Can you convert the Capital One Platinum Secured Card to unsecured?

It usually takes 12 to 18 months for a secured card to become an unsecured card, if used responsibly. Exactly how long it takes for a secured card to become unsecured depends on the card issuer, how the account is managed, and whether or not the card even has the capability of graduating in the first place.… read full answer

Credit card graduation is when a secured card’s security deposit is returned to the cardholder and the card, in turn, becomes unsecured. Graduation to an unsecured card could occur in as little as 6 months, but it could also take several years. In addition, some secured credit cards won’t graduate no matter how long you have them or how good your account history is. You can always call the card issuer’s customer service line to see if your secured card is eligible for graduation, though.

Secured card issuers may also review your account once or twice a year to evaluate it for automatic graduation. To maximize your chances of automatic secured card graduation, pay on time each month and keep your credit utilization low. But remember: Graduation is never a guarantee.

People with bad credit can usually graduate from a secured card to a decent unsecured credit card after 12 to 18 months. But it depends on what you do in the meantime, not to mention how badly damaged your credit is. Making on-time payments every month you have a secured card will help speed things up, as will using only a portion of your credit limit.… read full answer

When the time comes, the switch from a secured card to an unsecured credit card usually happens in one of three ways.

Here’s how to go from a secured to unsecured credit card:

1. Get a better card, then close your account: The secured card’s issuer will refund your deposit, minus any unpaid balance, when you close your account.
2. Accept a credit-limit increase: If the bank that issued your secured card reviews your account and likes what it sees, it might offer you a higher credit limit. This would convert your secured credit card to a partially unsecured card. But everything else would stay the same. And you wouldn’t get your deposit back at this time.
3. Ask for a refund: Your existing account stays open in this scenario, but it becomes fully unsecured because you get your deposit back. It will be returned via check or statement credit.

You can monitor your credit-building progress for free on WalletHub, the only site with free daily updates to your credit score and report. When your credit score reaches “fair” territory, you’ll know you’re ready for an upgrade, if you haven’t been offered one already.

There are two ways to increase your Capital One Platinum Secured credit limit: Depositing more money than required and consistently paying your monthly bill on time. The first option is available prior to account opening and the second after your account has been open for at least six months. I’ll walk you through both below.… read full answer

Increase Capital One Platinum Secured Credit Limit Options:

1. Over-deposit before getting your card

   If you get approved, Capital One will require you to place a security deposit of $49, $99 or $200 to actually open your account. The deposit amount you’re assigned depends on your overall credit standing, but everyone starts with a $200 credit limit – unless you deposit more than is required, that is. Any amount you deposit above what’s required will boost your spending limit by the same amount. For example, if you’re required to place a $49 deposit and you put down $149, your credit limit will be $300 instead of $200.

2. Pay on time for 6+ months

   After account opening, the only way to get a Capital One Platinum Secured credit limit increase is to pay on time for 6 months. If you do, Capital One will likely raise your credit limit during the 7th month. By how much, though, is completely up to them. If you pay on time but other aspects of your credit get worse, you might not get an increase.

   It’s also possible that Capital One will eventually return your deposit and transition you to an unsecured credit card with a higher credit limit. But that depends on how financially responsible you are.

Final Take

Different secured cards have different rules regarding security deposits and spending limit increases. You can usually increase your limit by depositing more money, often at any time. But you generally can’t just call and ask for more spending power without giving the credit card company something in return.

The only absolute chance you have to get yourself more credit is at the very start when you send in extra money on top of your deposit. Otherwise, you’ll have to speak with your actions by paying on time until Capital One raises the limit themselves.