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Closing Secured CAP1 - Deposit Return?

Regular Contributor

Closing Secured CAP1 - Deposit Return?

My CAP1 has served its purpose and I would like to have my $2K security deposit returned 

as quickly as possible without  jumping through too many hoops.

Any suggestions for a timely return ?

Is it acceptable to just run the balance up to the limit and then close the account or is that asking for trouble ?

AAoA is not an issue.

 

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)
Message 1 of 13
12 REPLIES
Established Contributor

Re: Closing Secured CAP1 - Deposit Return?

you will have to call and demand a mgr.  Otherwise they will give you the two balance cycle bs.   Mgr was suppose to direct deposit my 3k back into the account I had on file , which they didn't ,and send a check a week later. 



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Message 2 of 13
Established Member

Re: Closing Secured CAP1 - Deposit Return?

I closed my Cap1 secured via the chat with a rep. It took 5 minutes to close the account ,10-12 days for the deposit check. No pain at all.

Message 3 of 13
Established Contributor

Re: Closing Secured CAP1 - Deposit Return?

IT took something like 10 days from the day i called to the day i received my check when i closed my cap1 secured.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 4 of 13
Regular Contributor

Re: Closing Secured CAP1 - Deposit Return?

 


YahComb wrote:

IT took something like 10 days from the day i called to the day i received my check when i closed my cap1 secured.




Well that is encouraging.

I have read so many horror stories about "Peggy"

and not getting a check for months.

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)
Message 5 of 13
Established Contributor

Re: Closing Secured CAP1 - Deposit Return?

i had heard all the stories too. maybe i just got lucky lol

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 6 of 13
Valued Contributor

Re: Closing Secured CAP1 - Deposit Return?


Mustangfrank wrote:

 

Is it acceptable to just run the balance up to the limit and then close the account or is that asking for trouble ?

Never try to close an account with balance. 

 

PIF, close the account, and wait patiently for the deposit check.

Message 7 of 13
Moderator Emeritus

Re: Closing Secured CAP1 - Deposit Return?

+10000    Always zero it out first.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 13
Regular Contributor

Re: Closing Secured CAP1 - Deposit Return?


Shogun wrote:

+10000    Always zero it out first.


OK,

Thanks I will do just that.

I will post how long it takes to receive the check.

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)
Message 9 of 13
Established Member

Re: Closing Secured CAP1 - Deposit Return?

5 days for me...I had a zero balance before I closed

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Message 10 of 13