@FalconSteve wrote:
@Horseshoez wrote:
@FalconSteve wrote:
@Horseshoez wrote:
@cThe rules for graduation of secured credit cards are as varied as the number of financial institutions offering them. After my Chapter 13 was discharged in early 2020 I opted for a secured CapOne card with a $1,000 limit (the max at the time, may still be); unfortunately I lept before I looked. During the 6+ weeks I had the card open I discovered two main impediments to its usage and eventual graduation:
- At the time it was widely reported on the various forums which review cards the CapOne secured card would routinely go years, often five or more, before graduating, if ever.
- CapOne doesn't (or didn't) like multiple payments in any one billing cycle for new cards; apparently that triggers some AML (Anti-Money Laundering) policy, and the second through nth payment in any given billing cycle can be held for up to twelve days, even if the payment was pushed from the card holder's bank.
Not allowing you to make more than 1 payment is a crappy policy and holding it up for 12 days is crap customer service, but wouldn't act as AML. You could get around this a bit. If you know that you'll spend $600, your limit is $200, push a billpay payment for the current balance plus $600 (if you can)... or just go Discover... better cashback anyway.
Holding payments was only an issue with my secured card; since I got my Quicksilver and subsequent SavorOne card, I haven't had a single payment held. As for Discover, I know lots of folks like them, but when I applied after they sent me a pre-approval offer in the mail, they denied me a card, and denied me again upon appeal; at this point I have no use for them.
Did Discover even deny you for a secured card?
Yes, even for a secured card, and I didn't burn Discover in my Chapter 13, in fact, I'd never even had a Discover card before filing and I certainly haven't had one since. Thinking back, by the time they denied me the card I was allegedly preapproved for, I already had a $5,000 secured card from my local bank and was only a few months shy of that graduating, so if they had offered me a secured card I probably would not have gone that route; they'd already hit me with a hard pull and I had no desire for a second.
Nice job on the graduation! That's a great step!
If you would like to, I believe some people have been able to product change their graduated card into a quicksilver or something similar.
@Mones wrote:Nice job on the graduation! That's a great step!
If you would like to, I believe some people have been able to product change their graduated card into a quicksilver or something similar.
Further uptnread OP said they tried that already and weren't offered anything. And it's not exactly a PC - it's an "upgrade" that you have to qualify for. Who knows how they decide whether you qualify though.
Anyway OP congrats!
