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Closed Cap One Secured!!!!

Frequent Contributor

Closed Cap One Secured!!!!

Yaaaaaaaayyyyy ME!!!!!!! Smiley Very Happy

 

It all started with me just randomly checking my account balance as I do on a semi-daily basis & I noticed that I was charged the yearly fee of $29 dollars.... I was kinda upset since they never advised me of the fee beforehand (can you imagine if my card was close to the limit like it was at the beginning of this month after all the Christmas shopping!!!!!! I would've been SUPER PISSED OFF!!!)

 

Anywho..... I called them questioning them on how soon would my card graduate but the rep told me - like they tell everyone else - the secured card NEVER graduates. Lucky for me I was smart enough to use my print screen options when I applied & have the screenshots of the old FAQ's they had in place a year ago when it use to say that after 12 months it WOULD graduate if the card is in good standing. After 48 minutes, 3 reps & a fax I decided that it was time to close this bad boy DOWN!!! 

 

A few months ago I would of cringed at the thought of closing it because it was my oldest OPEN credit account but now I really don't think it will affect me negatively since I was able to get my Amex Zync to backdate to 1996!!!! 

 

My husband called me impulsive because I should've consulted with you guys (MyFico'ers) first........ What do you guys think???



Starting Score: EQ 447 (01/02/2017), TU 476 (01/02/2017), EX 456 (01/02/2017)
Current Score: ALL FICO's as of 03/12/2017: EQ 454, TU 483, EX 440
Goal Score: ABOVE 680 ALL 3
Current Cards: NONE!!! App Free since 12/30/2016 and NOT APPING until 10/2017....
8 REPLIES
Valued Contributor

Re: Closed Cap One Secured!!!!

yes i do,, well no i dont, well i just dont knowSmiley Surprised

Valued Member

Re: Closed Cap One Secured!!!!

 You won't lose any age - that Cap1 card will remain on your reports for 10 years as a closed account in good standing.

 

Plus once you reach Amex stage, it's probably time to start thinning out the subprime cards with annual fees. Smiley Happy

Established Contributor

Re: Closed Cap One Secured!!!!

There is nothing like moving on to better things and yes they will come.  The fact that you took the initiative to close out a card is a very responsible act as viewed by credit grantors.  There is no sense of holding on to a card that no longer meets your needs.Smiley Wink

 

It may take a few more months, but you will reap the positive benefits of your impulsive action. LOL

 

Hope this helps, but if not toss.Smiley Wink


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

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Frequent Contributor

Re: Closed Cap One Secured!!!!

When the AF hit was it on the 12th or 13th month? I got a cap1 secured in feb last year and was wondering when to close it

Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


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Valued Contributor

Re: Closed Cap One Secured!!!!


xlr8d wrote:
When the AF hit was it on the 12th or 13th month? I got a cap1 secured in feb last year and was wondering when to close it


im pretty sure that if u close it within 30 days of AF they refund

 

Regular Contributor

Re: Closed Cap One Secured!!!!


dalebb wrote:

xlr8d wrote:
When the AF hit was it on the 12th or 13th month? I got a cap1 secured in feb last year and was wondering when to close it


im pretty sure that if u close it within 30 days of AF they refund

 


Your right they do. I asked that when I called about mine Smiley Happy

 

I closed my Cap 1 secured card in the beginning of December. I opened the card October '10 but they didn't charge me the $24 AF till December for some reason. I called and had it closed the day it showed the charge.

 

My CR's showed it closed with a $24 balance for a few weeks but eventually it changed to no balance on all 3 reports. I am still waiting for my deposit back. They said it can be 2 billing cycles and I guess they meant it.

Frequent Contributor

Re: Closed Cap One Secured!!!!

I hate to bring up an old thread, but how long does it take to get your deposit back? 

 

Also, I heard some people were just charging the amount they had as a deposit and closing the card?  Just break even at the end? Or something similar


Starting Score: EQ 515 TU 490 EXfaco 510
Current Score: EQ 660 TU 665 EXplus 661
Goal Score: 700


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Highlighted
Mega Contributor

Re: Closed Cap One Secured!!!!


prolificjinx23 wrote:

Yaaaaaaaayyyyy ME!!!!!!! Smiley Very Happy

 

It all started with me just randomly checking my account balance as I do on a semi-daily basis & I noticed that I was charged the yearly fee of $29 dollars.... I was kinda upset since they never advised me of the fee beforehand (can you imagine if my card was close to the limit like it was at the beginning of this month after all the Christmas shopping!!!!!! I would've been SUPER PISSED OFF!!!)

 

Anywho..... I called them questioning them on how soon would my card graduate but the rep told me - like they tell everyone else - the secured card NEVER graduates. Lucky for me I was smart enough to use my print screen options when I applied & have the screenshots of the old FAQ's they had in place a year ago when it use to say that after 12 months it WOULD graduate if the card is in good standing. After 48 minutes, 3 reps & a fax I decided that it was time to close this bad boy DOWN!!! 

 

A few months ago I would of cringed at the thought of closing it because it was my oldest OPEN credit account but now I really don't think it will affect me negatively since I was able to get my Amex Zync to backdate to 1996!!!! 

 

My husband called me impulsive because I should've consulted with you guys (MyFico'ers) first........ What do you guys think???


I closed mine down at 8 months. The 1,200 CL at the time was hurting me with it almost maexed out and I took the wrong plan with it (running bills though it). I had the deposit pay it off and closed it.

 

If you feel deceived (just like I did) about it graduating by all means CLOSE IT!!!




EQ FICO 548 3/3/16