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Cancelled Capital One Secured

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Anonymous
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Re: Cancelled Capital One Secured

A $560 limit? Dustbin!! And it won't hurt, as the account will still be on your reports for 10 years.
Message 11 of 23
Anonymous
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Re: Cancelled Capital One Secured

thanks! 

Message 12 of 23
Anonymous
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Re: Cancelled Capital One Secured

I/we just did it so I can't speak to the affect it will have on our scores just yet. We already got our deposit checks back and the were for $49 each which sucked that I forgot it was $49 for a $200 credit limit but oh well. My personal advice would be not to make any big credit changes while purchasing a house. I'd wait until after.

Message 13 of 23
Anonymous
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Re: Cancelled Capital One Secured

I'm likely doing the same within the next few months. It is my oldest card (15 months). They don't seem to have any interest in graduating it. Not that I'd use it if they did. They are peppering me with other offers, but I really just don't have any interest now. Certainly nothing that interest me enough for 3 hard pulls. If they'd graduate and PC to a QS, fine, but I don't think they want to do that, for some reason.

 

As I've said, I have no clue what CapOne is trying to do. They have a really nice starter product in the 49/200 Secured card. I really wanted to move on from that product and stick with CapOne when my profile started to support being able to attain a rewards card. It seems they could use that starter card to bring in good long-term customers. They don't have any real top end rewards cards, so being aggressive at keeping the low credit customers that start with them would make a lot of sense. That's what I was hoping to do with them.

 

Instead, after about 6 months with the Secured card, Chase and Citi came knocking with better products than anything CapOne has in the lineup.

Message 14 of 23
Anonymous
Not applicable

Re: Cancelled Capital One Secured

I'm also beginning to wonder if I shouldn't just transfer, once I get it paid down far enough, the remainder of the balance on my secured Platinum to my Discover It and then close that card (the secured Cap 1 Platinum, of course). It's not that I don't like the card - I'm grateful for having had it and it provided the base I needed to begin my rebuild - but after this past weekend, with my new Overstock store card with $4K line, and my unsecured Platinum due for a Credit Steps increase later this summer, closing the secured card won't significantly reduce my overall revolving credit. Right now, I'm at $11,251 total revolving credit, and if I closed the secured Platinum after I got the $500 Credit Steps, for instance, I'd only reduce my overall revolving credit by $451 (my current secured line is $951), not to mention that an account closed by the customer, in good standing and paid off, will stay on the record for 10 years without damaging it.

 

I've had this card for nearly 18 months now. Since I'm gardening, I'm going to let it remain as is for the next several months while I continue to pay the outstanding balance down. My main objective for the fall has been to get a good rewards Visa but I may now expand it to get a decent rewards MC as well from a BK-friendly source (this will probably be where I join a second CU to do that) and transfer the remainder of the secured balance to Discover so that I can close the secured card, get my deposit back and maybe close the unsecured Platinum as well once I have a better MC in hand.

Message 15 of 23
SecretAzure
Valued Contributor

Re: Cancelled Capital One Secured


@Anonymous wrote:

So i am going through the same thing with cap one now. I called and spoke with two different reps and was told that they have no product available to me. Even though I have had the card since 7-2011. You would think that would count for something. Anyway my CL is only 560 on the card and I have a ton of regular accounts now. We are buying a home and I was wondering if i closed the account if it would hurt my credit score/ AAoA. What affect did it have on you and our wife after you closed it?


How funny, I'm on the same boat since 6-2011. I called the executive office and they just told me that my card wouldn't upgrade because the cards were set up differently than some of the new ones...he also said it was impossible for anybody to have them upgrade yet as not enough time has passed. Which is BS since I know some have upgraded already thanks to myFICO..

"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 16 of 23
Anonymous
Not applicable

Re: Cancelled Capital One Secured

Yea I got the same automated responses from a supervisor yesterday. The only thing they did do was credit my account the annual fee. Which was only 29 so at the end of the day it was better than nothing but doesn't solve my issue. I should've cancelled it after my credit got better years ago but ya live ya learn. I was at 520 when I got the card. Now I'm at 703. So it was worth it, just want my money back now.
Message 17 of 23
Anonymous
Not applicable

Re: Cancelled Capital One Secured

Cancel the card and they'll issue you a check for the original deposit. It's served it's purpose, cancel and move on!!
Message 18 of 23
Anonymous
Not applicable

Re: Cancelled Capital One Secured


@Anonymous wrote:
Cancel the card and they'll issue you a check for the original deposit. It's served it's purpose, cancel and move on!!

+1. I think it's mainly inertia and the reluctance to "lose" available credit, plus still needing to pay down a balance, that's keeping me holding on to this card after it's served its purpose. So I just want to make sure the balance is paid off or transferred first so that I don't lose any of my deposit.

Message 19 of 23
jlitnns
Established Contributor

Re: Cancelled Capital One Secured

Here's my question. My secured card is my oldest CC at more than 5 years and most of my other ones are new within the past year. Will this kill my AAoA if I close this card?

 

Or should I roll it over to my QS1?


Message 20 of 23
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