11th statement capital one secured

[Anonymous]

My 11th statement cut a few days ago and I was expecting a graduation. It didn't happen. I just called cap 1 and spoke to a rep and a supervisor who assured me there was no such thing as a graduation and that the card will never unsecure. They had the audacity to act as if it were never a policy, like I was making it up. They said the deposit will never be refunded.

I'm so not happy about this as this is the first card in my rebuild. I no longer have any use for the card. Should I close it now or wait until the 12th statement?

[Pikaboo-icu]

So sorry to read that... 

You are not alone Brooklyn got the same... https://ficoforums.myfico.com/t5/Credit-Cards/I-was-just-informed-by-Cap1-UPDATE-Cap1-quot-Secured-G...

Looks like this is a reality for Cap One now... 

[Anonymous]

There was a thread about this earlier in the week. I can't remember the title, something like Capital One Just Informed Me...
This seems to be a new thing as of 2018.
So sorry. I'm not a Cap1 fan. I have one of their cards and plan to just let it loose after it nears the next AF.

All the Best...

[Anonymous]

This really makes me not want to do business with them at all. I wish I would've used the entire deposit toward my discover, which unsecured at the 8th statement. I'm definitely going to cancel this card but I'm concerned about the timing. Should I do it now or a month from now?

[Anonymous]

Ha! I must've been typing while @Pic was replying.
If the card no longer has a purpose, why wait?

[Pikaboo-icu]

---

@Anonymous wrote:
This really makes me not want to do business with them at all. I wish I would've used the entire deposit toward my discover, which unsecured at the 8th statement. I'm definitely going to cancel this card but I'm concerned about the timing. Should I do it now or a month from now?

---

Yeah, it seems counterproductive to their business model which has always granted credit to rebuilders..

I don't think an extra month makes any difference in the grand scheme of things.

Unless you want to hold out hoping they might still unsecure..

Can't you add to your Disco deposit after you close the Cap One and get your funds returned? 

Really sorry.. 

ETA: and this time I'm in the slow typist corner LOL

[Anonymous]

I'll cancel now, this was my last secured card. Thank you for your help!

[Anonymous]

FYI, when I called back to cancel the rep admitted that they previously unsecured cards, but now they "temporarily" put that on hold. They weren't sure when/if they would start back.

[Rf32222]

Mine unsecured in June 2018. It has since been converted to Quicksilver. That sucks if they won't do that anymore. It really does not seem like it would be worth it moving forward.

[Rf32222]

Mine unsecured in June 2018. It has since been converted to Quicksilver. That sucks if they won't do that anymore. It really does not seem like it would be worth it moving forward.