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

[Anonymous]

No need for me to “move on”. As I said, I’m pretty happy with this outcome.

I’m just providing a data point that confirms what the CS agent told someone but we had yet to see it “in the wild” as they say.

I already have a unsecured Cap1 card too.

[TheClub]

This is the end of an era! Really the best thing they had going for them IMO when it comes to providing something of use to their consumers. I appreciate you sharing this info.

[Anonymous]

Never personally owned their secured but they're out of their mind to make such a move. It sucks that they're doing away with such a great feature :/ The whole purpose of even wanting to be bothered with a secured is to hit the graduation for an unsecured. Hopefully they realize the major unjustice they would be doing to their customers who currently hold their secured and the potential customers who would want to own it too. 

Is there a way you can fight for yours to be unsecured due to a CSR being misinformed? 

[800FICOGoal]

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@Anonymous wrote:

Anyone tried and received a CLI for a secured card from Cap1? (an increase while it was still secured)

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I received an auto-CLI on my secured card after about six months. $1,000 ---> $1,300.

[joltdude]

This sucks.. that said Cap One has vacillated between having secure cards graduate and no way in heck a few times over the years... Guess this is a no way in hades cycle for them... It is what it is... frankly unless you have a good use for one of their unsecured cards... (nee grandfathered Savors, etc)  ... its very likely that youll grow out of it and be able to get a better product elsewhere... without the 3 pulls...

-J

[Anonymous]

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@joltdude wrote:

This sucks.. that said Cap One has vacillated between having secure cards graduate and no way in heck a few times over the years... Guess this is a no way in hades cycle for them... It is what it is... frankly unless you have a good use for one of their unsecured cards... (nee grandfathered Savors, etc)  ... its very likely that youll grow out of it and be able to get a better product elsewhere... without the 3 pulls...

-J

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Just remember - graduation and CLI's are two different things. With a secured card, when you open it the CL is the same as the savings account attached to the card.  Graduating is Cap1 refunding the security savings account so that the card is unsecured. That's what they did with me after about a year. But.... after graduation, CLI's were so infrequent and so stingy that the card became little more than clutter in my wallet. After another year my now unsecured card got a whopping $29 CLI. I asked about more and was basically told "be happy we gave you that much". Goodbye to Cap1 - That was little more than a year ago. Now I have $30,000 in Amex lines and $4500 in Chase - all unsecured.

[Anonymous]

I agree 100% this is either a lie or that Capital one Representative was asleep during morning meetings.

I am on the phone with Capital One about unsecuring my secured card at least twice every quarter or so and the most they'd do is give me credit limit increases, which in essence is technically the same, especially when your credit limit($800) is four times your security deposit($200).

[Anonymous]

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@Anonymous wrote:

I agree 100% this is either a lie or that Capital one Representative was asleep during morning meetings.

I am on the phone with Capital One about unsecuring my secured card at least twice every quarter or so and the most they'd do is give me credit limit increases, which in essence is technically the same, especially when your credit limit($800) is four times your security deposit($200).

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But remember - an $800 CL with a $200 Security account is still just $600 in credit. They can use all the smoke and mirrors they want to make it sound otherwise. It 's just like all the car ads where they count $5,000 in "Customer Cash" as some sort of price reduction that they add to the $500 Factory Rebate and all of a sudden they claim they took $5500 off the MSRP of the car. By that logic, if you came up with $30,000 cash to buy a $30,000 car you can get the car for free.

[arizplu]

I opened a Capital One Platinum Secured card back in Feb 2018. It had a starting limit of $200 and I put up $99 as a deposit I believe. It eventually got a CLI to $500 at the fifth statement or so but it’s been stuck there for a while now. I stopped using the card as I ended up getting other cards with higher limits and more benefits.

My Capital One Journey card recently got a CLI from $300 to $500. I called in to see if I could product change it and they let me change it to a Quicksilver. I asked if I could change the Secured Platinum card and was told this card no longer unsecures. I only paid in $99 to secure the card. I’m not worried about that money. However, it is one of my oldest accounts. It’s my oldest or my second oldest account since I’ve started to rebuild my credit. My FICO 9’s are all low 600’s. I’m talking 608, 603 etc. If I close it now, I’ll be setting myself back some points, but if continue to let it age more, will I take a bigger hit in the future? I’m just not sure what to do with this account right now. 

I was also told by the rep that they do allow more than 2 credit card accounts. I’ve heard differently before on this forum I believe. I also have other cards with Discover and Navy Federal so I for sure don’t need this CapOne acct.

[HeavenOhio]

@arizplu, if the card is currently 14 months old and your oldest, the drop in AoOA (age of oldest account) will be tiny when this card falls off your report. If it's not your oldest, your AoOA won't change at all.

Capital One denies applications for the Secured Mastercard, Platinum, Platinum Preferred (when available), Journey, and QuicksilverOne when one has two or more Capital One cards. They deny applications for the Savor, SavorOne, Venture, VentureOne, Quicksilver, and Spark when one has five or more Capital One cards.