I currently have a Capital One secured card with a $2,000 limit. I got this card in January 1999 with a $500 limit. At that time I had some paid collections on my report. Today I have no negative information and I have a perfect payment history with Capital One as well as a large student loan debt. Here's the thing, I want to apply for a Platinum card and feel like I have earned it from Capital One. Will they automatically reject me based on my 'secured' status with my Visa Classic card and their own internal records of my past bad credit. Or do I have a chance. Or is it too soon and should I wait.
RE: Upgrading to Capital One P You have to have stellar credit for that type of card. Their lines of credit start at $5,000 if I am not mistaken. From what I know about Capital One, they will likely deny you for a Platinum card with your collection accounts, paid or not. Having any delinquency over 90 days or a public record will generate an automatic rejection. Try calling Capital One and seeing what other cards they might be able to offer. Based on what others have posted here, you'll probably have enough trouble trying to convert the secured account to unsecrued.
RE: Upgrading to Capital One P Is Capital One the only card you have? If not, you may want to close the account, wait awhile & then apply for the Platinum card. If I'm not mistaken, I think this worked for Doris. However, this may not work if you have an extremely large balance on your student loan. Your debt to ratio may may be too high. I would give this some serious thought. Good luck!
RE: Upgrading to Capital One P I agree, that this is almost certainly futile in that it appears from many previous messages that once Capital One has you pegged as a "sub-prime loser" your there if not for life than an exceedingly long time. Of course this does not extend to applying for another companies' Platinum card for the facts are all of Jim's negatives have been purged (bringing new problems in the form of insufficient tradelines and length of credit history) and the tradeline is as per common Capital One practise reported as unsecured. A good bet might be Providian's Aria Platinum which while being somewhat mediocre their criteria may not be as tight as the "premium" one's. And if he isn't that concerned about annual fees and interest rate he should probably try for a travel/air miles card, as its automatically "assumed" that anybody going for these cards are 'loaded', besides which the banks make the most profits from these 'co-branded' cards, so acceptance is usually much easier, I've found voice applications are the best.
