topic Re: Capital One Secured graduation question in Credit Cards

Capital One Secured graduation question

brother7 — Sat, 22 Apr 2017 01:27:55 GMT

Does the credit line increase upon graduation? If yes, does it happen immediately or some time afterward?

Re: Capital One Secured graduation question

Anonymous — Sat, 22 Apr 2017 02:50:20 GMT

If nothings changed your limit will increase by $300 after your 6th statement. That is if Capital one says your account is worthy.

Even with this increase for most of us the account is still secured by our initial deposit. That one Credit Limit Increase as history has shown will be the only 1... YMMV though.

Some people are actually getting their accounts to graduate now; others have remained secured for years. Mine is going on 1 year 4 months and is still secured....

Hopefully, someone with an account that has graduated will stop by.

Re: Capital One Secured graduation question

Anonymous — Sat, 22 Apr 2017 06:26:56 GMT

Depdep- Data Suggests that accounts opened AFTER February 2016 are much more likely to Graduate around the 11-12 month mark than those opened BEFORE February 2016.

Capital One is still testing the waters with graduation. I don't know why they picked accounts opened after that but they did.

You get a 6 month CLI regardless of if your "worthy" all you need is no late payments on your Capital One card.

There may be changes in the future so stay tuned.

Re: Capital One Secured graduation question

Aduke1122 — Sat, 22 Apr 2017 06:27:02 GMT

We got ours as a secured card with a 200 limit in February 2016 , at the 6 mth mark we got a 300 CLI and at 11 mths we got an email that our card had unsecured and our deposit was being refunded . Have not been able to get a CLI since then even though it's been over 6 mths since the last increase. They always come back with The account is being reviewed at current credit line

Re: Capital One Secured graduation question

Anonymous — Sat, 22 Apr 2017 16:11:02 GMT

I have had the same experience as Aduke1122. My only difference is that my last 2 denials no longer referenced "account being reviewed at current line" but instead claims they are "assessing usage at current limits." I tried maxing it out and PIF but got the same excuse again after waiting 45 days. Now they can instead view my lack of use because I tossed it in the SD but for a $10/mo bill that automatically uses it. Will see how that works out. I may just end up closing eventually.

Re: Capital One Secured graduation question

Sanjo812 — Sat, 22 Apr 2017 18:57:19 GMT

I've had my Cap1 secured for a little over 3 years. I called because I didn't want to pay my annual fee that was coming up since I barely use the card and the rep told me that they were testing the graduation program on an account by account basis, when I asked about a potential PC. We'll see if I ever get this email.

Re: Capital One Secured graduation question

Aduke1122 — Sat, 22 Apr 2017 19:14:02 GMT

Thanks for the info MikkiD I haven't tried in about 2 mths so I guess I know what to expect now

Re: Capital One Secured graduation question

Anonymous — Thu, 18 May 2017 17:17:10 GMT

Hello everyone,

Yes, you will be upgraded from a Sec Card to an Unsecured after a while. To me it happened exactly after a year of having the card.

I would like to share my experience on the CapOne Plat Sec MC. I applied for a regular card back last year around the begining of the year and was denied. When I was traveling around the end of May, I called home to check on the family and things out, and was told that I had a letter from CapOne. When I got the letter later emailed later that day, it stated that I had only a few days left to reply/call and accept their offer which was that after reviewing my CR they were able to approved me for a $200 CL with a $49 deposit. I decided to give them a chance. 5 months on the dot, my CL went up to $500. This year, on April I received a letter and was approved for a CapOne Venture card with a CL of no less than $12k. Crazy right? Well on May I called to "add" more deposit to my secured card, and found that exactly on that day that I was calling my deposit was returned to my account becase my account was getting and upgrade (graduated). Everything else remained the same. I then waited and read the myFico Forum and learned that I could turn that Platinum MC into a QS card. I contacted them and "No" was the answer I got from the representative , and the CLI didnt went through either with the "Luv" buttton. So I decided to leave it like that, and try later on after 6 months. However, the CLI didnt work as it states that my CL was recently changed (Dec).

But that didnt end up there. While I was checking my current reports today, I noticed an account number on my report that didnt seem right. I called to check and I was told that it was the same as my Venture even though the last 4 were not the same. I decided to ask the very nice lady CSR why I couldnt request a CLI or get my Plat MC changed to a QS and she told me "and who told you, you cant"? I was surprised. I explained her about my previous converstaion with the prev CSR and she said not to worry. She started to read to me some disclosures and told me that my new card will arrived in the mail within 7-10 business days, that my terms and CL and logo will stay the same. When I asked her about that, she said she just upgraded my account to a QS MC card. She explained the rewards and unfortunatelly will not get any sign up bonuses but to enjoy the rewards. So I thank her and right about before she hung up she mentioned "You could have 2 QS you know". That left me wondering but I hung up.

Couple hours later, I decided to call again and requeted to apply for a new card. I went ahead and requested to apply for the QS One. After going through the much harder process (thanks to the CSR, as he was getting the application and if he was typing it online himself for me; which I could just have done it myself), the representative told me if I was ready for my results. I said yes, and he went on to "Congratulate" me on my new approval and the CL of $1K.

So I guess it depends on the CR really. I have other cards too but I still dont understand why a secured card for 200 then got increased to 500, later got approved for a Venture card with 12k and now a QS with just 1K. Crazy right!

Re: Capital One Secured graduation question

Anonymous — Thu, 18 May 2017 17:35:50 GMT

I have have my secured card over a year actually going on 2 years at this point. Have never received a CLI and they refuse to graduate me. It sucks. I may end up closing it. Im keeping hope alive that they will graduate me from this.

Re: Capital One Secured graduation question

Anonymous — Thu, 18 May 2017 18:14:58 GMT

@Anonymous wrote:
I have have my secured card over a year actually going on 2 years at this point. Have never received a CLI and they refuse to graduate me. It sucks. I may end up closing it. Im keeping hope alive that they will graduate me from this.

Dont loose any hope Songburd18. Sometimes credit matters take time. If you have any other cards or is your credit report is worthy, you will get a better deal. Just in case, have you considered any other options at other banks?

Re: Capital One Secured graduation question

SecretAzure — Thu, 18 May 2017 18:33:25 GMT

6 years next month. Secured Crapital one with no increase after the initial 6 months auto-CLI. I talk to a rep via chat every 2-3 weeks (as of the last few months). One finally told me that they wanted something like 11 months of activity so I just started using it again...who knows if i'll ever get the offer to upgrade. If they just want usage, I'm willing to show some but I hate showing activity on so many accounts at once...at most, I like having 2 cards reporting balances. If I don't see something by next year (year 7), I will cancel once and for all. And I'm totally going to ask for the AF to be waived this year...as I've paid it every other year.

P.S. I don't want to close it...I want it to upgrade...it's my oldest card. Yes, I know history shows for 10 years. So what? 10 years from now I'm going to have a drop in my score? However minimal, I don't want that.

Re: Capital One Secured graduation question

Aduke1122 — Thu, 18 May 2017 18:41:50 GMT

Sorry to hear this SecretAzure that's s long long time for a secured card not to graduate, you have way more patience than I do my friend , I'll keep my fingers crossed for you

Re: Capital One Secured graduation question

Anonymous — Thu, 18 May 2017 18:54:37 GMT

@SecretAzure wrote:
6 years next month. Secured Crapital one with no increase after the initial 6 months auto-CLI. I talk to a rep via chat every 2-3 weeks (as of the last few months). One finally told me that they wanted something like 11 months of activity so I just started using it again...who knows if i'll ever get the offer to upgrade. If they just want usage, I'm willing to show some but I hate showing activity on so many accounts at once...at most, I like having 2 cards reporting balances. If I don't see something by next year (year 7), I will cancel once and for all. And I'm totally going to ask for the AF to be waived this year...as I've paid it every other year.

P.S. I don't want to close it...I want it to upgrade...it's my oldest card. Yes, I know history shows for 10 years. So what? 10 years from now I'm going to have a drop in my score? However minimal, I don't want that.

@Anonymous, my friend. First, sorry to hear about this. I also agree with @Aduke1122, it is indeed a very long time for a secured card not to graduate. I know this may not be what you wanted to hear, but I will most definitely suggest you to start looking out for a better card or I should said a better bank. This is of course is my own opinion as I do not know your credit history so. Whatever you decided, I'm keeping my fingers crossed for you.

Oh, you should send a letter to corporate and/or visit personally the local branch if any close to you. Best of luck mate.

Re: Capital One Secured graduation question

SecretAzure — Thu, 18 May 2017 19:02:22 GMT

@Anonymous wrote:
@SecretAzure wrote:
6 years next month. Secured Crapital one with no increase after the initial 6 months auto-CLI. I talk to a rep via chat every 2-3 weeks (as of the last few months). One finally told me that they wanted something like 11 months of activity so I just started using it again...who knows if i'll ever get the offer to upgrade. If they just want usage, I'm willing to show some but I hate showing activity on so many accounts at once...at most, I like having 2 cards reporting balances. If I don't see something by next year (year 7), I will cancel once and for all. And I'm totally going to ask for the AF to be waived this year...as I've paid it every other year.

P.S. I don't want to close it...I want it to upgrade...it's my oldest card. Yes, I know history shows for 10 years. So what? 10 years from now I'm going to have a drop in my score? However minimal, I don't want that.
@Anonymous, my friend. First, sorry to hear about this. I also agree with @Aduke1122, it is indeed a very long time for a secured card not to graduate. I know this may not be what you wanted to hear, but I will most definitely suggest you to start looking out for a better card or I should said a better bank. This is of course is my own opinion as I do not know your credit history so. Whatever you decided, I'm keeping my fingers crossed for you.

Oh, you should send a letter to corporate and/or visit personally the local branch if any close to you. Best of luck mate.

I have other cards...in fact, I have just about every card I want already but I just want my oldest card to become a useful one. I have patience because I believe that they can make the right choice and allow me to upgrade it. I haven't tried the EO office lately but I could try that again however all data points seem to suggest that the "system" chooses...meaning it's completely automated who gets to upgrade and manual intervention is not possible (by reps).

Thank you for crossing your fingers though...and the suggestions.

Re: Capital One Secured graduation question

Aduke1122 — Thu, 18 May 2017 19:14:16 GMT

I think anyone who got approved prior to the way they changed their Secured card rules is kinda stuck , you are not the first person I have seen say this about their secured Cap One

Re: Capital One Secured graduation question

SecretAzure — Thu, 18 May 2017 19:39:36 GMT

Just got off the phone with them. Regular CSR laughed at me as I asked for the EO saying that they were not going to be able to help me. EO said that it just isn't possible that the upgrade program caused a lot of issues in the past so they discontinued the program and now they've re-added the progam for new accounts but said it's impossible for anyone to have had the card upgraded because not enough time has passed for those accounts to be reviewed [by the sytem]. So this leads me to believe it is something like 11 months as I've heard in the past. Also, this leads me to believe that the EO doesn't even know what goes on in the company with their policies and programs.

I'll stick to my plan. I'll give it time. If May rolls around and my card is still secure I will close it and not let Capital One have even one more cent of my money from now until the end of time. There are other lenders with secured cards that graduate. I suggest you advise anyone new to credit to use one of them instead. I know people will still flock to Capital One for the giant limits on Venture but I hope they look at other options before going to QS which was the default cashback card for a time. It's not to say that Capital One is bad...it's just they're not competative anymore and don't know how to build loyalty. They let you get a foot in the door if you're new to credit...but then your foot is all that ever makes it in with them by not allowing cards to upgrade which is pretty sad.