Cancelling Capital One

[Anonymous]

Started out with a Capital One secured card. Immediately after receiving it, I received pre-qualificatiion (and was approved) for a Platinum card. I've since PC'd that Platinum card to a Quicksilver card.

Since, I've received another pre-qualification mailer for a Capital One unsecured card. Should I cancel the secured card and go for the unsecured? The offer states that it's not valid if I already have two CapOne cards, which I do.

Any thoughts?

[MyLoFICO]

I would. Have you called Capitalone to see if you can PC the secured card to an unsecured? Do they do that? I have never had their secured card. 

[Anonymous]

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@MyLoFICO wrote:

I would. Have you called Capitalone to see if you can PC the secured card to an unsecured? Do they do that? I have never had their secured card. 

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From the looks of other threads here, it looks like they'll make you apply for another card and that they don't PC secured to unsecured.

[MyLoFICO]

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@Anonymous wrote:

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@MyLoFICO wrote:

I would. Have you called Capitalone to see if you can PC the secured card to an unsecured? Do they do that? I have never had their secured card. 

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From the looks of other threads here, it looks like they'll make you apply for another card and that they don't PC secured to unsecured.

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With 3 more HP's on your CR too. Hmm.. I suppose you would really have to want another Cap1 card. Personally, I would wait. Let your scores relfect the new card and try to pre-qualify for better cards. 

[takeshi74]

No idea without knowing much more about your credit profile.  Best guess from what you've posted so far:

You started out with a secured card, presumably because of difficulty getting unsecured cards for whatever reasons with your credit profile.  You then got an unsecured card.  That's 2 new accounts in a short span of time and you're looking to add another?  My best guess is that your profile is going to support a very small number of new accounts and that creditors are going to see this sort of activity as risky for your profile.

Again, however, without more details regarding your credit profile it's difficult to really say.  Don't just respond to offers and don't rely on prequals.  Learn to assess your own reports.

[Anonymous]

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@takeshi74 wrote:

No idea without knowing much more about your credit profile.  Best guess from what you've posted so far:

You started out with a secured card, presumably because of difficulty getting unsecured cards for whatever reasons with your credit profile.  You then got an unsecured card.  That's 2 new accounts in a short span of time and you're looking to add another?  My best guess is that your profile is going to support a very small number of new accounts and that creditors are going to see this sort of activity as risky for your profile.

Again, however, without more details regarding your credit profile it's difficult to really say.  Don't just respond to offers and don't rely on prequals.  Learn to assess your own reports.

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I started out with a Capital One secured card because I didn't think that I could get an unsecured card. I paid the deposit for the secured card and before it ever arrived, I received a mailer from Capital One pre-approving me for the unsecured card, to which I applied and was approved. My current FICO scores are between 620 and 635. Taking the pre-approval and not questioning it, I requested a PC from the pre-approved platinum card to the QuickSilver and received it (about 6-days into having the Platinum card). I agreed to take the PC as they said my account number would stay the same & not report as a new line.

[Anonymous]

Cap1 does NOT unsecure their secured cards.

OP, how long have you had the two cards with them?

[MyLoFICO]

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@Anonymous wrote:

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@takeshi74 wrote:

No idea without knowing much more about your credit profile.  Best guess from what you've posted so far:

You started out with a secured card, presumably because of difficulty getting unsecured cards for whatever reasons with your credit profile.  You then got an unsecured card.  That's 2 new accounts in a short span of time and you're looking to add another?  My best guess is that your profile is going to support a very small number of new accounts and that creditors are going to see this sort of activity as risky for your profile.

Again, however, without more details regarding your credit profile it's difficult to really say.  Don't just respond to offers and don't rely on prequals.  Learn to assess your own reports.

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I started out with a Capital One secured card because I didn't think that I could get an unsecured card. I paid the deposit for the secured card and before it ever arrived, I received a mailer from Capital One pre-approving me for the unsecured card, to which I applied and was approved. My current FICO scores are between 620 and 635. Taking the pre-approval and not questioning it, I requested a PC from the pre-approved platinum card to the QuickSilver and received it (about 6-days into having the Platinum card). I agreed to take the PC as they said my account number would stay the same & not report as a new line.

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If you qualified for a regular QS with no AF then you would probably get the new cad no problem. But, I think they would close the Secured and open a new line with new HP's. Do you have any lates or collections? What is holding your score down in that range? What types of debt do you have? Car loan? Mortgage? 

[Anonymous]

Not long at all, less than a month. That's why I wanted the advice of others on here as to how to proceed.

[Anonymous]

I have two negative items on my reports, one being a utility bill that was 'associated' to me and the other being legimitate. In the past few months, I have had numerous negative items removed from my report, so I'm assuming that that in conjunction with the two negatives are what is holding it down. Bankruptcy in 2010.

I have had a few CLOC that were all paid on-time and closed but that was over 10 years ago. I have had 2 auto loans, one paid and the other included in bankruptcy. No mortage.