Giving Up on Capital One..

[FinStar]

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@SecretAzure wrote:

Can't believe they told you they're graduating secured cards. Take that with a grain of salt. I had their secured card for 7 years and never got offered one. Even with scores in the 780's. I dumped them years ago. They have, of course, graduated for brief moments in time...if you happened to apply at the exact, right magical time. Who knows if you have? You won't know until it happens. 

I'm sorry you're in this pickle but I hope it works out for you.

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@SecretAzure while you may not be aware of some of these recent developments, it is in fact something that's actually taking place.  It is still not known which profiles or accounts are being targeted, but graduations have been taking place.

Below is the recent discussion for your reference:

https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Secured-Deposit-Refund-Now-Unsecured/td-p/...

[bicboiOD]

Thanks for the reponses everyone. I'm not going to get my hopes up with Cap1, but do you guys recommend I add the additional deposit to get the max $1000 starting limit or just leave it at the $200 limit?

[Anonymous]

In regards to putting $849 on the card to get the $1000 SL that's a personal choice. If you don't need the money and can park it on the card for a year or two go ahead if you want the higher limit. I started with their secured card back in 2018 and paid $49 for a $200 credit limit. After 6 months of using about $100-$150 of credit each month they auto increased it to $500. During my time with the secured card they weren't graduating them despite several attempts. Recently as shared above they have gone back to making these cards unsecured. I ended up closing my secured card this summer because during that time I acquired the QS1 at $1500 and now it's $3500. 

I think the lates are still hurting your relationship with Capital One. If you could goodwill them great but really I think you just need to repair the relationship with them by swiping and paying on time. What kind of spend were you putting on the QS1? 

[bicboiOD]

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@Anonymous wrote:

In regards to putting $849 on the card to get the $1000 SL that's a personal choice. If you don't need the money and can park it on the card for a year or two go ahead if you want the higher limit. I started with their secured card back in 2018 and paid $49 for a $200 credit limit. After 6 months of using about $100-$150 of credit each month they auto increased it to $500. During my time with the secured card they weren't graduating them despite several attempts. Recently as shared above they have gone back to making these cards unsecured. I ended up closing my secured card this summer because during that time I acquired the QS1 at $1500 and now it's $3500. 

I think the lates are still hurting your relationship with Capital One. If you could goodwill them great but really I think you just need to repair the relationship with them by swiping and paying on time. What kind of spend were you putting on the QS1? 

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@Anonymous 

Also it's a Quicksilver and not the QS1 (even though it probably doesn't matter as much, cus it's still a bucket, but with no AF i guess?)

I'm not sure if there have been any DPs on whether or not ppl got a CLI from the credit steps after 5-6 months of on-time payments with the max starting limit of $1000? I know pretty much everyone goes from $200 → $500, but haven't heard of $1000 → $1300 (or however they decide to apply a CLI) That's pretty much what would make me more inclined to put in a higher deposit, otherwise I would put that $800 towards my SO's CSP that's got a high utilization rn.. 

So I think before I PC'd and took care of some baddies back in Dec 2020, I had just carried a balance with this card for a couple months and paid minimum (this was all before I decided to rebuild my entire credit profile, so I honestly didn't know anything about how statement balances and utilization really worked), always paid by the due date (with the latest one from June 2019).

From statement (Nov - Dec 2020)

Total Spend: $254.96

Left a $6.13 balance

Next statement (Dec 2020 - Jan 2021)

Total Spend: $287.76

(didn't know about closing dates at this time and let the entire spend report as balance..)

Two days later I immediately paid down the entire balance in full

Latest statement (Jan 2021 - Feb 2021)

Total Spend: $495.42

Made several payments throughout the billing cycle and reported $0 balance 

[Anonymous]

So the last negative from Capital One was 2 years ago. You mentioned you took care of some baddies on your CR, was this another lender? Doing some quick research on Google and MF and your right I can't find any DPs on the secured CLI increase on the $1000 SL.

When reading the terms of the card, this is what is says. 

Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed

Considered  being the key word. Honestly if I were you I would pay the $49 for $200 and hold onto my money. I don't think having the extra $800 locked into the account is really going to help you more. Since now you know when your cards report to the CRAs your utilization shouldn't really be a problem. You have a secured Discover It card with a $2000 limit. You also have an American Express revolver at $1000. Right now you want to keep your QS for the time being even though it's bucketed. I'd shift the majority of spend over to Discover and American Express while still making sure to use both the secured and QS once a month. 

Then just give it time. Discover and AMEX are both new accounts but in time they will grow and their growth will help you with Capital One. When your new accounts age by 2 years I'd say goodbye to that bucketed QS. Now just don't over spend and don't make any late payments.

[bicboiOD]

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@Anonymous wrote:

So the last negative from Capital One was 2 years ago. You mentioned you took care of some baddies on your CR, was this another lender? Doing some quick research on Google and MF and your right I can't find any DPs on the secured CLI increase on the $1000 SL.

When reading the terms of the card, this is what is says. 

Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed

Considered  being the key word. Honestly if I were you I would pay the $49 for $200 and hold onto my money. I don't think having the extra $800 locked into the account is really going to help you more. Since now you know when your cards report to the CRAs your utilization shouldn't really be a problem. You have a secured Discover It card with a $2000 limit. You also have an American Express revolver at $1000. Right now you want to keep your QS for the time being even though it's bucketed. I'd shift the majority of spend over to Discover and American Express while still making sure to use both the secured and QS once a month. 

Then just give it time. Discover and AMEX are both new accounts but in time they will grow and their growth will help you with Capital One. When your new accounts age by 2 years I'd say goodbye to that bucketed QS. Now just don't over spend and don't make any late payments.

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Nice, thanks for looking to that. I had a feeling that it wasn't going to get a CLI, but I was just thinking it'd be better to be stuck with a $1000 CL unsecured vs. a $500, but at this point I'm just using Capital One as a way to rebuild my profile, with account age and payment history. 

Yes the baddies were an AMEX CO that I paid in Dec 2020, which got me in with an Optima card I just received a few days ago. Currently the account from AMEX is reporting differently on all 3 CRA. They deleted all the late payments from my payment history and retained my good payment history from 2015 to present, but listed charge off (paid in full, was a chargeoff, etc.) 

I have seen some DP that with a couple months of the AMEX optima being reported with good payment history/utilization, they might be more inclined to a GW adjustment on how they report the CO account, but I'll give it a few more months before I try to look into it more.

The other was a WF credit card that was charged-off from 2019 I think, settled for a huge discount of the charge-off and it was paid at the end of Jan 2021, so I'm not sure if the date that I paid the charge-off affects my recent delinquency status from the date I paid the CO vs. DOFD.   

[Anonymous]

Well yes $1000 would be better then $500 but if your using the card as rebuilding the SL doesn't matter much IMO. Totally up to you on what to do.

Just keep in mind, Capital One secured cards can take anywhere from 8months to 2 years to graduate much like Discover. The difference is Capital One is not a guarantee. I held that card for 2 years and when I tried at-least 3 different phone calls I was told the card no longer graduated. Just recently in the last couple of months people have been getting cards unsecured though. YMMV. If you can give up the $800 and forget it even exists for about 1-2 years then by all means go ahead and do it. This way you can share DPs if they do increase the limit after 6 months. Just know if something goes wrong and you suddenly need the $800 it will take 2 statement cycles after you closing it to receive the money back. 

Goodluck on the GW letters! Never hurts to try and worse they can say is no and there are a lot of success stories out there. I'm not sure about the WF's issue/question so I'll leave that for a more experienced member to answer. I do know that the DOFD will remain the same, so whenever they first reported the baddie that lead to the CO status it will fall off the credit report in 7 years.

[Anonymous]

Same issue here and my scores match your very closely. I started with Cap One in 2017 with a secured line of $300. After 2 years (2019) with increasing scores /better offers, the Cap One never graduated. When I asked them why I guess I signed up during a period where the secured cards were not eligible le for graduation. It's hard to get a clear answer but from many calls this is what I gather. I requested a product change. Rep stated I must close secured Card and apply for a unsecured card, which I did. Approved for the Quicksilver and not a single CLI since 2019 (May). I'm so over it. I get so irritated thinking about it. Anyway, just waiting for my new NFCU card to arrive e in hand and calling those ppl to close out the card. I don't even want to Sock Drawer the darn thing. I must admit, they were the 1st to give me credit when rebuilding. I used to be in the lower 500's, smh.