Capital One secured card....how to unsecure it?

[kskajohnson]

Does anybody have any experience with doing this?  

I had some poor credit about 3-4 years ago and to start building it back up I applied and was approved for a Capital One secured card, I placed the initial $200 deposit on the card at that time.  

Since I've received it in either April 2010 or 2011 (I'd have to look back), I've never had a late payment or any negative action on the card and I've made additional deposits on the card and my limit is now $2,000.  

My wife and I are purchasing a new home and I'd like to get that deposit back and turn the card into an unsecured card.  I figured with 3-4 years of positive history and such, I should be able to do this, no?  My Fico score is showing 690 right now.  The only credit inquiries I have on my account in the last 24 months are from the company financing our home loan.  That's it. 

Just looking for some advice as to if I'd be a good canidate to do this and if so, what the whole process is in doing so. 

Thanks!!

[HeilFico]

You can't unsecure it, but you should be able to get into another one of their card offerings. Maybe even try Barclays or another lender all together. You should have enough history to make the jump. Any negative information left on the reports?

[kskajohnson]

Nope.  Any negative stuff is history, nothing is outstanding/everything is paid off---no lingering bad credit. 

Well so I guess my question is this...if I apply elsewhere and get approved, do I just call and cancel my unsecured card and recieve the money back that way or is there more to it than that?

[HeilFico]

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@kskajohnson wrote:

Nope.  Any negative stuff is history, nothing is outstanding/everything is paid off---no lingering bad credit. 

Well so I guess my question is this...if I apply elsewhere and get approved, do I just call and cancel my unsecured card and receive the money back that way or is there more to it than that?

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That's it! When I dealt with my secured card through Capital One I had my money back within 3 weeks.

[notfancy]

I wish that Cap One would graduate but it won't. I'm looking forward to closing it out mine this summer if I can get approved for a prime card.

[studiogeek]

Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

[HeilFico]

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@studiogeek wrote:

Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

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Being that OP has a 2k deposit with them, I think it would be better to pull out. If it was $500 or less I'd let it ride out as mentioned. That money would be better served in an interest account then with Capital One. 

[tryingagain62]

Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.

[kskajohnson]

Did you mention Barclays for any particular reason?  Are they easier to get a card with or?  I have a bank account with USAA if that helps at all too....wonder if I should just apply there?

[indiolatino61]

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@studiogeek wrote:

Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

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I have a $200 Target stain...lol.