So I've heard of unsecured credit limits on secured cards on here by quite a few people... I called capital one to see if my card is eligible for something like that... I kept getting rebuttlaed with more deposit more limit... It's like they just ignored what I was saying every time.
Whats the deal? Those of you that got unsecured limits, can you tell your story/history with capital one?
I applied for my Cap1 Secured CC back in Oct. I put $200 into the account and it's been that limit until this month. I got a $100 CLI last week.
I am probably going to cancel this card in Oct of this year. I have since been approved for a few prime cards, another Cap1 unsecured No Hassles rewards, 2 Store cards and Cap1's Secured card has served it's purpose. I also got a Wells Fargo Secured Visa last Oct but put $500 into that. I might keep that on open until it graduates or I get tired of it
I'v eonly had the card for like 4 months, but I have been using and paying it enough to get them to take notice. I only had to deposit 49$ for the 200$ limit. The supervisor I spoke to last said I should be getting an unsecured credit line increase soon as I have displayed exceptional use and history /eye roll. However yes you get CLIs that are unsecured and then the card is eligible to graduate and get the secured amount back after a year.
Just don't make the same mistake as I did and deposit enough to have a $3k line - then they cannot issue any CLIs. And while some people have said they were told it would unsecure after 12 months (I was told 8-12 initially when I got it), when I've spoken to them recently they told me my card won't unsecure. So that'll be getting closed sometime soon.
So I guess it'll all depend on your luck. Over all it's not like there's anything terribly wrong with the card - $29 AF, they do (supposedly) grant the unsecured CLIs, and in theory it can unsecure. I just haven't had any of the good luck personally, so they're just holding my money hostage indefinitely until I close the card. That doesn't mean you'll have the same negative experience.