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

[dynamicvb]

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@Brooklyn2018 wrote:

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@dynamicvb wrote:

Well interesting. I was toying with closing this card anyway and this confirms it. While I don't have a large deposit $249 on mine, I'm not prepared to let Cap One use my money forever without paying my anything. Mine crosses the year mark in April and I was thinking of just seeing if it would unsecure or close it, now I'm just going to close.

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To be on the SAFE side, dynamic...I would call Cap1 and be sure your card doesn't fall within what they are saying or check your paricular agreement, might be different than mine...?? But, no AF so it's cool. I 5 mos. I'll use the CLI for padding until I gain a few better cards and then Cap1 GO NITE NITE!!!....maybe?

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Yeh, I'm going to give them a year as I had planned, but if not then I'm gone. I have both an Amex and Discover since I got this card with much better limits and cashback on both, so I don't need their card. Where is everyone seeing the disclosure for the card? I've looked through my account and read the card terms, but I don't see any mention of what others have posted.

[800FICOGoal]

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@Pikaboo-icu wrote:

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.

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I suppose the recommendation would be to make the smallest deposit possible ($49, $99,.....) and just keep it until the cardholder has the credit profile to qualify for better non-Cap1 cards. There's also the option to SD the card as well, since there is no AF. 

[Anonymous]

No AF but you still have money ties up as a security. If needed, I'd treat it as a BlueSky and get rid of it once it outlived its use. They would NOT keep my money free and clear indefinitely.

[Anonymous]

Thank you for this information.  My 14th statement recently closed and I still have not graduated despite having very good credit scores.  After reading this thread, it was really starting to bother me that they are just sitting on my $99 deposit, so I closed my account.  The account is already reporting as closed on Experian and Equifax, and it did not affect my score at all.

[dynamicvb]

I decided to start a chat on capital one and ask about this. I was told that they still will unsecure, based on income, creditworthiness, etc..  

Not sure if I got good or bad information or if the person on the chat just did not know. I did threaten to close the account if it did not by my 11th month, so we will see what happens. Just an FYI

[Anonymous]

Aw man, 

I actually opened this card 5 months ago, because of the option to graduate in a year. I called, not that I didnt believe you, but to see if I should go ahead and cancel it now. I considered closing it and opening another secured card that I know would gradute, since I have not had it long. I was told that I would get $100-$500 CLI next month and that i should use the CLI to show a smaller utilization. I guess I will keep it for now. Thank you for the heads up though, helps me decide if it is worth keeping it, instead of waiting a year to find out that we have no option to graduate!! 

[Anonymous]

With everything I've learned, if I were building/rebuilding credit today, I would definitely opt for a secured card from Discover instead of Capital One.

[Anonymous]

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@Anonymous wrote:

With everything I've learned, if I were building/rebuilding credit today, I would definitely opt for a secured card from Discover instead of Capital One.

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I would get both. While they will keep your deposit indefinitely, they’re still giving you a $0 AF card, it has no FTF, and you’ll build credit faster with both than you would with one account if you keep one reporting 0 and the other less than 8.9%. 

[joltdude]

Cap One has done this before... For now, id just treat it like OpenSky.. Use it untill you have something better to replace it or for a year and then find something better... Not a fan of secured roads to nowhere.....

-J

[jaypmack]

I'm not surprised, I've had that CAP1 secured card for over 3 years, and never made a late payment. I've called multiple times for a review, and they just refuse. They say you can't request a manual review for graduation.