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

dynamicvb
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***

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 me 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.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 5/28/20:


First Goal Score: 750+ Reached 3/2019

Next Goal all over 800
Message 21 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭


@Saeren wrote:

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.”-I just read that too on their website. but, there isn't anything stating that in my "TandA." -They got me MAW. They got me!!

 

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. 


Thanks Saeren. I appreciate you bringing that to my attention.





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Message 22 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***


@Atmos_7 wrote:

@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!!!"Smiley Mad

 

 

3715858.jpg


 


EXACTLY!!Smiley Very Happy





Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 23 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***


@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.


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?Smiley Very Happy





Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 24 of 65
Saeren
Mega Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***

That’s a real bummer, sorry that they pulled that nonsense! Smiley Sad





Message 25 of 65
jamesdwi
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***

Just seems backwards, Customers are not free, Credit card companies pay costs to aquire a customer, whether they have bad credit or not. There is still a cost of aquistion, once they got you in as a secured card holder, if you follow the program pay your card on time, for 6 months to a year or for the worst cases, 2 years.  These people will have other options, if CapitalOne doesn't give them a path forward they are going to lose the customer, when customer closes applies for and is improved for a non-secured product from a different lender. Keeping the customer by graduating them to a non-secure product in the CapitalOne portfollio, would allow CapitalOne to keep earning Annual Fees, and swipe fees. Just doesn't make much bussiness sense to limit the relationship to just a secured cards and hope they will choose CapitalOne for lender going forward.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 26 of 65
Flyingifr
Established Contributor

Re: I was just informed by Cap1😱😭


@BrandonLane wrote:
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.

My dislike of Cap1 came when I graduated out of Secured to Unsecured and then got a whopping $13 CLI. I told them if they needed it that much then I don't need them.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810 Finally made it into the 800 club on all 3 Bureaus - only took 25 years.
8/29/2020 EX 776 EQ 761 TU 768 - I paid off my mortgage and car loan and am debt free forever, and FICO threw me out of the 800 club as a reward
Message 27 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***


@jamesdwi wrote:

Just seems backwards, Customers are not free, Credit card companies pay costs to aquire a customer, whether they have bad credit or not. There is still a cost of aquistion, once they got you in as a secured card holder, if you follow the program pay your card on time, for 6 months to a year or for the worst cases, 2 years.  These people will have other options, if CapitalOne doesn't give them a path forward they are going to lose the customer, when customer closes applies for and is improved for a non-secured product from a different lender. Keeping the customer by graduating them to a non-secure product in the CapitalOne portfollio, would allow CapitalOne to keep earning Annual Fees, and swipe fees. Just doesn't make much bussiness sense to limit the relationship to just a secured cards and hope they will choose CapitalOne for lender going forward.

 

 


That may have been the reason i received an offer so QUICKLY for Their Unsecured Platinum, hoping I'd be persuaded to app?Smiley Very Happy It felt like they were dangling a carrot. I WILL NOT take another 3 HP's for another card in the future, especially not after this!! NOPE!!Smiley Mad





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Goal Score: 700(by May/2021)>

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Message 28 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭


@Flyingifr wrote:

@BrandonLane wrote:
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.

My dislike of Cap1 came when I graduated out of Secured to Unsecured and then got a whopping $13 CLI. I told them if they needed it that much then I don't need them.


Sounds like a dangling $13 carrot, if you ask me...





Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 29 of 65
Brooklyn2018
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE***


@Saeren wrote:

That’s a real bummer, sorry that they pulled that nonsense! Smiley Sad


Thanks

 

I'm getting over it quick...just another secured card now.

 

 





Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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Message 30 of 65
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