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

Established Member

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

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!!

 

Message 1 of 19
18 REPLIES
Regular Contributor

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

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?

Message 2 of 19
Established Member

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

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?

Message 3 of 19
Regular Contributor

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


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?


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

Message 4 of 19
Valued Contributor

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

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.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 5 of 19
Valued Member

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

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.

Aug 2012 TU/EQ/EX 500's (zero positive credit, one 6 year old CO for $1100) Rebuild->Cap 1 secured $200->TU 610 EQ/EX 640, Shell $500 (cli) $750, Macy's $500, Bloomie's $500 ->(cli $1.2K), Victorias' Secret $750->(cli 1K) (level 2 moves) NFCU Visa Signature $15K/$20K, USAA $4K, Amex Blue $9K/$37K, Amex Costco $10.5K Penfed Visa $2.5K, OCCU Beaver $20K, Amex SP Gold(no limit), Chase PRG 26K ~ MyFico TU775 EQ789 EX766 / $0-$200,000 CL in just 18 months.
Message 6 of 19
Regular Contributor

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


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.


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. 

Message 7 of 19
Contributor

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

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

Message 8 of 19
Established Member

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

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?

Message 9 of 19
Valued Contributor

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


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.


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

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Message 10 of 19