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

[mongstradamus]

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@tryingagain62 wrote:

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

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I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

[tryingagain62]

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@indiolatino61 wrote:

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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.

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LOL, I have the same Target stain. Only keep it for the 5% discount - as long as it is not more than $200! LMAO

[FastForward]

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@mongstradamus wrote:

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@tryingagain62 wrote:

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

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I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

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I went through the same thought process just recently and ultimately decided to close my 6 month old Cap1 secured card just a few weeks ago. It had a CL of $1k, $849 of that being my secured deposit. It ended up being a lot easier than I thought it would be with no regrets so far (why keep managing a card I wasn't using any more and tying up the money?).  Also, got the deposit back in a week....very quickly (but maybe because there wasn't a balance on it).

[HeilFico]

If you bank with USAA and are eligible for their credit products, you should be approved. Keep in mind the rewards structure isn't the best. I have two cards with them.

[Revelate]

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@mongstradamus wrote:

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@tryingagain62 wrote:

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

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I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

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How long have you had it for?  In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

[mongstradamus]

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@Revelate wrote:

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@mongstradamus wrote:

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@tryingagain62 wrote:

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

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I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

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How long have you had it for?  In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

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I have had my cap one secured since august of 2013. I was just wondering since I never use the card if it's worth keeping. The credit limit is really low compared to my chase and bcp.

[Revelate]

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@mongstradamus wrote:

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@Revelate wrote:

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@mongstradamus wrote:

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@tryingagain62 wrote:

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

---

I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

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How long have you had it for?  In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

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I have had my cap one secured since august of 2013. I was just wondering since I never use the card if it's worth keeping. The credit limit is really low compared to my chase and bcp.

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Minimum keep it for six reported payments.  Might as well take the anecdotal seasoning bump.  After that if you're not going to renew, can likely close any time and lose next to nothing (5 OK's lost max, not a big deal in the grand scheme of things for payment history looking a year or two down the road).

[juggalo9er]

the only way to unsecure the card is to app for another one (they never unsecure). another poster mentioned barclay and i believe the reasoning is that for their average credit card you should be good with one year history. additionnally, barclay only pulls 1 report whereas capitol one pulls all three!

[norhplatter]

I have five Capital One accounts...three were the $29 secured for $200 credit, then two that were transferred over when HSBC was bought out.  I asked for a CLI but was turned down...have had Capital one for a while, but also had to pay an account through court 4 years ago (and yes they issued me more cards again???).  After I was turned down for CLI, I got a pop up asked for update on income and address 'in case there is a possible upgrade in the near future',  I'm thinking a CLI is around the corner. I have NFCU visa for $5000, AMEX $1000, Wells Fargo $1100 and Barclay $1000.  Not the best, but better than I had.