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Capital One secured Platinum graduation

KJinNC
Valued Contributor

Capital One secured Platinum graduation

I have a recently opened Capital One Platinum card with a $300 deposit/$300 limit. I have it set to pay my Netflix bill every month, and then be paid using autopay, although I'll probably manually pay before autopay kicks in. I have also used it for a few small charges here and there.

 

My questions:

1 - Does this card graduate? I have seen conflicting info about this. If it does, I assume to the unsecured Platinum, or do you get a choice?

2 - If/when it graduates, does the account keep the same age, or does it open as a new account?

3 - Any advice for how I can maximize my situation with regard to this card? How to graduate faster, what choices to make once it does graduate.

4 - Does having this secured card prevent me from applying for or receiving a different, unsecured Capital One card until this card is graduated?

 

I also have Discover secured, Citi secured, Primor Green Dot secured, and Amazon Store Card unsecured, so, I don't need any other credit cards for now. Also have a Self Lender$500 loan and My Jeweler Club $5k membership.


FICO Resilience Index: 69. Cards: 14/24, 3/12, 3/6. Accounts including loans: 16/24, 4/12, 4/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)


Authorized user / Corporate / Auto loans / Personal loan

Card CLs total $146,100, not counting the AU card. The AU card brings the total to $172,600. In 03/19, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Gold, NPSL, 08/19-06/21 | American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 1 of 12
11 REPLIES 11
Shaw83
Regular Contributor

Re: Capital One secured Platinum graduation

Congrats on your card....I just saw a post saying cap1 isn't graduating secured cards at the moment.
 








current scores








Gardening since 2/12/21
Cap1 Qs $500
Citi secured-$300
Gettington-$800
Nfcu cash rewards $7000
NFCU nreward sec-$300
ch7 discharge 2013
Message 2 of 12
Shaw83
Regular Contributor

Re: Capital One secured Platinum graduation

I would focus on the discover and Citi cards honestly.
 








current scores








Gardening since 2/12/21
Cap1 Qs $500
Citi secured-$300
Gettington-$800
Nfcu cash rewards $7000
NFCU nreward sec-$300
ch7 discharge 2013
Message 3 of 12
FinStar
Moderator

Re: Capital One secured Platinum graduation

Unfortunately, based on the most recent information, it appears that the secured cards are no longer graduating. Of course, knowing this is Capital One, it's possible they'll change that policy again in the future.
Message 4 of 12
KJinNC
Valued Contributor

Re: Capital One secured Platinum graduation

Well, considering that I have four credit cards (or five if you count the Amazon Store Card), I would close this Cap 1 card at the drop of a hat, if I thought it would help me in some way. At the same time, keeping it open doesn't cost me anything, other than tying up $300. I guess my question then becomes, does keeping this card open help build a relationship with C1, or does having it open block me from getting other C1 products? Or put another way, is there a reason for me to keep it or close it? Thanks!


FICO Resilience Index: 69. Cards: 14/24, 3/12, 3/6. Accounts including loans: 16/24, 4/12, 4/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)


Authorized user / Corporate / Auto loans / Personal loan

Card CLs total $146,100, not counting the AU card. The AU card brings the total to $172,600. In 03/19, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Gold, NPSL, 08/19-06/21 | American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 5 of 12
Shaw83
Regular Contributor

Re: Capital One secured Platinum graduation

It does help you build a relationship with cap1 but remember cap1 likes usage.
 








current scores








Gardening since 2/12/21
Cap1 Qs $500
Citi secured-$300
Gettington-$800
Nfcu cash rewards $7000
NFCU nreward sec-$300
ch7 discharge 2013
Message 6 of 12
Sage512MB
Frequent Contributor

Re: Capital One secured Platinum graduation

I would focus on your Disco and Citi secured cards. Right now Cap isn’t graduating cards which is really sucky right now. Won’t hurt your relationship with Cap but that card doesn’t have much growth potential compared to the Citi and Disco.

Unfortunately, no one here can recommend Cap secured now due to it not graduating. Your other card are the general ones we recommend so you are good to go Smiley Happy
Message 7 of 12
KJinNC
Valued Contributor

Re: Capital One secured Platinum graduation

Thanks - I realize this is a dumb question, but just to make sure.

 

Let's say I closed this card tomorrow, and then, let's say in 6-12 months, I apply for some other C1 card. Are they going to say "he closed that Platinum card too quickly" and reject me? Or are they going to say "he paid that Platinum card on time" and approve me? Or are they going to not care?

 

And alternately, if I keep it open, and apply for (say) a Venture card at some point, are they going to say "he has a secured card - there must be a reason for that" and reject me? Or are they going to say "he has a positive history with his secured card" and approve me? Or are they going to not care?

 

I know I'm probably splitting hairs, or beating a dead horse, or pick the most appropriate expression. Just wondering if there is a reason to either close or not close that card in this case. Thanks!


FICO Resilience Index: 69. Cards: 14/24, 3/12, 3/6. Accounts including loans: 16/24, 4/12, 4/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)


Authorized user / Corporate / Auto loans / Personal loan

Card CLs total $146,100, not counting the AU card. The AU card brings the total to $172,600. In 03/19, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Gold, NPSL, 08/19-06/21 | American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 8 of 12
NaaryalHead
Regular Contributor

Re: Capital One secured Platinum graduation

I'd recommend giving discover secured shot. They graduated DW's $200 secured card to $1800 within 7 Months.
BofA Cash Rew: 16k+
Amex Cash Magnet: 14k+
Citi DC: 8k+
Barclays Uber: 8k+
Citi Premier: 7k+
Chase Saphire Pref 6k+
Chase Amazon: 4k+
Cap1 QS1: 2k+
Cap1 Savor1: 1k Smiley Sad





Next App in: Late Oct 2019

Torch bearer of the Bucketeers' Society. Shamefully carrying a bucketed Cap One QS1 with AF & zero chance of a PC.

Message 9 of 12
Sage512MB
Frequent Contributor

Re: Capital One secured Platinum graduation

No dumb questions. Only dumb answers.

Cap1 isn’t what you would consider a “relationship” bank. A bucketed Cap1 card won’t influence another application. If you have your secured card with Cap1 at 300 CL, but say you have a 10K AMEX down the line, Cap1 is gonna want to give you a bigger limit too on a new card.

I understand you do have finances tied up in this card, but let it age for a couple months. Don’t need to spend a lot, just keep it open. In 6-12 months, reevaluate what you want out of the card then. If you think you would like that cash back after your Discover or Citi unsecure, I would consider closing it. If you have your sights set on a Venture, consider keeping it open for a bit to keep history up and build credit on other cards. Venture i believe is a 5K minimum SL. So build your limits to 10K IMO to make your chances much sweeter. Then cancel the secured card then after you have the Venture.

It’s a slow process to build, but trust me, you have setup your base pretty well. Smiley Wink
Message 10 of 12
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