Cap 1 Secured CLI

[lakegro]

Hey All! I've had my Cap 1 secured MC since April 2012 and the CL is the initial $300 that I secured the card with. I've read where they will do CLIs for secured cards after 6 -12 mos. of good pay. I have never been late and usually pay in full every month since I've had my card. Saturday, I chatted with one of their CSRs and asked for a CLI. She walked me through the process of asking for one online and told me that I would receive documentation in the mail in 7-10 days asking for proof of income. I received an online document in my inbox this morning that said that Cap 1 does not do CLIs for this type of card -- which I know is BS! Should I call their backdoor number about this?

[jonson]

Don't waste your time.

[beastmode]

Don't waste your time.

+1 to above. Not even EO can help with this. The only way is to deposit additional funds. There are RARE and RANDOM reports of onetime $100 CLI on the secured cards, but no chance you can ever request one. Close it at 11mos and move on.

[SuperGurl72]

 

Don't waste your time.

+1 to above. Not even EO can help with this. The only way is to deposit additional funds. There are RARE and RANDOM reports of onetime $100 CLI on the secured cards, but no chance you can ever request one. Close it at 11mos and move on.

 

Why close at 11 months?

[jonson]

 

 

Don't waste your time.

+1 to above. Not even EO can help with this. The only way is to deposit additional funds. There are RARE and RANDOM reports of onetime $100 CLI on the secured cards, but no chance you can ever request one. Close it at 11mos and move on.

 

Why close at 11 months?

 

 

Probably just keep it open as long as you need the card, until the 11th month of that year so you get the maximum benefit of your annual fee.

 

The card is great for beginning, because it reports timely and it's so easy to add to the credit line. However, I had a long discussion with the executive office about the false claims of credit line increases, as stated on their website.

[SuperGurl72]

I have the same card myself and it has been open going on two years. I have chose to keep it open because my credit file is still pretty young and I don't mind paying the 29 fee at this time. I was mainly asking why the 11 months because I thought maybe I had missed some reason as to why that was a good idea.

[jonson]

I have the same card myself and it has been open going on two years. I have chose to keep it open because my credit file is still pretty young and I don't mind paying the 29 fee at this time. I was mainly asking why the 11 months because I thought maybe I had missed some reason as to why that was a good idea.

I got my card when the annual fee was still $24, about a month before they raised it to $29. I decided $24 isn't too bad to keep my oldest open card. Hopefully in a couple years I will decide to give them the boot, at 11 months

[em072205]

I've only once gotten that credit limit increase. That was about six months of payment history and it was $100. After that and almost two years...nothing, zip zilch, nada.

[beastmode]

I have the same card myself and it has been open going on two years. I have chose to keep it open because my credit file is still pretty young and I don't mind paying the 29 fee at this time. I was mainly asking why the 11 months because I thought maybe I had missed some reason as to why that was a good idea.

 

I think 1yr+11 months is about the maximum I'd recommend keeping this card. The 11 months idea is basically to avoid the next annual fee. Same advice holds true for credit one, FP and all the other rapey CCs. Unless there are major baddies reporting, after 11 months of on time reporting, you should be way past needing this card. I would either move on the another unsecured capone or barclays which are almost guaranteed approvals with 6 mos of history. I wouldn't mind testing the waters with freedom or discover either.

 

 

 

IMO $24 is way too much for a secured card with no rewards outside of rebuilding. You don't need to keep your OLDEST card open. If you close it, the account will continue to report for 10 years. The only thing that will happen is change your util which may be trivial if the card limit is small anyway. When I closed my capone secured it had a $3000 limit.. I got CLI on some other cards to about 5K at the same time so I more than made up for the util. It wouldn't have mattered anyway because I PIF on all cards and carry <1% util at statement closing.

 

Boot them now and replace it with something better.

[jonson]

 

I have the same card myself and it has been open going on two years. I have chose to keep it open because my credit file is still pretty young and I don't mind paying the 29 fee at this time. I was mainly asking why the 11 months because I thought maybe I had missed some reason as to why that was a good idea.

 

I think 1yr+11 months is about the maximum I'd recommend keeping this card. The 11 months idea is basically to avoid the next annual fee. Same advice holds true for credit one, FP and all the other rapey CCs. Unless there are major baddies reporting, after 11 months of on time reporting, you should be way past needing this card. I would either move on the another unsecured capone or barclays which are almost guaranteed approvals with 6 mos of history. I wouldn't mind testing the waters with freedom or discover either.

 

 

 

IMO $24 is way too much for a secured card with no rewards outside of rebuilding. You don't need to keep your OLDEST card open. If you close it, the account will continue to report for 10 years. The only thing that will happen is change your util which may be trivial if the card limit is small anyway. When I closed my capone secured it had a $3000 limit.. I got CLI on some other cards to about 5K at the same time so I more than made up for the util. It wouldn't have mattered anyway because I PIF on all cards and carry <1% util at statement closing.

 

Boot them now and replace it with something better.

 

 

My credit file is still pretty thin, that's why I want to keep it a little longer.

[lakegro]

All of this info is extremely useful! I think that I am going to close this card the early part of next year because I am not really using it very much anyway. Thanks guys!

 

edited to add:

 

This is just my opinion, but while I am grateful for Cap 1 giving me an opportunity to rebuild, I think it's complete BS that they don't give CLIs or offer the option to unsecure. That pisses me off.

Edited November 19, 2013 by lakegro

[jonson]

 

This is just my opinion, but while I am grateful for Cap 1 giving me an opportunity to rebuild, I think it's complete BS that they don't give CLIs or offer the option to unsecure. That pisses me off.

 

Generally secured cards do not give unsecured CLIs. The problem with Capital One, however, is the information once stated that we are able to earn credit line increases with good payment history. That's what I was expecting when I signed up for the card, yet customer service and the executive office all claim there are no increases past the first $100. I see their website now states, "The opportunity to earn a credit line increase." At least they finally clarified it. They would probably receive a lot more business (and earn more loyal customers willing to stay) if they truly gave multiple credit line increases.

 

Oh, well... I'll stop now

[geekcub]

I only got one unsecured $100 increase at the 6 month mark.

 

That's all they're gonna give ya...lol.

[SuperGurl72]

Feel lucky you got that...lol the only increase I have gotten was bc I sent them more money...

[lakegro]

Feel lucky you got that...lol the only increase I have gotten was bc I sent them more money...

+1