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Established Contributor
Posts: 867
Registered: ‎04-14-2016

Re: Capital One Secured Card - How to Unsecure?


segrobja wrote:

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


That's pretty much the upshot.  You are of course welcome to try, but you are following in the footsteps of many myFicans who have gone before...and the results are not promising

 

On the plus side, once you get rid of it you will be eligible for another unsecured Quicksilver - which will undoubtedly have much better terms and credit line than your current one, and will allow you to combine your current one into it






BK7 Discharged 4/27/2016 - Fico 8 as of 04/20/2017: EX 658 / TU 661 / EQ 678 - Follow my Journey Here
Valued Member
Posts: 45
Registered: ‎02-23-2017
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Re: Capital One Secured Card - How to Unsecure?

Wait, what? Another quicksilver? I'm confused now. 

FICO 8 Scores - 4/18/17: EQ - 617, TU - 622, EX - 629

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

Total Lines of Credit - $15,900
Established Contributor
Posts: 867
Registered: ‎04-14-2016
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Re: Capital One Secured Card - How to Unsecure?


segrobja wrote:

Wait, what? Another quicksilver? I'm confused now. 


Capital One allows 2 cards at a time, for most people - right now your two are the secured card we're discussing, and the Quicksilver you mentioned earlier in the thread.

 

Once you cancel the secured, you can if you choose acquire a second QS, or maybe a Venture card, which could then be combined with your existing QS






BK7 Discharged 4/27/2016 - Fico 8 as of 04/20/2017: EX 658 / TU 661 / EQ 678 - Follow my Journey Here
Contributor
Posts: 103
Registered: ‎11-20-2016
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Re: Capital One Secured Card - How to Unsecure?

My answer is don't worry about it, and go on about getting great rewards cards form other companies. Stick the CapOne in a sock drawer, maybe throw a Netflix sub on it or use it every once in again to keep it open if you care. Or don't and cancel it.

 

CapOne doesn't seem interested in taking good customers that start with their secured card and turning them into heavy long-term Capital One users. They are more interested in being a building block for you to go on and be a heavy user of other cards from other companies. So, that's what you should do.

CapOne Secured ($500), Discover Secured ($400), BOA Cash Rewards Secured ($500), Amazon Store Card ($2700), Chase Freedom ($5000), Citi DC ($1200), AMEX BCE ($1000)
New Contributor
Posts: 370
Registered: ‎02-07-2017
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Re: Capital One Secured Card - How to Unsecure?

That's interesting - I know that Capital One is most useful as a place to rebuild credit, but I didn't know that they saw that as their primary line of business and weren't that interested in "regular" users. So...since I have a secured card (since 1/2016) and was just approved for a $3K unsecured last month (2/2017), I should assume that my best course of action would be, once I establish a good payment history with the new unsecured card, to look elsewhere for another unsecured card? As a longtime PenFed member who very recently (as in less than a month ago) got a used-car loan from them, I'm considering their Promise Visa.

Rebuilding credit since 2015 (BK filed 8/14, discharged 12/14) - started out in 570's, now approaching 700 (FICO 4/17:TU 627/EX 662/EQ 659 FICO 8 690 NG 2, VS 3.0 4/21/17: TU 684/EX 684/EQ 691)! $951 Cap One secured/$3000 Cap One unsecured/$800 Amazon Prime Store Card/$2500 Discover It (NEW 03-21-17)/$10k PenFed used car loan/$5k Navient student loan. In the garden until Sept. 2017 unless I get an offer I can't possibly refuse...
Regular Contributor
Posts: 145
Registered: ‎07-31-2015

Re: Capital One Secured Card - How to Unsecure?


PapasChileHuevos wrote:

My answer is don't worry about it, and go on about getting great rewards cards form other companies. Stick the CapOne in a sock drawer, maybe throw a Netflix sub on it or use it every once in again to keep it open if you care. Or don't and cancel it.

 

CapOne doesn't seem interested in taking good customers that start with their secured card and turning them into heavy long-term Capital One users. They are more interested in being a building block for you to go on and be a heavy user of other cards from other companies. So, that's what you should do.


Not true at all.  I'm not sure what people on here don't get about their secured product.  They want you to close it once you've established your credit a bit and apply for an unsecured card.  They will even tell you that on the phone or in chat.  It's a secured card that probably won't unsecure.  Take it for what it is, and then move on to a Platinum, and quickly PC it to a QS.  That's all there is to it.  I for one am a good customer who started with their secured card and became a heavy long-term Capital One user, and there are many, many others on this forum who could say the same.

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