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

[DizzyDavid]

Just thought I’d share my experience.

In February 2019, I app’d for the Cap1 secured card and was approved for a $200 CL with a $99 deposit. I’m sure you guys know this, but the account never reported as “Secured” on any of my credit reports.

I pretty much never used the card and when I did it was small charges and I always paid in full before statement cut. I literally made 3 purchases TOTAL, with the largest being $20.29.

I had read all the YMMV stuff on here about graduating and not graduating, so I just kept my fingers crossed. On August 1st 2019, I attempted a CLI via my mobile app. It was of course denied, because secured cards are not eligible. However...

GOOD NEWS!!!
My (6th) statement cut on August 13th and when I checked my app today, I found a new CL of $500, an increase of $300. I’m not sure if Cap1 will be sending my $99 deposit back or if it will be a statement credit. Hell, they might just keep it, I have no idea.

My score was around 600 plus or minus when I app’d and it was in the low 700’s when my 6th statement cut.

Blessings to y’all

[randomguy1]

I talked to Capital One today about their data breach and towards the end of the conversation, I asked if Secured cards were eligible to be product changed to Unsecured cards and the representative said yes, it is possible.

[NaaryalHead]

I wouldn't recommend anyone to do business with Cap one. If you have difficulty getting a regular card from the other banks, you can get a secured card with Citi and BofA. Citi being the first option as they don't have a annual fee on the card and will graduate within a years time. And it's a single inquiry. I regret letting cap one pulling my 3b report. Not worth it.

[Anonymous]

If you filed bankruptcy Citi will not give you a secured card until 2 years after discharge date regardless of wether or not you burned them. BofA also has a long waiting period for BK filers for a secured card. Those banks view their secured cards as options for people new to credit. They are not interested in rebuilders.

[Brian_Earl_Spilner]

---

@DizzyDavid wrote:
Just thought I’d share my experience.

In February 2019, I app’d for the Cap1 secured card and was approved for a $200 CL with a $99 deposit. I’m sure you guys know this, but the account never reported as “Secured” on any of my credit reports.

I pretty much never used the card and when I did it was small charges and I always paid in full before statement cut. I literally made 3 purchases TOTAL, with the largest being $20.29.

I had read all the YMMV stuff on here about graduating and not graduating, so I just kept my fingers crossed. On August 1st 2019, I attempted a CLI via my mobile app. It was of course denied, because secured cards are not eligible. However...

GOOD NEWS!!!
My (6th) statement cut on August 13th and when I checked my app today, I found a new CL of $500, an increase of $300. I’m not sure if Cap1 will be sending my $99 deposit back or if it will be a statement credit. Hell, they might just keep it, I have no idea.

My score was around 600 plus or minus when I app’d and it was in the low 700’s when my 6th statement cut.

Blessings to y’all

---

That's normal, and the only increase you'll ever receive on that card. You won't get your deposit back unless it unsecures or you close the card.