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Capital One Secured Card - How to Unsecure?

So I have a Capital One Secured Master Card that I opened 2 years ago when I started rebuilding my credit. Started at $200 limit, limit increased to $500 shortly after. It has always been paid on time and in full. Every time I call customer service regarding unsecuring this card and transitioning it to an unsecured product they always comment on the account histroy being great, but I cant get this thing transitioned to an unsecured product. They offer to let me apply for another card and close this card out, but I dont want to do that as I need to work on my age of accounts and would like to keep this account going, but just in a way that its more useful than a $500 limit card which is my lowest card limit by far. I've spoken to numerous people. I'm told this account will never unsecure. I'm told it is unsecured at random. I'm told it can be requested through a credit limit increase. I'm told its not eligible for being unsecured at this time. All of these explainations from Capital One customer service contradict one another and provide no solid path. I see all over here people with this card having it unsecured after less than a year, and here I am 2 years deep paid on time and in full always and trapped secured. Any advice on how to go about this?

FICO 8 Scores - 5/5/17: EQ - 630, TU - 630, EX - 636

Started Rebuild 9/2015 @: EQ - 367, TU - 372, EX - 388

Total Lines of Credit - $19,000
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Registered: ‎09-22-2016

Re: Capital One Secured Card - How to Unsecure?

Mine is stuck unsecured at almost 2 years too. I see the very few posts about unsecuring and I'm starting to doubt it can happen. I have tried no spend. Lots of spend. No reporting balance. Reporting balance. Nothing works.  Stuck at 500 too. 

Gardening from 6/2017 to ??
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Registered: ‎04-14-2016

Re: Capital One Secured Card - How to Unsecure?


segrobja wrote:

So I have a Capital One Secured Master Card that I opened 2 years ago when I started rebuilding my credit. Started at $200 limit, limit increased to $500 shortly after. It has always been paid on time and in full. Every time I call customer service regarding unsecuring this card and transitioning it to an unsecured product they always comment on the account histroy being great, but I cant get this thing transitioned to an unsecured product. They offer to let me apply for another card and close this card out, but I dont want to do that as I need to work on my age of accounts and would like to keep this account going, but just in a way that its more useful than a $500 limit card which is my lowest card limit by far. I've spoken to numerous people. I'm told this account will never unsecure. I'm told it is unsecured at random. I'm told it can be requested through a credit limit increase. I'm told its not eligible for being unsecured at this time. All of these explainations from Capital One customer service contradict one another and provide no solid path. I see all over here people with this card having it unsecured after less than a year, and here I am 2 years deep paid on time and in full always and trapped secured. Any advice on how to go about this?


Short answer: You don't

 

Capital One only recently started unsecuring their secured cards.  The pattern demonstrated by the datapoints we have indicates that the 'current' secured card product is not the same as the 'old' secured card product.  Only cards that were opened after the (unknown) date that they started offerring secured cards that unsecure can be unsecured.  Everyone with one of the older cards issued before unsecuring 'was a thing'  will forever remain secured.  I know it's a bummer, but it's the explanation that makes the most sense.

 

So, best advice would depend on whether you also have an AF on your 'old' secured card product.  If you do, I'd cancel the month before the AF is due.  If not...well, then it becomes up to you as to whether you need your $500 back whether to cancel or not.  I can tell you that if you do cancel, the positive history of the trade line will remain with you for 10 years from the closing date.

 

Good Luck!

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Re: Capital One Secured Card - How to Unsecure?

[ Edited ]

Capital One cards seldom unsecure.... it seems to be new accounts that have had some luck with this...

I got chewed out for this on another thread...

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-cards-that-graduate/m-p/4887129

 

Its completely up to Cap One and doesn't seem a way to nudge it to unsecure...

 

If your scores have gone up, id move on, or see if theres a prequalify from cap one and take the pulls....

 

-J

 

Established Contributor
Posts: 818
Registered: ‎09-28-2016
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Re: Capital One Secured Card - How to Unsecure?

It does it appear as others have said that some of the newer secured cards are being unsecured and YMMV. If you are ready to move on and don't want to wait to see if you will ever unsecure, the you can apply for a new card and close the old one. The secured card will report on your credit and help your aaoa for another 10 years.


FICO 8 Scores: 4/2017 (TU 687, EX 698, EQ 706)
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Re: Capital One Secured Card - How to Unsecure?

I already have a Quicksilver card from them that was opened 6 months after the secured card. Would it make sense to just combine the two credit lines on to the Quicksilver?

FICO 8 Scores - 5/5/17: EQ - 630, TU - 630, EX - 636

Started Rebuild 9/2015 @: EQ - 367, TU - 372, EX - 388

Total Lines of Credit - $19,000
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Re: Capital One Secured Card - How to Unsecure?


segrobja wrote:

I already have a Quicksilver card from them that was opened 6 months after the secured card. Would it make sense to just combine the two credit lines on to the Quicksilver?


Makes lots of sense - If you can get them to do it (they won't)

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Re: Capital One Secured Card - How to Unsecure?


segrobja wrote:

I already have a Quicksilver card from them that was opened 6 months after the secured card. Would it make sense to just combine the two credit lines on to the Quicksilver?


I don't believe they will combine a secured card with a regular card. However, I could be wrong. To check go see if your cards are eligible for combination, under account services there is a link to combine cards. If it is eligible to combine, the link will allow you to do it. 


FICO 8 Scores: 4/2017 (TU 687, EX 698, EQ 706)
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Posts: 2,423
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Re: Capital One Secured Card - How to Unsecure?

Secured cards can't be PC'd or combined while they are secured.
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Posts: 51
Registered: ‎02-23-2017
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Re: Capital One Secured Card - How to Unsecure?

So there is no way to get this card changed at all? Not even by contacting the executive offices?

FICO 8 Scores - 5/5/17: EQ - 630, TU - 630, EX - 636

Started Rebuild 9/2015 @: EQ - 367, TU - 372, EX - 388

Total Lines of Credit - $19,000

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