topic Re: Cap1 Secured becoming a graduating card?? in Credit Cards

Cap1 Secured becoming a graduating card??

Anonymous — Thu, 26 Nov 2015 05:28:34 GMT

I recently received a letter from Cap1 regarding my secured card, and how cap1 will no longer be offering the option to make additional security deposits to increase the credit limit. The "What if I want a higher credit limit" section is interesting. It states:

"Even though you will no longer be abe to make additional deposits, you may receive a higher credit limit, in the future, based on your payment history and creditworthiness"

I know they have been able to increase the limit without an addition deposit, but now they don't give the customer the option to deposit more funds. Does anyone think it will eventually become a graduating card?

Re: Cap1 Secured becoming a graduating card??

Anonymous — Thu, 26 Nov 2015 08:19:27 GMT

I would venture to say no, but who knows? Their attitude will probably always be "Just app for another product." Womp.

Re: Cap1 Secured becoming a graduating card??

Anonymous — Thu, 26 Nov 2015 10:34:43 GMT

i doubt it. That's been one of the few things cap1 has been steadfast with. It would be nice though for those building credit to get that graduated at some point.

Re: Cap1 Secured becoming a graduating card??

Anonymous — Thu, 26 Nov 2015 10:48:19 GMT

I'm hopeful that they do start graduating. Cap One has made a bunch of myFico friendly changes over the last year (huge CL's, account combo's etc.) that I think it's possible that they may do it.

Re: Cap1 Secured becoming a graduating card??

Anonymous — Thu, 26 Nov 2015 13:36:32 GMT

Can somebody actually post a photo of the real letter?

Re: Cap1 Secured becoming a graduating card??

taxi818 — Thu, 26 Nov 2015 17:25:34 GMT

Probably not. why should they when they luv you to have multiple accounts. at some point there is no point wating more time on secured cards after your rebuild. I still have my cap one secured from over 2 years ago. I keep it for age only. I could care less if it ever graduates honestly. I will pay the $29 fee. just for age sake. Not a deal breaker for me. I have long ago surpassed it. When they gave me my 5k quicksilver. But i understand some think graduation changes things. In fact when my other accounts reach 2 yeras i will be closing the secured alltogether.

Re: Cap1 Secured becoming a graduating card??

SecretAzure — Thu, 26 Nov 2015 21:03:51 GMT

http://i357.photobucket.com/albums/oo11/secretazure/IMG_5499_zpsdtb4rom0.jpg

I got the letter as well. I'll just be happy if the card is finally able to get a CLI. I won't close it if they increase the limit. If I'll be able to upgrade it to QS though, I'll gladly do that and it'll make me way happier with Cap1...as of right now I'm not happy with them.

Re: Cap1 Secured becoming a graduating card??

jeffery581 — Fri, 27 Nov 2015 00:21:09 GMT

Chat with them online to see if there are any offers for your card.

Re: Cap1 Secured becoming a graduating card??

happypill — Fri, 27 Nov 2015 02:09:17 GMT

Cap One secured cards have offered CLIs in the past. I had a $200 secured card (about 3 years ago), and after about 6 months they increased the limit to $300. They didn't unsecure the card and I don't believe the card was going to ever be eligible. If I recall correctly, the inital deposit was $49 for the $200 limit so it was only partially secured, and the increase to $300 was also unsecured but the card itself maintained the initial $49 deposit until closed.

I don't think there's any change in their procedures, but it would be great for those with their secured cards if they would graduate eventually. One important thing to note is that while Cap One doesn't graduate their secured cards (unless something has changed recently), they take very good card of those that use their secured cards responsibly. About a year I got a QS1 for $3k (my first real card after rebuilding, now a Venture One WmC at $5.5k), a few months later I got a Venture for $5k (now $7.5k) and six months after that I got a $30k Venture. I would consider all of those to be better than graduating a secured card with AF and no rewards, so use it well and apply for something new later on.

Re: Cap1 Secured becoming a graduating card??

SecretAzure — Fri, 27 Nov 2015 02:25:11 GMT

@happypill wrote:
Cap One secured cards have offered CLIs in the past. I had a $200 secured card (about 3 years ago), and after about 6 months they increased the limit to $300. They didn't unsecure the card and I don't believe the card was going to ever be eligible. If I recall correctly, the inital deposit was $49 for the $200 limit so it was only partially secured, and the increase to $300 was also unsecured but the card itself maintained the initial $49 deposit until closed.

I don't think there's any change in their procedures, but it would be great for those with their secured cards if they would graduate eventually. One important thing to note is that while Cap One doesn't graduate their secured cards (unless something has changed recently), they take very good card of those that use their secured cards responsibly. About a year I got a QS1 for $3k (my first real card after rebuilding, now a Venture One WmC at $5.5k), a few months later I got a Venture for $5k (now $7.5k) and six months after that I got a $30k Venture. I would consider all of those to be better than graduating a secured card with AF and no rewards, so use it well and apply for something new later on.

Yeah, I think everybody gets one CLI but after that will only increase with deposit.

Re: Cap1 Secured becoming a graduating card??

SecretAzure — Fri, 27 Nov 2015 05:34:44 GMT

The chat rep was useless as usual. He just said they'd periodically check my credit worthiness and would provide CLI as they see fit. I asked if there was one available for me at this time and he continued to repeat that line. He then proceeded to tell me that there is a CLI done at 6 months of ownership on the card...I've had it nearly 4 years...why would they bother telling me this? I asked for a CLI through their system and got a 2-3 day message? Not sure but I have a feeling it's a denial. Lets see.

Re: Cap1 Secured becoming a graduating card??

Anonymous — Sun, 03 Jan 2016 05:54:46 GMT

I received the same letter about CLI and future deposits. I have asked for a CLI in the past after receiving one that took me to $500. I asked for another about a month ago. I received a letter stating that I was not eligible at this time. I ended up applying for another Capital One (unsecured) card and was approved. I don't know that I'll close this secured card yet, but I'm not going to be using it.

Re: Cap1 Secured becoming a graduating card??

itsnew — Sun, 03 Jan 2016 07:03:37 GMT

I've had the Capital One Secured Card for 9 mos now the limit was 300 to start and is 1300 now. Since starting with Cap One Secured, I've added the Cap 1 QuickSilver started at $500>1500 now and the Cap One Plat 500>1500 being upgraded to Quick Silver as of tonight.

Ive also added NFCU - 2900

HSN 3000, WE Financial 500

And a few other store cards, Im not sure how long Ill keep the secured but I know it was the starting point for jump starting my credit history.

Start 11/15 - TU 560 EX 600 EQ 535

Current - TU 599 EX 648 EQ 575

Goal 650 across the board 7/2016