topic Re: Capital One secured Platinum graduation in Credit Cards

Capital One secured Platinum graduation

KJinNC — Fri, 24 May 2019 18:55:55 GMT

I have a recently opened Capital One Platinum card with a $300 deposit/$300 limit. I have it set to pay my Netflix bill every month, and then be paid using autopay, although I'll probably manually pay before autopay kicks in. I have also used it for a few small charges here and there.

My questions:

1 - Does this card graduate? I have seen conflicting info about this. If it does, I assume to the unsecured Platinum, or do you get a choice?

2 - If/when it graduates, does the account keep the same age, or does it open as a new account?

3 - Any advice for how I can maximize my situation with regard to this card? How to graduate faster, what choices to make once it does graduate.

4 - Does having this secured card prevent me from applying for or receiving a different, unsecured Capital One card until this card is graduated?

I also have Discover secured, Citi secured, Primor Green Dot secured, and Amazon Store Card unsecured, so, I don't need any other credit cards for now. Also have a Self Lender$500 loan and My Jeweler Club $5k membership.

Re: Capital One secured Platinum graduation

Shaw83 — Fri, 24 May 2019 19:11:55 GMT

Congrats on your card....I just saw a post saying cap1 isn't graduating secured cards at the moment.

Re: Capital One secured Platinum graduation

Shaw83 — Fri, 24 May 2019 19:12:45 GMT

I would focus on the discover and Citi cards honestly.

Re: Capital One secured Platinum graduation

FinStar — Fri, 24 May 2019 19:18:51 GMT

Unfortunately, based on the most recent information, it appears that the secured cards are no longer graduating. Of course, knowing this is Capital One, it's possible they'll change that policy again in the future.

Re: Capital One secured Platinum graduation

KJinNC — Fri, 24 May 2019 19:25:44 GMT

Well, considering that I have four credit cards (or five if you count the Amazon Store Card), I would close this Cap 1 card at the drop of a hat, if I thought it would help me in some way. At the same time, keeping it open doesn't cost me anything, other than tying up $300. I guess my question then becomes, does keeping this card open help build a relationship with C1, or does having it open block me from getting other C1 products? Or put another way, is there a reason for me to keep it or close it? Thanks!

Re: Capital One secured Platinum graduation

Shaw83 — Fri, 24 May 2019 22:28:59 GMT

It does help you build a relationship with cap1 but remember cap1 likes usage.

Re: Capital One secured Platinum graduation

Anonymous — Fri, 24 May 2019 22:57:34 GMT

I would focus on your Disco and Citi secured cards. Right now Cap isn’t graduating cards which is really sucky right now. Won’t hurt your relationship with Cap but that card doesn’t have much growth potential compared to the Citi and Disco.

Unfortunately, no one here can recommend Cap secured now due to it not graduating. Your other card are the general ones we recommend so you are good to go

Re: Capital One secured Platinum graduation

KJinNC — Fri, 24 May 2019 23:19:02 GMT

Thanks - I realize this is a dumb question, but just to make sure.

Let's say I closed this card tomorrow, and then, let's say in 6-12 months, I apply for some other C1 card. Are they going to say "he closed that Platinum card too quickly" and reject me? Or are they going to say "he paid that Platinum card on time" and approve me? Or are they going to not care?

And alternately, if I keep it open, and apply for (say) a Venture card at some point, are they going to say "he has a secured card - there must be a reason for that" and reject me? Or are they going to say "he has a positive history with his secured card" and approve me? Or are they going to not care?

I know I'm probably splitting hairs, or beating a dead horse, or pick the most appropriate expression. Just wondering if there is a reason to either close or not close that card in this case. Thanks!

Re: Capital One secured Platinum graduation

NaaryalHead — Fri, 24 May 2019 23:30:11 GMT

I'd recommend giving discover secured shot. They graduated DW's $200 secured card to $1800 within 7 Months.

Re: Capital One secured Platinum graduation

Anonymous — Fri, 24 May 2019 23:37:48 GMT

No dumb questions. Only dumb answers.

Cap1 isn’t what you would consider a “relationship” bank. A bucketed Cap1 card won’t influence another application. If you have your secured card with Cap1 at 300 CL, but say you have a 10K AMEX down the line, Cap1 is gonna want to give you a bigger limit too on a new card.

I understand you do have finances tied up in this card, but let it age for a couple months. Don’t need to spend a lot, just keep it open. In 6-12 months, reevaluate what you want out of the card then. If you think you would like that cash back after your Discover or Citi unsecure, I would consider closing it. If you have your sights set on a Venture, consider keeping it open for a bit to keep history up and build credit on other cards. Venture i believe is a 5K minimum SL. So build your limits to 10K IMO to make your chances much sweeter. Then cancel the secured card then after you have the Venture.

It’s a slow process to build, but trust me, you have setup your base pretty well.

Re: Capital One secured Platinum graduation

Anonymous — Wed, 25 Dec 2019 17:51:50 GMT

I got my secured cap one card back in March 2019. I gave them a $250 deposit out warning or email I logged into my account after my 7th billing cycle to pay off my balance like I do multiple times every month I use the card a lot and just pay it off weekly they increase my CLI to $550 without notice I called and asked them about returning my security deposit but it seems as though all secured cards need to go through a credit steps program initial deposit, $300 increase, $500 increase then $1000 increase with no Missed payments to graduate. After the CLI increase I went to the pre-qualify capital one tool offered me a quicksilver one card with a $500 credit limit unsecured. Not really sure if they have a rhyme or reason about giving you your security deposit back and unsecuring a capital one Platinum card but they are increasing secure card credit limits I guess eventually converting you to a separate car what's your credit score it's high enough. Hope this helps

Re: Capital One secured Platinum graduation

Remedios — Wed, 25 Dec 2019 18:08:05 GMT

While step increase is a feature their secured cards, they are not graduating them at this time, regardless of step program
You can call five times and get five different answers, but graduation is not possible at this time.