Capital One Secured Card Changing

Anonymous · ‎07-07-2015

I just had a long conversation with a Capital One CSR. I originally called to ask about the Credit Steps program on my new QS1 ($1k CL) and then asked about my existing Secured card ($99 dep for $300 Dec'14 -> $200 deposit -> $500 deposit -> $300 CLI = $1,300 CL). Anyway, he told me that the Secured Card is going to be changing in the next couple of months. You will no longer be able to make deposits to increase your CL. Capital One will be determining CL's and increasing them where they see fit. This is important to those who are gradually increasing their limits. I have no plans to increase mine any more now that I was approved for the QS1. After 5 on-time payments, he said they will be increasing that by $500 (though I've heard people are getting larger CLIs). Once I am able to convert from QS1 to QS, I will probably close my Secured.

sjt · ‎07-07-2015

You might want to hold off on that. I read that C1 will be able to combine limits, so you might be able to transfer the unsecured portion of your secured card to your other C1 card.

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needtodobetter · ‎07-07-2015

@Anonymous wrote:
I just had a long conversation with a Capital One CSR. I originally called to ask about the Credit Steps program on my new QS1 ($1k CL) and then asked about my existing Secured card ($99 dep for $300 Dec'14 -> $200 deposit -> $500 deposit -> $300 CLI = $1,300 CL). Anyway, he told me that the Secured Card is going to be changing in the next couple of months. You will no longer be able to make deposits to increase your CL. Capital One will be determining CL's and increasing them where they see fit. This is important to those who are gradually increasing their limits. I have no plans to increase mine any more now that I was approved for the QS1. After 5 on-time payments, he said they will be increasing that by $500 (though I've heard people are getting larger CLIs). Once I am able to convert from QS1 to QS, I will probably close my Secured.

Very interesting regarding the secured card. I have had mine for approximately 3 years. I was actually thinking about finally closing it and applying for a QS1. I just PC'd my Cap 1 Platinum to QS. I figured I would qualify for the QS1, and even if I received a minimum SL, it would be better than having the secured. But, maybe I will hang tight for a bit to see what they end up doing with the secured cards. We'll see....it's like my security blanket - I am having trouble giving it up for some reason.

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
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needtodobetter · ‎07-07-2015

WOW - I just chatted with a Capital One rep - secured cards are eligible for combining limits with Cap One.

05/01/15: EQ 519 TU 541 EX 506
10/28/15: EQ 637 TU 646 EX 622
First Goal Score: 600
Second Goal Score: 640

taxi818 · ‎07-07-2015

@needtodobetter wrote:
WOW - I just chatted with a Capital One rep - secured cards are eligible for combining limits with Cap One.

This would be great with my 3 cap 1 cards.Totally now. about 12k in total limits with them. More than enough for me. .

Anonymous · ‎07-07-2015

@needtodobetter wrote:
@Anonymous wrote:
I just had a long conversation with a Capital One CSR. I originally called to ask about the Credit Steps program on my new QS1 ($1k CL) and then asked about my existing Secured card ($99 dep for $300 Dec'14 -> $200 deposit -> $500 deposit -> $300 CLI = $1,300 CL). Anyway, he told me that the Secured Card is going to be changing in the next couple of months. You will no longer be able to make deposits to increase your CL. Capital One will be determining CL's and increasing them where they see fit. This is important to those who are gradually increasing their limits. I have no plans to increase mine any more now that I was approved for the QS1. After 5 on-time payments, he said they will be increasing that by $500 (though I've heard people are getting larger CLIs). Once I am able to convert from QS1 to QS, I will probably close my Secured.
Very interesting regarding the secured card. I have had mine for approximately 3 years. I was actually thinking about finally closing it and applying for a QS1. I just PC'd my Cap 1 Platinum to QS. I figured I would qualify for the QS1, and even if I received a minimum SL, it would be better than having the secured. But, maybe I will hang tight for a bit to see what they end up doing with the secured cards. We'll see....it's like my security blanket - I am having trouble giving it up for some reason.

Have had secured Cap 1 for 5 months now. Have gotten secured DC, Apple Rewards, and Amex ED since then. Don't really want to go for another Cap 1 (have to be good right now for Barclays anyway) because at this point I would probably only get a low limit, but not sure about closing the card and transferring the funds to the DC. Cap 1 was my first bank card since starting to rebuild, but I already had 2 Synchrony cards before then. I have begun a relationship recently with BBVA, along with Amex and DC so I don't want to do anything to compromise that. Plus when your rebuilding, 3 hard pulls is a lot. So should I keep Cap 1 or let it go? Your limit is fairly decent (mine is $500), so you would probably be in a better position to get better SL on other cards, while Cap 1 is my lowest bank card and Walmart & Amazon highest store cards at $3500. What is the time frame for change in regards to the secured card? I plan to make a move in the fall

Anonymous · ‎07-07-2015

Anyone know what happens to your deposit if you combine your secured limit to a QS1?

newhis · ‎07-08-2015

@thepanttherlady wrote:
Anyone know what happens to your deposit if you combine your secured limit to a QS1?

The combine feature with regular cards is that you can go either way, from one card to another or back. I guess they can do it this way:

- if you transfer from secured to regular, the secured card is canceled and you get your deposit back.

- if you transfer from regular to secured, you get the limit on your secured and the regular is canceled.

They can put some restrictions as to only be able to transfer the 'unsecured' limit, but because they are canceling the card my bet is that if you transfer from secured, then they cancel the card and give your deposit back. Let's see what they do.

Anonymous · ‎09-08-2015

Thanks, this was extremely helpful especially since I was wondering about closing mine soon. I started out with a 200.00 deposit/CL and after about 5 months they gave me a 300.00 CLI unsecured to 500.00 total. During that time frame I got a QS1 card and received 500.00 initially and requested a CLI around month 3 during which they gave me 1000.00 and after I completed my steps program they still gave me 500.00 more. I know this isn't the largest amount in the world but I am rebuilding so from 500.00 to 2000.00 in 5 months is ok with me but I sure wouldn't mind that 500.00 secured being added to that as well!

Anonymous · ‎09-22-2015

i spoke to 2 different representatives today and they both said secured could not be combined. So i am waiting for my payment to post tomorrow and i will be cancelling it unless sum1 has anyone actually done it?