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Strategy to graduate capital one secured

Regular Contributor

Strategy to graduate capital one secured

I've been reading around the forum and noticed conflicting information when it comes to capital one secured graduating and CLI's. Some people have never had one graduate or get a CLI and others have gotten CLIs and a graduation right at 10-11 months.

 

This got me to thinking there must be some strategy or the ones who got the graduations used the card a certain way, so I'm trying to figure out what that may be.

 

If you have had a capital one secured graduate or have gotten consistent CLI's on the card, please share the way you used your card. Whether you charge it up to the limit or close before the statement cut or if you use it minimally.

 

I've read the cap 1 likes to see swipes, so I'm trying to make a lot of small purchases and since I don't want my utilization to get too high, I have been making micropayments multiple times a month with a PIF auto pay on the due date. I don't know if this is good or not as I have not had the card but just over a month.

 

If you have any strategy in this area that has helped you, please share.

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

Current 6/21/18:


Goal Score: 750+
Message 1 of 7
6 REPLIES
Contributor

Re: Strategy to graduate capital one secured

I would do one of two things..

 

1-Use it and pay it in full multiple times a month. No joke burn it up and pay 8-10 payments through the card a month. This should help graduate it quickly as a friend of mine did it. It depends on your credit though and every situation is different.

 

2-Burn it up and put multiple payments through it a month... then apply for a quicksilver after 3 statements. They should grant you a decent line while your other secured card grows and shows.

 

Every situation is different but from what I have seen if they show you using it like its on fire and continually paying it they'll unsecure it. I think they start checking after 6 statements now. 

July 17' - Scores 480s across the board
Fico Scores
Jan 18' - Exp 542 Eq 532 Trans 540
June 18' - Exp 659 Eq 662 Trans 650

Bank Cards - NFCU Cash Rewards $10k, NFCU NRewards $500, Amex Delta Gold $1000, Discover IT $500, Cap1 Quicksilver One $300, Credit One $550, Primor Secured $250
Store Cards - Amazon Prime $1300, Fingerhut $800, Jcrew $250, Vics Secret $350, Eddie Bauer $250, Ann Taylor $250
Installment - NFCU Secured 6mo, Self Lender 12 mo
Officially gardening. Re-build complete.
Message 2 of 7
Regular Contributor

Re: Strategy to graduate capital one secured


@TonyMac wrote:

I would do one of two things..

 

1-Use it and pay it in full multiple times a month. No joke burn it up and pay 8-10 payments through the card a month. This should help graduate it quickly as a friend of mine did it. It depends on your credit though and every situation is different.

 

2-Burn it up and put multiple payments through it a month... then apply for a quicksilver after 3 statements. They should grant you a decent line while your other secured card grows and shows.

 

Every situation is different but from what I have seen if they show you using it like its on fire and continually paying it they'll unsecure it. I think they start checking after 6 statements now. 


Thanks, that was what I was thinking might be the way to go. I've heard that capital one likes a lot of swipes, which makes sense as they make more money that way. I'm going to bump up my usage and just pay it down every few days to keep my utilization low.

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

Current 6/21/18:


Goal Score: 750+
Message 3 of 7
New Visitor

Re: Strategy to graduate capital one secured

I received my secured VISA in March. I use it several times a month and always PIF. Last week, I pre qualitied&approved for QuickSilver1 for $300 and $500 cashrewards card with NFCU.
Message 4 of 7
Contributor

Re: Strategy to graduate capital one secured

So, dumb question, but can you still swipe a card that has a chip? Or are they essentially the same thing to a creditor?

Currently rebuilding:
FICO 8 scores
1/18 - TU 562 EX 560 EQ 558
6/18 - TU 660 EX 726 EQ 662
Message 5 of 7
Community Leader
Valued Contributor

Re: Strategy to graduate capital one secured

@aircobra, all cards with magnetic stripes can be swiped in the traditional way. When it's available, the chip is preferable to all parties concerned, i.e. the customer, the merchant, and the bank.

 

In the case of this thread and often on this forum, "swipe" is used as a generic term for any type of transaction — including but not limited to true swipes, chip transactions, contactless transactions, and card not present transactions.

Message 6 of 7
Contributor

Re: Strategy to graduate capital one secured

Okay, cool. Just wanted to make sure I wasn't wasting transactions by not swiping.

Currently rebuilding:
FICO 8 scores
1/18 - TU 562 EX 560 EQ 558
6/18 - TU 660 EX 726 EQ 662
Message 7 of 7