Secured Capital One Platinum Graduation FAIL

[Anonymous]

Called in to Capital One just now to see if they would graduate my Secured Capital One Platinum card to an unsecured card since I've been using it responsibly for over a year and I was told that they don't do that. I explained to them about people online having their cards becoming unsecured and I was told that they did it in the past but not anymore. Hmmmm.... My only option was to open up another credit card with them.

[Anonymous]

i have heard this several times in the last three months, they no longer graduate secure cards. it will be interesting to find out why. a year in what are your scores ? can you pre qual for other cards at this point ?

[Anonymous]

So, my FICO scores are 726 Experian, 751 Transunion (last month) - not sure about Equifax. I did open a Discover IT ($2,500) about 8-months ago and almost 2-months ago an AMEX Cash Magnet ($6,000). I was really hoping to have my Capital One ($500) become unsecured so I could product change it and get a higher credit limit. It's my longest opened card at 1-year-and-2-months so I don't really want to close it unless you think it won't matter. I have my eye on a Chase Freedom card next but am waiting to do a CLI increase for my AMEX at 61 days and have that report first.

[DebtJoe]

I had a Cap1 secured card opened exactly 1 year ago that I recently closed because of this same reason. It seems cards issued after sometime in early 2018 no longer have the ability to graduate.

What sucks even more is Cap1 logic. If they start graduating again, you're still screwed because your card was issued during a non-graduate period.

If you have other options and your profile can handle it, go ahead and just close the card. It's not gonna grow at all.

[Anonymous]

Sounds like you should close it, and maybe apply for another Cap One card if you want to. I saw another post this week from someone who couldn't get their secured Cap One card graduated. Unfortunate situation.

[KJinNC]

Closing the card won't take it off your credit, so, you won't lose the account age for a long time, and by then, it won't matter. If it were me, I'd go ahead and close it. JMO

And by the way, I just opened one in May. It hasn't even shown up on my reports yet. I guess I'll leave it open for a while to log positive payments, but I see no future in the card and am tempted to go ahead and close it.

[Anonymous]

"It seems cards issued after sometime in early 2018 no longer have the ability to graduate."

I opened mine back around 2016 and remember reading that they don't upgrade them ever/only way to get the deposit back is by closing the card.

However, I also recall reading that it reports as an unsecured card.

Sidenote: if closing & wanting another card, open the new card first so that your scores are better.