Cap one secured card change

Anonymous · ‎11-23-2015

hi all

Recieved notice that as of jan 19 Capital One will no longer be able to add additional security deposits to in increase credit limit. However i may recieve a higher credit limit in the future. Anyone has anymore info?

Anonymous · ‎11-23-2015

Got my letter today. Said same thing as yours. Plan to close mine at a year. Doesn't say anything about unsecuring; not worth tying up additional funds if it won't unsecure.

Pway · ‎11-23-2015

Capital One secured product does not unsecure. They will tell you to apply for a unsecured product with them.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Anonymous · ‎11-23-2015

Whats bad is i dont qualify for one of their cards. I keep going to check if i am prequlified but still not according to the site. I have had the secure card for 8 months now. I have a quicksilver but only as an authorized user.

Pway · ‎11-23-2015

What are your scores? What baddies do you have on your reports? Util?

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

ryox03 · ‎11-24-2015

@Anonymous wrote:
Whats bad is i dont qualify for one of their cards. I keep going to check if i am prequlified but still not according to the site. I have had the secure card for 8 months now. I have a quicksilver but only as an authorized user.

That doesn't mean anything. I still do not get anything on the pre qual page but I have a Secured Platinum, Quicksilver One and Quicksilver Visa.

$1,000 Amex ED, Amex PRG- NPSL,$5,000 Quicksilver Visa, $3750 CO Quicksilver One, $3,300 BarclayCard Rewards,$2000 Paypal Credit, $3500 Walmart, $1700 Target. $5000 Kay Jewlers, $3500 Amazon Prime Store Card, $1,600 Discover IT

652 EQ 661 TU 650 EX 4/19/2016

Anonymous · ‎11-24-2015

@Anonymous wrote:
Got my letter today. Said same thing as yours. Plan to close mine at a year. Doesn't say anything about unsecuring; not worth tying up additional funds if it won't unsecure.

This is good Intel. Thanks for sharing!

2 ways to level up with an unsecured.

Get the Platinum, PC to QS. Benefits with no AF. Lower chance of CLI after 3 statements.

Get the QS1, get a CLI after 3 statements. Have AF.

Sorry I'm on my phone, I have links to sites that show average Credit Scores at time of approval.

I started with Cap1 secured at $300. Got Platinum with $500 SL. IMO don't need to add funds to secured unless you need the breathing room. Your credit history will dictate what your SL will be.

taxi818 · ‎11-24-2015

BAsically they are saying if you want that limit on that card to be more. You better do it now. Or else you are stuck with it. They did say they will now consider giving you a higher limit based on other factors. Ive had my secured for 2 plus years. Its my oldest card. At this point it is meaningless to put any money in it. They gave me a $500 increase once. so i have $349 cash in the card for a 1k limit. That $349 does not mean much so i will just leave it alone and let the limit sit where it is. Simply for the age. Already have other cap one cards with Decent limits over 5k.

Anonymous · ‎11-24-2015

Interesting, I once received a CLI on my secured card, but that was years ago...it's still my oldest open tradeline, so I don't want to close. I may just let my other Cap One lines age and then close at the end of next year. I haven't received anything in the mail from them yet, wonder if this means they will no longer offer secured cards? Which would suck because I know a lot of people (like me) used this card to help re-establish their credit.

Anonymous · ‎11-24-2015

It's funny too because they didn't announce anything. Like there's been no press release, and I didn't receive a letter... and it's not in the news.....