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Capital One Secured Card Closed (End of my credit building period)

Frequent Contributor

Capital One Secured Card Closed (End of my credit building period)

It's been two years since i opened this Cap 1 secured card and i thought that it's time to close this tradeline since i have many unsecured card now. It was a very useful card it helped to build my credit and also helped to build credit of two friends of mine (i added them as AU) so yeah this card and the wells fargo secured card gave the opportunity of starting my credit journey....

 

I wish i would've been able to convert this card into an unsecured one but as everyone on this forum know Cap 1 doesn't let you do that.

The closing process was pretty simple i called the number in the back of the card and i didn't even need to speak with a live person.... everything was done through the automated system....

 

I received this notice in the mail informing me that my account is going to be reported as closed  to the credit beaurus in 30 days and that i need to keep making payments if there's any balance.

 

 

 I also received my refund check. I had a credit line of $1000 but i only had a deposit of $749 because i was asked for a inicial deposit of $49 for a CL of $200 and then i got a $100 CLI from them when my account hit 6 months.

 

 

Now i have one card less in my wallet and i hope to use that empty slot with a new credit card maybe Chase Saphire or  a Bank of America card... I might try to appy for one of these cards in December 2013 or in the beggining of 2014

 

6 REPLIES
Frequent Contributor

Re: Capital One Secured Card Closed (End of my credit building period)

Congrats to you, I am looking forward to closing my secured card as soon as I get my CSP, hopefully next month. How long did it take to receive your refund check?



AMEX PRG NPSL, FIDELITY REWARDS 50K, CHASE SAPPHIRE RESERVE 27K, AMEX DELTA SKYMIES GOLD 25K, CITI DIAMOND PREFERRED 22K, CHASE FREEDOM 20K, CITI DOUBLE CASH 15.5K, BARCLAYCARD REWARDS MASTERCARD 15K, CHASE MARRIOTT PREMIER 5K, CAPITAL ONE SONY CARD 5.75K, CAPITAL ONE QUICKSILVER 3.5K, AMAZON STORECARD 6K, VICTORIAS SECRET 2650, EXPRESS NEXT 1850,Gardening2/17/17.
Frequent Contributor

Re: Capital One Secured Card Closed (End of my credit building period)


MissCredit9 wrote:

Congrats to you, I am looking forward to closing my secured card as soon as I get my CSP, hopefully next month. How long did it take to receive your refund check?


Thanks!! I got my check in the mail yesterday (10/26) and i closed the account on Sat 10/19  so it took like 5 business days to receive the check...  it was pretty fast!!

Frequent Contributor

Re: Capital One Secured Card Closed (End of my credit building period)

Wow that is lightning fast for Cap1, who notoriously does most things slower than molasses. Thanks for the info. Good to know I wont be waiting 30-45 days like I usually do to get anything accomplished with them.



AMEX PRG NPSL, FIDELITY REWARDS 50K, CHASE SAPPHIRE RESERVE 27K, AMEX DELTA SKYMIES GOLD 25K, CITI DIAMOND PREFERRED 22K, CHASE FREEDOM 20K, CITI DOUBLE CASH 15.5K, BARCLAYCARD REWARDS MASTERCARD 15K, CHASE MARRIOTT PREMIER 5K, CAPITAL ONE SONY CARD 5.75K, CAPITAL ONE QUICKSILVER 3.5K, AMAZON STORECARD 6K, VICTORIAS SECRET 2650, EXPRESS NEXT 1850,Gardening2/17/17.
Moderator Emerita

Re: Capital One Secured Card Closed (End of my credit building period)

Based on your siggy, you've outgrown Cap 1's secured card by leaps and bounds.

Good riddance. Smiley Tongue
Senior Contributor

Re: Capital One Secured Card Closed (End of my credit building period)

Agree with Lexie.  The card served its rebuilding purpose and since there was no flexibility to unsecure, best to explore other CC opportunities on the horizon.  On the upside, it will report with a positive history for the next ~10 years.

Frequent Contributor

Re: Capital One Secured Card Closed (End of my credit building period)

Thanks guys!!!! Yes, i am really happy that i've been able to get many great credit card from prime lenders with only two years of credit history... I'm only missing a couple of cards thou:

 

- Bank of America Credit card.....They denied me a little more than a year ago due to short credit history with only 2 credit cards reporting 9 months of credit History and 2 Macys store accounts and when i called to recon they stated they ignore the store accs while evaluating new apps but hopefully, this time when i apply again (soon) 'll get an approval....

 

-Chase Saphire... I never have tried to get this one  (im happy with my Chase Freedom anyway) but you guys have made this card very popular so i'll try to get it in 2014 and i can't blame you it has a nice sign up bonus...

 

and then who knows im starting a business soon so i might try to get a Chase Ink down the road (2014)  to put all my business expenses on that card