I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hold for now...??

[Brooklyn2018]

I’m not sure if anyone knows this or not....??

I’ve been told by a Cap1 Supervisor at the start of the whole year of 2018-and moving forward, the “Secured Platinum” will no longer convert to “Unsecured.”
I called today to ask a few questions on my account and we touched on the unsecured subject and I was told the above info. I’m pretty devastated. I app’d for the card in December/2018. Prior to that I had called Cap1 to ask about features to insure its graduation eligibility and was told that I would be eligible for review on/after the 11th statement. Now it is apparently NOT ELIGIBLE AT ALL for graduation. That the CSR(original call in Oct and Nov) was mistaken and had given me the wrong information regarding the cards eligibility to graduate!!!!! 😡What HECK, man?!!! 😔 I was hoping to graduate and PC to QS eventually. UGH!!🤯 3 HP’s for a Secured Card is ridiculous...and here I thought the 3 HP’s would be worth it when I finally unsecured. She couldn’t really tell me if it had anything to do with the Wally-Synch deal? But, I’m under the impression that might be the stigma. EXPECT CHANGES PEOPLE...expect changes.😔

Anyone hear about this before and that maybe I might have missed a thread on this or something????


side note: credit steps will still receive CLI after the norm 5 mos on time payments deal. That has not changed thou...,just FYI.

[Anonymous]

Sorry to hear this OP. My distaste for Cap 1 just grew another notch. Lol. I actually closed 3 secured cards about 3 weeks ago - Cap 1 was one of them. Kept Discover because it actually has potential to grow.

[Brooklyn2018]

Right on👍

Seems in time once my profile supports better cards, Cap1 will be axed!!...unless something changes that is.

Thanks

[Anonymous]

I was thinking about my QS1 earlier today. I'm just not a fan of Cap1. My credit isn't great and I'm still rebuilding so I'm grateful to have it to pad my credit profile. I think my plan is just to keep it for a year (it has an AF, so I'm going to keep it the full year).
After a year, I'm not even going to SD or PC it. I'm just going to close. It will have served it's purpose and the credit limit on it is small anyways.

[Brooklyn2018]

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@Anonymous wrote:
I was thinking about my QS1 earlier today. I'm just not a fan of Cap1. My credit isn't great and I'm still rebuilding so I'm grateful to have it to pad my credit profile. I think my plan is just to keep it for a year (it has an AF, so I'm going to keep it the full year).
After a year, I'm not even going to SD or PC it. I'm just going to close. It will have served it's purpose and the credit limit on it is small anyways.

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I hear ya...but, at least your QS1(no AF?) is unsecured. I know I only have $99 tied up(which makes it partially unsecured) but, like you, I'll keep it for a year and go from there...I'm super bummed I know policies can change at any time without notice. I just wished I wasn't told one thing and now find out something else entirely.

[Anonymous]

This is bad business.

Capital One at the least should have offered to grandfather secured card customers (pre-announcement) into the graduation process, regardless.

[Anonymous]

That rep is incorrect. I just checked Capital One’s disclosures for that card and it says “If your account is deemed eligible for unsecuring, we will return your security deposit to you as a statement credit.”

That seems to suggest they are still unsecuring cards.

If they were to change the policy again, I imagine it would be the same as it was when they started unsecuring them to begin with - the policy in place when you got your card is what applies for the duration of your having it. 

[Anonymous]

@Brooklyn nope. There is an AF.

[Pikaboo-icu]

Well pickle juice! 

I gotta agree with Saeren on this, I think that rep was uninformed..

Also if your original CC agreement stated it could be unsecured, they are just as bound by that as you are.

Those phone reps, UGH. Brooklyn, I would HUCA on Mon and see what that rep says..

Cap One is one of the top LIs that offer credit to rebuilders, it's part of their customer base so taking away a secured card, with the ability to graduate seems extremely counterproductive to their business model.

At the very least I believe they would be bound by their agreements to grandfather in those that got the card before this change, if it's an actual thing. 

Good Luck!! 

[Anonymous]

Mine wasn’t eligible to be converted to unsecured back in 2017. I just applied and was approved for a new unsecured platinum, thinking I got the last laugh. Little did I know at the time I was screwing myself out of getting a chase card with the hard pull, and adding a useless card to my wallet at the same time, not to mention one that is bucketed and I’m going to wind up cancelling. Wish I started reading more before I started trying to apply for credit!

But at the time it made sense to give myself a reasonable line of credit to stop using debit for purchases