@Saeren
@Pikaboo-icu wrote: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!!
Let's hope so
...because I read my entire agreement and nowhere in it do I see anything referencing "eligiblity"...heck, it's not even included in their "mini" glossary.
I'm going to call tomorrow and find out for certain even though I know a Supervisor told me(that doesn't mean anything on a Sunday
)
I will keep this thread posted.
>
@Anonymous wrote:
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
I hear ya plastic. I app'd for the secured and approved and NOT A WEEK LATER I get an offer in the mail for the darn unsecured Platinum!!! Well, ain't that a kick in the stomach...
**not saying you did or anything**
I've read enough to know to not go on app sprees, S-P-A-C-E out my apps, let inq's age within range of 5/24... Because I do eventually want the Chase Freedom card.
@Brooklyn2018 wrote:
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.
It has been CONFIRMED AGAIN by Cap1 Supervisor that my Cap1 secured card WILL NOT be eligible for graduation. ALL cards issued in 2018 on will not have graduation eligibility...just CLI's. I do not show graduating terms or "such verbiage" other than in the REWARDS section(see below.)
Maybe someone could shed some light on this excerpt from REWARDS section in my "terms and agreement"
"Your Account may provide you with the opportunity to earn rewards. If it does, we will separately provide you with information and terms about the rewards."
....I take it that is just in reference to "CLI's" and not anything else?....it's pretty vague IMO.
Supervisor went over my account and flat told me to it "...WILL NOT unsecure in the future and nor will anyone else who received the secured card from Cap1, sorry."
Just like most who had this issue years ago....use it...get better cards...SD it or Close it.
@Brooklyn2018 wrote:
@Brooklyn2018 wrote:
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.
It has been CONFIRMED AGAIN by Cap1 Supervisor that my Cap1 secured card WILL NOT be eligible for graduation. ALL cards issued in 2018 on will not have graduation eligibility...just CLI's. I do not show graduating terms or "such verbiage" other than in the REWARDS section(see below.)
Maybe someone could shed some light on this excerpt from REWARDS section in my "terms and agreement"
"Your Account may provide you with the opportunity to earn rewards. If it does, we will separately provide you with information and terms about the rewards."
....I take it that is just in reference to "CLI's" and not anything else?....it's pretty vague IMO.
Supervisor went over my account and flat told me to it "...WILL NOT unsecure in the future and nor will anyone else who received the secured card from Cap1, sorry."
Just like most who had this issue years ago....use it...get better cards...SD it or Close it.
I'm absolutely shocked at that.
Cap One (whom I detest as it is) just nerfed a huge part of their business model.
I've never had a CO secured but it is one of the top "go to" rebuilder cards-
I suppose we all better make a note of this when suggesting cards for rebuilding.
SORRY Brooklyn!! I'm still hoping yours will unsecure. Do you recall if there was any verbiage about the ability to graduate?
What a cluster!
ETA: Your scores are growing so it's serving a purpose I suppose. Hopefully you can get approved for an unsecured Disco or Amex builder soon. Maybe even PenFed.
So it's going back to how it used to be pre 2017 or so when they would never unsecure. That stinks for those who are carrying one 
I wonder if Cap One is planning on doing the Builder Program again (a relic of 2016 that only lasted like 6 months but it was an unsecured $100 credit line that went to $500 after a few payments and turned into a regular Platinum). That was a cool card for those that were able to get in on it.
Capital One Secured Card T&C still says this:
Why Does Capital One Require A Security Deposit?
The security deposit is used as collateral against your credit line. The security deposit is refundable if you close your account and pay your balance in full. If your account is deemed eligible for unsecuring, we will return your security deposit to you as a statement credit.
But it also says this:
Can You Change My Account Terms?
We can change the terms of your account as permitted by law. When required, we will send you notice before doing so.
so I guess you can ask them where your notice was that they changed the terms?
Edited: sorry, forgot my source for the terms above -- https://www.capitalone.com/credit-cards/secured-mastercard/
Edited: sorry, forgot my source for the terms above -- https://www.capitalone.com/credit-cards/secured-mastercard/
I found this BLOG...though it is a blog, it seems to confirm what I've been told by Cap1 Supervisor'S...I know it's a blog...but it's dated January 3, 2019...
https://www.creditcardinsider.com/reviews/capital-one-secured-mastercard-review/
took out some quotes from thr blog:
1.) "Capital One does not have a program to let you graduate from this card to an unsecured card. Instead, you’ll need to apply as normal for any unsecured cards you want. However, you may get pre-qualification offers from Capital One if your credit is good enough."
2.) "We also learned that there is currently no upgrade program, in which the Secured Mastercard could be graduated to an unsecured card. Capital One may eventually put such a program in place, but they (and we) aren’t making any promises at the moment."
I'm pretty TICK'd...about to call "Franky No-Neck from da Bronx and Joey Bag-A-Donuts from Brooklyn ta go down dere ta Cap1 and PUT SOME HEADS TA BED!!!"
@Pikaboo-icu wrote:
@Brooklyn2018 wrote:
@Brooklyn2018 wrote:
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.
It has been CONFIRMED AGAIN by Cap1 Supervisor that my Cap1 secured card WILL NOT be eligible for graduation. ALL cards issued in 2018 on will not have graduation eligibility...just CLI's. I do not show graduating terms or "such verbiage" other than in the REWARDS section(see below.)
Maybe someone could shed some light on this excerpt from REWARDS section in my "terms and agreement"
"Your Account may provide you with the opportunity to earn rewards. If it does, we will separately provide you with information and terms about the rewards."
....I take it that is just in reference to "CLI's" and not anything else?....it's pretty vague IMO.
Supervisor went over my account and flat told me to it "...WILL NOT unsecure in the future and nor will anyone else who received the secured card from Cap1, sorry."
Just like most who had this issue years ago....use it...get better cards...SD it or Close it.
I'm absolutely shocked at that.
Cap One (whom I detest as it is) just nerfed a huge part of their business model.
I've never had a CO secured but it is one of the top "go to" rebuilder cards-
I suppose we all better make a note of this when suggesting cards for rebuilding.
SORRY Brooklyn!! I'm still hoping yours will unsecure. Do you recall if there was any verbiage about the ability to graduate? No verbiage
What a cluster!
ETA: Your scores are growing so it's serving a purpose I suppose. Hopefully you can get approved for an unsecured Disco or Amex builder soon. Maybe even PenFed.
Hasn't reported yet!
@Brooklyn2018 wrote:
I'm pretty TICK'd...about to call "Franky No-Neck from da Bronx and Joey Bag-A-Donuts from Brooklyn ta go down dere ta Cap1 and PUT SOME HEADS TA BED!!!"
