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Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

ABCD2199
Senior Contributor

Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

Card was applied for in March 2017 but I didn't send the full secured deposit until May 2017.  Sent a total of $2849 over the 60 days allowed to get a $3000 limit.

 

I then changed the due date at some point, so one month didn't have a statement at all.  This made my secured card a bit weird because I applied 13 months ago, have used the card for 12 months, but have had 11 statements.

 

Received a Credit Steps CLI of a whopping $300 after the 5 months but nothing since.

 

11th statement cut April 11th with $0 balance.  No usage on the card for a few months.

 

This morning at 5am I received the "congrats!" email -- and my current balance is -$2849.

 

I tried looking for online chat to request a check but can't find it; either it's too early for chat or they removed the feature. Will call them in a few hours.

 

Checked for upgrade link but no upgrade available.  I have until August before my QS1 annual fee is due so my place of attack is to check for upgrade on both accounts, and when one goes to QS (no fee) I'll then combine the two into a no-fee QS to keep the aging moving along.

 

Scores when I opened the card in March were probably 540 or lower, now they're all solidly 710-760 a year later.

Message 1 of 9
8 REPLIES 8
simplynoir
Community Leader
Super Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

Congrats on the graduation there!

Message 2 of 9
ABCD2199
Senior Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

Feels good to be another step ahead!

 

I am down to one secured card which I will never close because it's my absolute oldest open account AND it's with a bank who really took care of me removing 150D lates on request making it a 100% clean account.  It's only $1000 CL and no annual fee or rewards, so I just charge a small recurring quarterly $15 bill to it and PIF for activity.  Once my next oldest account is 10 years old I'll close it, but not right now.

 

Not sure what my next step is, really.  I'm basically done.  No more cards I want, no more credit limits I am seeking, no more real need for a solid score other than insurance discounts.  I actively practice AZEO at $3 and don't really have any loans forecasted for the rest of my life.  Sorta feels meh, haha.

 

Maybe it's time to snag some SUBs this year.  That might be fun.

Message 3 of 9
simplynoir
Community Leader
Super Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements


@ABCD2199 wrote:

Feels good to be another step ahead!

 

I am down to one secured card which I will never close because it's my absolute oldest open account AND it's with a bank who really took care of me removing 150D lates on request making it a 100% clean account.  It's only $1000 CL and no annual fee or rewards, so I just charge a small recurring quarterly $15 bill to it and PIF for activity.  Once my next oldest account is 10 years old I'll close it, but not right now.


Just curious on this will it never graduate or is it just simple waiting it out? And yes in your position there's not much else to chase for a rebuild. Just depends on what your credit goals are now and SUB chasing is not a bad idea as long as you're willing to play the game. Problem for me is I think that well is finally starting to dry up on chasing bonuses. Smiley SadSmiley LOL

Message 4 of 9
ABCD2199
Senior Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

That secured card will never graduate, ever.  It's from a local bank that doesn't even offer credit card services, lol.  They offered the secured card for 3 or 6 months so I snagged it back in the day, and then they got rid of it but didn't close current account holders.  Since they don't offer any other cards at all, there's nothing to graduate to!

 

 

According to this post ( http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Online-Chat/m-p/5199574 ) Capital One chat is only active 7am to 11pm EST so I waited until 6:55am EST and the chat did pop up.  The person on chat told me that a check was already being processed and I should expect it in 10-14 days. 

 

$2849 getting rolled into my Schwab account, lol.

 

 As for SUB chasing, there's still a lot out there I think.  Some Amex for sure.  Cap One Venture maybe?  I'll be looking and watching, but it isn't a major concern really.  I have my "trifecta" of cards I use every week and SD everything else.

 

The only thing I can envision maybe using credit for is upgrading my sailboat this next winter -- my sailboat dealer gets some HUGE benefits from closing boat loans and can use his benefits to give me benefits superior to the interest paid over 3-6 months, so maybe I'd do that but not without having the cash to pay it off the first day I can (while still retaining those benefits).

 

Feels nice to go from having $0 credit in 2017 to almost $40,000 today -- and I expect to be over $60,000 with CLIs this year.  Great help from the MyFICO forums more than any other forum!

 

credit limits versus fico 04-17-2018.jpg

 

I guess this year I want to see Chase FU auto CLI and US Bank Cash+ auto CLI, so those are two things to focus on.

Message 5 of 9
simplynoir
Community Leader
Super Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements


@ABCD2199 wrote:

That secured card will never graduate, ever.  It's from a local bank that doesn't even offer credit card services, lol.  They offered the secured card for 3 or 6 months so I snagged it back in the day, and then they got rid of it but didn't close current account holders.  Since they don't offer any other cards at all, there's nothing to graduate to!

 


Ah, gotcha. And congrats on them sending you a check winners keep winning. Smiley Tongue

Message 6 of 9
ABCD2199
Senior Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements


@simplynoir

Ah, gotcha. And congrats on them sending you a check winners keep winning. Smiley Tongue


Well the check kinda sucks right now because I'm in the Caribbean, lol.  I was planning on flying home in a week or two, so this gives me a little bit of a reason to look for tickets back, haha.  Plus mom wanted to get coffee together so now I have two reasons.

 

84 degrees today here, snowing back home.

Message 7 of 9
19eighty5
Senior Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

Congrats!!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

Message 8 of 9
ABCD2199
Senior Contributor

Re: Joined the club: Capital One Platinum Secured graduated/unsecured after 11 statements

Just an update!

 

So Capital One told me on 4/17 or so that they were mailing me a check automatically and to wait 10-14 business days.  I did.  I called on business day 15 and said the check never came.  The entire time my balance showed $-2849 credit.

 

On May 6th I called and told them it never came so they said they'd send another one out.  Confirmed my address, etc.

 

May 10th my balance went from $-2849 to $0.  uh oh, I didn't get a check -- maybe someone else did?


Called Capital One, got some very difficult to hear (static and delays) CSR but they said to wait 10-14 business days and that they can check to see then if someone else deposited the check instead of me.  Grr.

 

Good news is, the check arrived today.  Ran to the bank to deposit it.  Took almost a month but that's finally done.

 

 

Message 9 of 9
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