topic Re: Cap1 Secured - New Policy in Credit Cards

Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 13:55:26 GMT

So, they dropped the secured deposits this weekend.

I had a $300 start CL. I logged in this morning, and without requesting, I now have a $600 CL. This card is 6 months old, good usage and always PIF.

Wondering if anyone else saw the same/similar?

I'll be combining this with my QS1 after closing on my house.

Thanks!

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 14:44:03 GMT

Mine still has the make a deposit link below total credit line amount.

I really hope they do allow secured card account combos or at least PC

Re: Cap1 Secured - New Policy

jacetx — Mon, 18 Jan 2016 15:08:46 GMT

@Anonymous wrote:
So, they dropped the secured deposits this weekend.

I had a $300 start CL. I logged in this morning, and without requesting, I now have a $600 CL. This card is 6 months old, good usage and always PIF.

Wondering if anyone else saw the same/similar?

I'll be combining this with my QS1 after closing on my house.

Thanks!

Is your card a secured card? If so, unfortunately you can't combine secured/partner cards with unsecured cards.

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 17:09:25 GMT

@jace8602 wrote:
@Anonymous wrote:
So, they dropped the secured deposits this weekend.

I had a $300 start CL. I logged in this morning, and without requesting, I now have a $600 CL. This card is 6 months old, good usage and always PIF.

Wondering if anyone else saw the same/similar?

I'll be combining this with my QS1 after closing on my house.

Thanks!
Is your card a secured card? If so, unfortunately you can't combine secured/partner cards with unsecured cards.

It is secured, however, according to CSRs, I will now be able to combine this card with a non-secured card. Both accounts/cards have to meet certain criteria (usage, length, etc), but they can be combined now.

Thanks!

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 17:16:52 GMT

@Anonymous wrote:
Mine still has the make a deposit link below total credit line amount.

I really hope they do allow secured card account combos or at least PC

According to CSRs, they will be allowing combos. I'm not sure about PC though. I'm also not sure if the deposit will be held, or refunded either. I do know you can combine though.

Re: Cap1 Secured - New Policy

jacetx — Mon, 18 Jan 2016 17:41:44 GMT

I would call and verify that information. I just chatted with a CSR and this was their anwer.

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 19:16:33 GMT

Well worst case is they make no serious change to secured cards other then no more deposits, and in that case I will close the card on my next statement date so that in a few months I can get the QS1, the secured card has been stopping me from getting the subprime qs1 because I have 2 cards with cap one

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 19:27:28 GMT

@jace8602 wrote:
I would call and verify that information. I just chatted with a CSR and this was their anwer.

You should ask for a different rep.

http://ficoforums.myfico.com/t5/Credit-Cards/Future-Changes-to-the-Capital-One-Secured-Card/m-p/4394412/highlight/true#M1260561

8th reply down.

Also, I had the conversation this morning with a CSR myself. I received an unsecure CLI, and he said I will be eligible for account combination in May. YMMV.

Thanks!

Re: Cap1 Secured - New Policy

jacetx — Mon, 18 Jan 2016 19:37:07 GMT

We all know about the secured cards getting CLI's now with the new program. However secured cards combination never has been YMMV since they have never been able to be combined. I guess we will see what happens. It would be great for those with secured cards.

Re: Cap1 Secured - New Policy

Anonymous — Mon, 18 Jan 2016 19:44:59 GMT

@jace8602 wrote:
We all know about the secured cards getting CLI's now with the new program. However secured cards combination never has been YMMV since they have never been able to be combined. I guess we will see what happens. It would be great for those with secured cards.

Yea. I agree. The reason I say YMMV is because I was tol this morning that I would be able to combine mine with my QS1. However, I called, and they said that they aren't eligible to be combined. I don't know what to believe. Guess we'll see in May.

Thanks!

Re: Cap1 Secured - New Policy

Imperfectfuture — Tue, 19 Jan 2016 00:16:11 GMT

@Anonymous wrote:
@jace8602 wrote:
We all know about the secured cards getting CLI's now with the new program. However secured cards combination never has been YMMV since they have never been able to be combined. I guess we will see what happens. It would be great for those with secured cards.
Yea. I agree. The reason I say YMMV is because I was tol this morning that I would be able to combine mine with my QS1. However, I called, and they said that they aren't eligible to be combined. I don't know what to believe. Guess we'll see in May.

Thanks!

If they are overseas reps, they are wrong. Cap one does not pay for the type of training like amex does. If you call, and get US reps (call the rewards number, or ask to be transferred), then you get accurate info. NEVER GO OFF FOREIGN CHAT REPS, unfortunately, due to lack of training, and lack of knowledge US credit laws. Some companies are exceptions. For instance, can not rely on Chat for comcast, but told to call US reps to fix problems.

Re: Cap1 Secured - New Policy

Anonymous — Tue, 19 Jan 2016 02:51:54 GMT

So after stumbling upon this thread I gave cap1 a call.

I have a qs1 account with recent CLI's that I opened AFTER my original secured platinum. My credit profile has improved substanially since the secured card so i figured I ought to close it. I have the QS1, Kohls cap one, and GM buypower cap one. Always reading the rule of "only two sub-prime credit capital one accounts open at the same time" the american rep i spoke with just now says shes seen many instances of 7-8 open credit accounts and said very firmly secured account combinations are not going to happen its just a rumor floating around. She then went on to say shes checked with various departments today and they confirmed this is not true. I of course dont know what to believe. But too darn late anyhow i closed the secured account the other day.

Re: Cap1 Secured - New Policy

Anonymous — Tue, 19 Jan 2016 14:06:02 GMT

@Anonymous wrote:
So after stumbling upon this thread I gave cap1 a call.
I have a qs1 account with recent CLI's that I opened AFTER my original secured platinum. My credit profile has improved substanially since the secured card so i figured I ought to close it. I have the QS1, Kohls cap one, and GM buypower cap one. Always reading the rule of "only two sub-prime credit capital one accounts open at the same time" the american rep i spoke with just now says shes seen many instances of 7-8 open credit accounts and said very firmly secured account combinations are not going to happen its just a rumor floating around. She then went on to say shes checked with various departments today and they confirmed this is not true. I of course dont know what to believe. But too darn late anyhow i closed the secured account the other day.

That's good to get relatively firm information. The rep that I spoke with on chat said YES, when I called, I was told NO, chat rep last night said NO. I also called again last night, received another NO. At this point it does appear that NO is the firm answer. It's really upsetting to have received innaccurate information in the beginning (and I'm not the only one).

Thanks all!

Re: Cap1 Secured - New Policy

Anonymous — Tue, 19 Jan 2016 14:35:37 GMT

I think it only makes sense, If you have a deposit with then, the last thing they want to do is deal with losing track of it. so it makes it very simple to just allow only 1 deposit and when your ready close the account.

I would think they would allow graduation at some point, but maybe they found it more valuable to keep the deposits until closed by customer.

Re: Cap1 Secured - New Policy

ryox03 — Tue, 19 Jan 2016 16:47:35 GMT

I still have the link for deposits on my account but this is exactly why I have been holding out on cancelling my secured account.