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Capital One Platinum Secured Card - No CLI Granted After 13 Months


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I have a Capital One Platinum secured card with a meager $200 limit that I opened up in August of 2020.  I have a green record on payment for the past 13 months. Yet, Capital One has not automatically offered any CLIs or granted a manual request to unsecure the card.  The card was initially opened to build credit as I had no credit history.  My credit scores have since risen to above 750, I have no defaults or late payments in my history, my reported income is above $100k, and my utilization ratio stays below 30% overall on all my open cards.

 

I have since opened up a Quicksilver card with Cap One in August of 2021 with a $500 limit. Yet, I managed to get other lenders to approve me for CLIs just this year. The Capital One card management team could not offer any explanation as to why the secured card was not automatically offered a CLI nor why the request to unsecure it was denied. I was told there would be no letter provided for a decision unless the request was granted. That in itself seems absurd that I would not be given a reason for the denial.

 

At this point, I am not sure whether to keep this card because it has a high APR, does not earn any rewards, and has a very low credit limit with no promises of ever being raised. I am at lost as to what to do.

 

Edited by credithoarder
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Based on what I remember reading about C(r)ap1 secured cards, they do not offer CLIs and do not usually unsecure them.

If you want your cash returned, you have to close your card out and wait for several months as they claim that you might have charged something and forgot about it. Make certain that if you close your account, send a letter to them - not with a phone call or an e-mail.  

  

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I would stick it out a bit longer with your secured card.  They do unsecure/graduate some accounts.  You should have at least 3 open cards (5+ is ideal), so I definitely wouldn't close it before you have a thicker file, unless not having the deposit money is causing greater harm elsewhere in your life.

 

You mentioned a short history.  Is there anything at all negative reporting, even a single 30-day late?  

 

fwiw, I kept my secured card (from elsewhere) for a couple of years after its main purpose was served, mainly for age, but also because it had a decent limit relative to my other open cards, and it helped me get better limits on new cards from that point forward.

 

You might want to check all of your reports, and get official copies, to see what's reporting.  If you are certain that you won't need to dispute anything, you can get your free copies online from www.annualcreditreport.com once a week (normally it's annual, hence the name, but pandemic :) ). 

 

If you anticipate the need to dispute something, get the reports directly from the bureaus (this shortens the time a bureau has to investigate and resolve disputes).

 

17 hours ago, credithoarder said:

I have a green record on payment for the past 13 months.

 

Not sure where you are looking at this string of "greens," but please don't rely on Kredit Carma or similar sites to truly know what's on your credit reports.  Sites/apps like that are for entertainment only, and even that's a stretch because they really aren't that entertaining.  :D 

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Anecdotally my card was granted a $300 CLI after 7 months so I am now at $500. I have a ceiling on my scores due to a significant utility CO that I will probably wait another 18 months to fall off but I am quite fine with sticking this in the drawer and looking for better cards for the future.

 

I remember reading somewhere that the beginning of the year is a good time to look for CLIs and new credit but YMMV.

Edited by Chonkyfire
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There have been several posters here through the years who basically paint a picture of CrapOne putting people in a crappy/mediocre bucket and never removing them FROM that bucket.  And now that they have so many other subprime retail products, they don't care if someone calls and says BUH-BYE!

 

Years and years ago, I had a product through Signet Bank (which later became CrapOne) but I was out of that one by the early 90's.  I have no real desire to eat three inquiries for a current product although they have since acquired the Saks and Neiman Marcus store cards. 

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19 hours ago, cv91915 said:

 

You mentioned a short history.  Is there anything at all negative reporting, even a single 30-day late?  

 

Not sure where you are looking at this string of "greens," but please don't rely on Kredit Carma or similar sites to truly know what's on your credit reports.  Sites/apps like that are for entertainment only, and even that's a stretch because they really aren't that entertaining.  :D 

 

First of all, thank you all for your feedback. 

 

I have no late payments, no derogatory marks in my record. 

 

I do quite a bit of cross-reference checking with several different services to get a full picture of my credit profile.  That has helped me raise my credit score in a very short time. I have a MyFico Premier account and I do check my Vantage scores with Card providers.

 

In addition, I also grab a full report from annualcreditreport.com every couple weeks just to make sure nothing weird pops up in my report that MyFico already reports.  

 

Lastly, an account manager did mention that my card was opened inside the window where CapOne opened up CLIs and an Unsecure option for customers.  I did learn that older accounts were never eligible and would never be, however, mine was opened during a period where they lifted that restriction. That is why they opened up a request to unsecure it on my behalf.  Nonetheless, the whole company appears to rely on algorithms that are so generalized that it makes no special considerations no matter what.

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17 hours ago, credithoarder said:

 

First of all, thank you all for your feedback. 

 

I have no late payments, no derogatory marks in my record. 

 

 

Has there ever been a late on THAT card which was not a reportable 30-day late?  Remember that even internal notations, to include requests to skip a payment, CAN be considered...

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On 10/14/2021 at 2:44 AM, centex said:

...putting people in a crappy/mediocre bucket and never removing them FROM that bucket.

 

Other issuers, even prime, do that, too - sometimes with particular lines within their portfolio. When I had a Chase Slate, I was treated like a deadbeat (balance chasing, etc.). Canceled that and got a Chase Sapphire. Now I get offers, offers, offers from Chase.

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On 10/15/2021 at 4:41 AM, centex said:

Has there ever been a late on THAT card which was not a reportable 30-day late?  Remember that even internal notations, to include requests to skip a payment, CAN be considered...

 

Always made my payments in full with no skipped payments. It's only a $200 limit so it allowed me to zero out the balance for every statement.

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There have been several posters here through the years who basically paint a picture of CrapOne putting people in a crappy/mediocre bucket and never removing them FROM that bucket.  And now that they have so many other subprime retail products, they don't care if someone calls and says BUH-BYE!
 
Years and years ago, I had a product through Signet Bank (which later became CrapOne) but I was out of that one by the early 90's.  I have no real desire to eat three inquiries for a current product although they have since acquired the Saks and Neiman Marcus store cards. 

You are right. CapOne is famous for sticking people in buckets and then welding the hatch shut. Usually the only way out is by closing the account and then applying again for a better card.

Gone for good are the days back when the scheme that [mention]Mister Juggalo [/mention]implemented would work wonders.


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I have a pending Walmart application with them and waiting for approval. Should I get a third card from them (Quicksilver + Platinum + Walmart),

 

I will continue to use the secured Platinum to pay a < $10 subscription service and zero out the balance each statement period.  Unfortunately, this is the oldest account on my profile. Therefore, I may need to get the next card in my list to a milestone before I cut this one loose. 

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Age sticks with you after closing; the account will continue to report for 10 years.

 

C1's secured product is a stinker, even if they unsecure it.  You're paying an annual fee and getting no added utility once you factor your other open credit.  I wholeheartedly suggest you close and don't look back.

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5 hours ago, hdporter said:

Age sticks with you after closing; the account will continue to report for 10 years.

 

C1's secured product is a stinker, even if they unsecure it.  You're paying an annual fee and getting no added utility once you factor your other open credit.  I wholeheartedly suggest you close and don't look back.

Thank you for the feedback. I didn't realize the it will continue to age up to 10 years. 

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