richard.fairbank@capitalone.com

Re: Capital One Secured

Anonymous — Sun, 19 Feb 2017 19:42:30 GMT

@Mat4200 I've had the card since April 2016 so not even a year. I'm really surprised that it became unsecured based on the earlier responses on this thread.

I did call in and asked for a PC but they do not do product changes for a card that used to be secured. Basically if you want to ever do a product change with them the card cannot start as a secured card.

Also, I tried doing a CLI online and was denied with the following reason: "there was a recent change on your account"

Re: Capital One Secured

Anonymous — Sun, 19 Feb 2017 19:44:58 GMT

@Anonymous wrote:
@Mat4200 I've had the card since April 2016 so not even a year. I'm really surprised that it became unsecured based on the earlier responses on this thread.

I did call in and asked for a PC but they do not do product changes for a card that used to be secured. Basically if you want to ever do a product change with them the card cannot start as a secured card.

Also, I tried doing a CLI online and was denied with the following reason: "there was a recent change on your account"

It's possible they don't PC (but I doubt that, you probably got a clueless CSR) - I'd recommend waiting 2 months and trying again via online chat.

Good Luck!