If it were me, I'd hold off for awhile in hopes of graduation. I usually tell people to close cards they do not use or need, but when it's your oldest account and it's costing you nothing to keep it open (minus the deposit) you may as well hang on to it. If you need the deposit money and it could really help you financially in another way then that's the only reason I'd close it.
@Anonymous wrote:In 8 years my card has never graduated. I called CAP1 back in 2017 to request card graduation. I was told that they stopped graduating their secured credit cards and that my only option was to apply for one of their other cards. I was approved for the QuickSilver and I’ve have had one increase since, even with outstanding usage. Since then, I’ve gotten other credit cards with higher balances and way better benefits and am now interested in closing my secured card. Called CAP1 again and ask about graduation and was told that they're slowly reviewing customers accounts to determine who's eligible for upgrades but it may take a while
Last year after my Chapter 13 discharge I applied for a CapOne secured Platinum card, was approved, and opened it with a $1,000 limit ($849 security deposit). Given I route much more than that limit through which evern card(s) I use on a monthly basis, this card proved difficult to work with because frequent payments result in triggering AML protocol and they hold your payment for up to 12 days. When I discovered this I did a deeper dive on user experiences with this card and came across lots of folks claiming they'd had perfect usage histories and yet, years later, CapOne was still refusing to graduate the card.
In the end I closed mine after less than two months simply because of the graduation issue; if I'd had any confidence the card would eventually be graduated, it would still be open.
@Anonymous wrote:After exactly one year of being approved for my Capital One Platinum Secured Mastercard (March 2020), I finally get a mail from Capital One saying my deposit was refunded today and I had been upgraded to the Platinum Mastercard. I had starting getting preapproval mails for the QuickSilver Card in the last 2 weeks but simply ignored them.
That was quick for me considering others have had to wait years to get their upgrade. Hopefully, I can start to build the CL.
Congratulations @Anonymous, I opened a CapOne Secured card about a year ago before I'd done any research on the card and their very stingy rules on graduation; I opted to close mine after only 6-weeks in favor of a secured card from my bank. It seems maybe CapOne is loosening up their rules on graduation to unsecured, so that's a good thing.
Regarding your Quicksilver card offers, there is one very big advantage this card has to offer compared to the Platinum card; rewards. The Platinum card has no rewards at all, the Quicksilver pays you back 1.5% of every purchase, and of the various rewards cards I have, the CapOne rewards are by far the easiest to use, even to the point of popping up on my Amazon check-out page allowing me to pay for purchases with the rewards. Personally if given the option between the Platinum and the Quicksilver, I'd choose the latter every time.
Congrats on another!
Starting Score: 560
I have had a Capital One secured card since around November 2018, and I would like to know all these cards being graduated to unsecured.
Do not wish to close this card because it's my second oldest card.
Holy cow I have great news! Today my secured Capital One credit card graduated to unsecured! I’ve had this card for 13 months and thought this day would never come. The credit card gods are surely smiling today. Now I’m off to see about a credit limit increase above the current $500 limit that I have. Such an awesome day! 😀 Some data points: My FICO8 scores are TU 755 EX 749 EQ 733. I’m an AU on my parents Navy Federal credit card and I have a Self account. One inquiry and no baddies. When I first started my credit journey I had nothing but three collections on my credit reports. I’ve come such a long way in 13 months!
