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

DizzyDavid
New Member

Cap1 "Secured Graduation"

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
Message 61 of 65
randomguy1
Valued Contributor

Re: Cap1 "Secured Graduation"

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.

Message 62 of 65
NaaryalHead
Regular Contributor

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

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.
BofA Cash Rew: 16k+
Amex Cash Magnet: 14k+
Citi DC: 8k+
Barclays Uber: 8k+
Citi Premier: 7k+
Chase Saphire Pref 6k+
Chase Amazon: 4k+
Cap1 QS1: 2k+
Cap1 Savor1: 1k Smiley Sad





Next App in: Late Oct 2019

Torch bearer of the Bucketeers' Society. Shamefully carrying a bucketed Cap One QS1 with AF & zero chance of a PC.

Message 63 of 65
Morpho
Valued Contributor

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

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.

Message 64 of 65
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Cap1 "Secured Graduation"


@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.




Message 65 of 65
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