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

Morpho
Valued Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol

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.
Message 51 of 65
TheClub
Frequent Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol

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.

"When you're fresh meat you kill... and give them something fresher" (Frank Underwood)
Message 52 of 65
mocaqahua
New Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol

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? 

Starting: 2/2019

Current 8/2019


Current Cards:

Dream Accounts:
Message 53 of 65
800FICOGoal
Established Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol


@Morpho wrote:

 

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

 


 

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











Current


Rebuild Cards


Goal Cards


Loans

Message 54 of 65
joltdude
Community Leader
Senior Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol

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

 

Message 55 of 65
Flyingifr
Established Contributor

Re: I was just informed by Cap1😱😭 ***UPDATE*** Cap1 "Secured Graduation" possibly on hol


@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

 


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.

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 56 of 65
CCALBERT1358
Contributor

Re: I was just informed by Cap1😱😭

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).

Message 57 of 65
Flyingifr
Established Contributor

Re: I was just informed by Cap1😱😭


@CCALBERT1358 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).


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.

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 58 of 65
arizplu
Established Member

Capital One doesn’t unsecure...bummer

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.

Message 59 of 65
HeavenOhio
Community Leader
Senior Contributor

Re: Capital One doesn’t unsecure...bummer

@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.

Message 60 of 65
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