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Capital One Secured

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Anonymous
Not applicable

Capital One Secured

I've had my Capital One Secured card since April of last year, started with a $200 CL and received an automatic CLI in Oct/Nov to $500. My question is, how long do they normally take before they unsecure?

Seems like Discover is quicker with this as I've had my card since May of last year, $200 CL as well and it currently stands at $1700 CL and unsecured this past November at exactly at 7th month statement cut.
Message 1 of 21
20 REPLIES 20
Anonymous
Not applicable

Re: Capital One Secured

I don't believe Capital One unsecures. But there have been rumors that some have. I've had my secured about a year and a half. Holding out hope the rumors are true. If mine does not unsecured by 2 year mark probably gonna close it. 

Message 2 of 21
Anonymous
Not applicable

Re: Capital One Secured

I had a capital one secured card for about two years and it never unsecured so i closed it. I called many times to try and unsecure it and they said they didn't unsecure anymore. But like the above poster said ive seen of people receiving an email that they had been unsecured. Good luck
Message 3 of 21
Anonymous
Not applicable

Re: Capital One Secured

I got mine when my FICO was 610 about 5 months ago now my score is 664 FICO which is more than enough for a good unsecured card so I'm hoping they unsecure me soon otherwise I'm closing it.

I actually app'd for this one and then the quicksilver card and they just cancelled out my quicksilver app because they said they had some 6 month rule even though I would've been approved for the unsecured.

There's really no upside to keeping the card there's no rewards or benefits really plus your money isn't accruing interest if it hits a year and it doesn't unsecure I would close it and app for an unsecured card if your score is 600+
Message 4 of 21
Anonymous
Not applicable

Re: Capital One Secured

Wow, I had no idea Capital One didn't unsecure. So there really is no point in keeping the card other than AAoA and since I'm new to building credit (this past April) it be smart to stick with them for at least a year since it was my first card.

What should I do after the year? Venture or QS? This is after gardening a bit of course. Can it be PC to either or or should I just close it?

Message 5 of 21
SecretAzure
Valued Contributor

Re: Capital One Secured


@Anonymous wrote:

Wow, I had no idea Capital One didn't unsecure. So there really is no point in keeping the card other than AAoA and since I'm new to building credit (this past April) it be smart to stick with them for at least a year since it was my first card.

What should I do after the year? Venture or QS? This is after gardening a bit of course. Can it be PC to either or or should I just close it?


Talked with Capital One last week. They do unsecure cards. It is something recent and done completely by automation. We have no data as to what triggers the system to upgrade someone. No amount of talking with representatives (over the phone or chat) will get you a different answer. Here is a direct quote from my chat: "Unsecuring is a relatively new feature, and we are assessing opportunities to increase eligibility in the future. Please keep your account in good standing as we periodically review accounts for eligibility."

 

I have had the card just over 5 and a half years. I'm still crossing my fingers that they'll upgrade me. It could be because I don't use it often that I haven't been upgraded but I simply don't know if that's true or not. I do pay my $29 annual fee (this was a thing back then).

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 6 of 21
Anonymous
Not applicable

Re: Capital One Secured

Seems like they're a little uptight about this. Good to know, we'll see what happens after the 1 year mark. Thanks for the info Azure, I really appreciate it.
Message 7 of 21
SecretAzure
Valued Contributor

Re: Capital One Secured

I'm thinking of calling the execuitive office this week to see if that would make a difference. I will make a new post if this works but either way I'll respond to yours if I get any useful information. I'm happy to be of service to the myfico forums. 

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 8 of 21
Anonymous
Not applicable

Re: Capital One Secured

Considering you've had that card for 5+ years, calling the executive office to try and get them to budge I'm sure will be a positive thing. I mean, 5 years is a long time.
Message 9 of 21
Anonymous
Not applicable

Re: Capital One Secured

I'm pushing up on 2 years and mine and my wife's are still secure. We're going to wait until June/July when the annual fee is due and close them. Served its purpose and now it's time to move on.

Message 10 of 21
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