Capital One secured card gets $300 CL increase after 6 months, unsecured in the future?

[kchui1028]

My Capital One secured card that i opened in March got a CL increase of $300, my initial deposit was max $3000 so it can really happen.

I do wonder if they will ever unsecure my card all together and return my deposit, does anyone know if they will do that eventually?

I'm guessing they will probably try to hang on to my money in this economic downturn for as long as they can.

[Ortz33__]

i had an unsecured for about a year and 4 months.  never unsecured. i closed it recently because i was tired of letting them hold 2,000 of my cash (no interest) and i did have a balance here and there so i paid interested.  hurt me inside. lol.  they are a really conservative lender.  they want you to apply for another card after having the unsecured with them.

i spoke to a specialist (who sounded fairly intelligent) and she advised at the 1 year 3 month mark that my best bet was to close it, wait a few months, then app for another card with them.  i already have a platinum with $300 limit.  i plan on going for an app spree early next year and expect to get a better limit card with them. 

[Ortz33__]

oh, and i did have the $300 bump at the 6 month mark too

[kchui1028]

Man..that sux.. but I think i will hold on to it for as long as i can until my score hit mid 700 and have a great card before I close my cap1 card.. it's just too damaging to close a card after just a year and i only have one credit card for now until i can bump my credit up to get a good unsecured card.

[Ortz33__]

IMO, true. but if you get other cards it won't hurt your score too much to close it if it's not serving your needs.   if you can up the limit with more cash, then timely apply for other cards after the limit increase.... they will see that it is listed as "credit card" on your reports. not secured. 

in my case, i recieved other higher limit cards while i had the card since my cap one secured limit was $2,300.  so it helped me grow and show other banks i could manage high limit cards. while i had the card hooters gave me a low apr, no fee $1500 limit, kay a $3,000 limit and raymour and flanigan a $2700 limit.  before the 3 aforementioned accounts my highest limit card was $700.

[Wolf3]

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@kchui1028 wrote:

Man..that sux.. but I think i will hold on to it for as long as i can until my score hit mid 700 and have a great card before I close my cap1 card.. it's just too damaging to close a card after just a year and i only have one credit card for now until i can bump my credit up to get a good unsecured card.

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They do not unsecure the card.   They expect you to apply for another card with them and then close the unsecured one.

I had Capital One for 14 months, $2200 deposit, $300 unsecured CL (at 6 months).   I did the prequalify and applied for the no hassles cash back.   Got it with $3000 limit, $39 AF.   I was pleased. 

I don't see the point of builiding a good relationship with them and then not taking advantage of it by going somewhere else.

[SevenNEW]

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@kchui1028 wrote:

Man..that sux.. but I think i will hold on to it for as long as i can until my score hit mid 700 and have a great card before I close my cap1 card.. it's just too damaging to close a card after just a year and i only have one credit card for now until i can bump my credit up to get a good unsecured card.

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Yes, do keep the card you have and do a little gardening -- you'll be able to get much better cards in 1-2 years! Cap 1 is not the love of one's life, but it serves its purpose. I started there and am grateful to them!