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Capital One Disappointment

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Iusedtolurk
Established Contributor

Capital One Disappointment

Today I decided to call Cap1 about my secured card turning unsecured.

 

After waiting on hold for a half hour and the call dropping I called back and elected the option to have them call me.

 

When they called me a hour later I really could not understand the rep but did get the gist of it that he did not have the authority to handle my request so I requested a supervisor.

 

Placed on hold for another 30 minutes and finally a clear voice and easily understandable lady informed me (after giving all my info again) somehow I was transfered to the wrong dept. and that she would connect me to the right dept.

 

Placed on hold for around 15 minutes and a male rep answered (gave all my info again) and asked how could he help.

 

I explained my account was 2 years 2 months old and I wanted it to be unsecured. Never late, always paid way before it was due, PIF sometimes, carried small balances most times etc.

 

He informed me that Cap1 stopped upgrading their secured cards to unsecured in late 2018 so they remain secured but you can close the account and get another card.

 

Not going to happen I do not like the 3 hard pulls they do and don't want a new account at this time and what comes with it.

 

I do appreciate that they were the first card in my credit rebuild journey but they will also be the first one I will close in the near future due to no potential growth and remaining secured and also being my lowest limit card now.

 

If anyone is beginning their credit rebuild you may want to skip Cap1s Forever Secured Credit Card.

Message 1 of 38
37 REPLIES 37
BmoreBull
Established Contributor

Re: Capital One Disappointment

I can understand where you’re coming from. I had a secured cap one back in 2007 when they were still graduating. I got this one here this time around and didn’t research it first. I had been turned down for Citi secured so I grabbed a discover and cap one. I do appreciate them giving me a card, but after I get better cards and limits, I’m going to get rid of it. I just can’t see having that money tied up forever.


Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 2 of 38
Remedios
Credit Mentor

Re: Capital One Disappointment

Why would anyone skip this card? 

Secured credit cards that graduate are not the norm.

Whole point of secured card is to get you started, and once it outlives its usefulness, it's bye bye time. 

While I understand your disappointment,  there is nothing "wrong" or predatory about their secured cards. 

They do their job, and really, that's the only expectation one can have from that particular product.

 

Message 3 of 38
SweetCreditObsession
Valued Contributor

Re: Capital One Disappointment

Sorry that this happened and thanks for the data points.



(+102) | (+106) | (+151)
| TU Fico 9: ? | Exp Fico 9: ? | EQ Fico 9: ?| EQ Fico 8 Bankcard: TBA

Initial Goal: Min. 740 w/all CRAs - Met
Interim Goal: 780 w/all CRAs - Met
Current Goal(s): Min. 800 w/all CRAs
Gardening Until: ??/??/202?| Last App: 10/20/2023





Message 4 of 38
MrZero
Regular Contributor

Re: Capital One Disappointment

Yep, I found out about a week after I paid my desposit late last year, I wish I would've read more about it beyond some out of date reviews and especially here before I applied for it, would've saved me the triple pull. Was already approved and recieved my secured Discover (which had I checked the prequal page I might not have actually needed) so it was kind of reduntant anyway, with no rewards it was relegated to being used in my Discover downtime which is now reserved for my NFCU Cash Rewards card. I should get the $300 increase in a couple weeks but it's already been socked with only having my $1.99 Hulu sub on it.  Since there's no AF I don't see a point in cancelling it after it ages past one year but I'm not ruling it out. I figured I'd at least have a foot in the door with CapOne but I'm not sure if I'd want to take another triple pull next year.

 

It has a role but there are much better secured card options out there. Oh and yeah, their support isn't so good either.

Updated 8/12/22.



Total Inquiries: EX: 1|TU: 1|EQ: 1
Derogs: 0
AAoA: 2Y1M
AoOA: 2Y6M.
AoYA: 1Y1M.
Total CL: 57,600
Utilization: ~1%

Message 5 of 38
Anonymous
Not applicable

Re: Capital One Disappointment

It is understandable that a person would be not pleased if they could not graduate a secured card. The playing field has changed with time.

Back not too many years ago, Capital One, Wells Fargo, Bank of America, Discover, USAA and Citi Bank all offered Secured Cards (suspect there were others too such as US Bank and SDFCU offered by another poster)!

Say this with "hands on" knowledge holding such cards.

Bank of America graduated me in nine months and I felt so good (norm was 12 months). In the current market place the Secured to graduate Cards seems to have been lost and it is most unfortunate!

Keep the faith, the market place used to be stable and changed little. Today, it changes over night and the only thing you can be sure of is there is nothing to be sure about! Smiley Happy

Message 6 of 38
Red1Blue
Super Contributor

Re: Capital One Disappointment

It happens some time.  I have 7 secured cards now. When got my first cards I knew they would not graduate. Later I applied for cards that graduate. Try SDFCU and US Bank. They do graduate. 

Message 7 of 38
recoveringfrombk7
Established Contributor

Re: Capital One Disappointment


@Remedios wrote:

Why would anyone skip this card? 

Secured credit cards that graduate are not the norm.

Whole point of secured card is to get you started, and once it outlives its usefulness, it's bye bye time. 

While I understand your disappointment,  there is nothing "wrong" or predatory about their secured cards. 

They do their job, and really, that's the only expectation one can have from that particular product.

 


I think it's fair to say that given that there are options that graduate and also that there are secured cards that do not cost a HP, the offering from Cap1 should really be a last resort.  Just my opinion.











Desired BK recovery line up complete 7/12/2021. Planning to garden until 8/2023 and potentially try for AMEX.
Message 8 of 38
Remedios
Credit Mentor

Re: Capital One Disappointment


@recoveringfrombk7 wrote:

@Remedios wrote:

Why would anyone skip this card? 

Secured credit cards that graduate are not the norm.

Whole point of secured card is to get you started, and once it outlives its usefulness, it's bye bye time. 

While I understand your disappointment,  there is nothing "wrong" or predatory about their secured cards. 

They do their job, and really, that's the only expectation one can have from that particular product.

 


I think it's fair to say that given that there are options that graduate and also that there are secured cards that do not cost a HP, the offering from Cap1 should really be a last resort.  Just my opinion.


 

When one applies for a secured card that doesnt graduate, one shouldn't expect the card to graduate. 

OP applied at least 6-7 months after Capital One stopped graduating their cards. At the time they applied, nothing on their website stated that their secured card graduates. 

While they were graduating secured cards, it was clearly spelled on their website. 

 

This isnt about the value of cards that graduate, it's about expecting something to happen that was never promised in a first place. 

Message 9 of 38
Anonymous
Not applicable

Re: Capital One Disappointment

There is promise of still in securing cards as of 5/16/20 on the terms of the secured card. "If your account is deemed eligible for unsecuring, we will return your security deposit to your account as a statement credit." That is contrary to the multiple phone calls saying "we do not unsecure cards as of 20xx" and frankly needs to be noted in a change of terms letter prior to the terms taking effect.

Message 10 of 38
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