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Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: Convert Capital One Secured to Unsecured?


basballguy wrote:

Is it possible to get capital one to convert my secured card to unsecured?  I would imagine it would require a credit pull (which i can handle).  I have 3k tied up on this secured card that i'm not using and would like to free that up for my home purchase.  Does anyone have any experience with this? 

 

If they want me to close and app for a new account I will prob just go with a different bank.


This ^^^

 

The process to convert is not viable even if you engage the EO channel.  Capital One does not convert/graduate these products.   To my knowledge and sources, long ago, they used to.  Their tier product criteria has changed in quite sometime adapting to specific nonprime and prime products.  Since you already have a plan in mind, then the best route is to go with a different bank.

Valued Member
wonderandawe
Posts: 47
Registered: ‎05-22-2012

Re: Convert Capital One Secured to Unsecured?


basballguy wrote:

wonderandawe wrote:

I tried this last month and was told to open a new account.  Apparently there isn't much Capital One is willing to do with a Secure Card.  The most I got out of the EO office was waiving the AF.


This is the type of response i'm looking for, thanks.

 

How many accounts do you have with Capital One?  If you don't mind me asking, what was your credit limit and did they do a credit pull at all before giving you that silly offer?

 

 


I just have the one account.  I deposited 500 in the account and they gave me a 149 unsecure limit on top of that.  At six months I got a 100 CLI.  I upped the limit to 1000 with another deposit.  

I didn't do my research before getting the Capital One secure card or I might have gone with a BOA Secure or something.  

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New Contributor
xcallmeclayx
Posts: 71
Registered: ‎05-10-2012

Re: Convert Capital One Secured to Unsecured?

I have a secured card with a $200 limit and a capital one cash rewards with $500. I'm currently working with EO's to get my CLI on the cash rewards card. When I get a call back Ill push for a conversion of my crappy secured card or I'll just close it. I'll keep you posted on what happens and what he says.


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Established Contributor
hot4u
Posts: 744
Registered: ‎04-21-2013

Re: Convert Capital One Secured to Unsecured?

waited a year then had to apply for unsecured. With the option in 6 months for them to raise CL by 50%.


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Richierichdollar
Posts: 116
Registered: ‎03-10-2013

Re: Convert Capital One Secured to Unsecured?

They will not unsecure it I KNOW. I tried. been there done that.They would rather extend you more credit on a unsecured card. I have a secured by them for $750 for 10 months. I apped for cash rewards and got approved for $500. Eo got hold to me after I blasted them on facebook. I said $500 dollars is not enough so they gave me $1500. I ask to unsecure my secured card and they would not move. Later i found out that they waived the af for my secured card without me asking. They would rather give me credit then to give me my $750 back and unsecured my card so they can make interest off my $750. Its wrong but a great business move if you sit back and think about it

New Visitor
crisisforce
Posts: 1
Registered: ‎03-06-2014

Re: Convert Capital One Secured to Unsecured?

Yes they can do it! at this time it is not wide spread but they are attempting to change everyones belief in the company... if you have had the account for over a year they will do it for you... just escalate the matter and it can be done... i work..... in the company i know ... and im not trolling or lying its just the truth it is not commonly known but it does happen but ofcourse there are requirements cant unsecure every card due to late payments, high balance or lack of card usage.

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Senior Contributor
myjourney
Posts: 25,246
Registered: ‎02-07-2013

Re: Convert Capital One Secured to Unsecured?


crisisforce wrote:

Yes they can do it! at this time it is not wide spread but they are attempting to change everyones belief in the company... if you have had the account for over a year they will do it for you... just escalate the matter and it can be done... i work..... in the company i know ... and im not trolling or lying its just the truth it is not commonly known but it does happen but ofcourse there are requirements cant unsecure every card due to late payments, high balance or lack of card usage.


Welcome to the forum and thanks for the info

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Member
TeeMac
Posts: 12
Registered: ‎02-25-2014

Re: Convert Capital One Secured to Unsecured?

Ok...I didn't want to start my time here on the wrong foot. BUT I have worked with Capital One, too. While things are changing, their secured card deposits have never been released. There is zero incentive for them to do so. They earn interest on the deposits and encourage a sub prime customer to reapp to prove their credit worthiness. They know that anyone who wants to keep improving their credit won't close their oldest card...so they keep earning on those deposits for YEARS. It's a small price to pay though, for getting credit when no one else in town will provide it (I include myself in these ranks!) 

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Member
MeOnMyWay
Posts: 12
Registered: ‎04-17-2014

Re: Convert Capital One Secured to Unsecured?

When I applied for the Cap One secured, I figured I would never see my security deposit again--especially after learning they do not list this as a secured card on your credit report.  Cap One makes it easier for you to let go of that initial security deposit--particularly because, for the credit building or rebuilding folks-- it effectively becomes your oldest or one of your oldest accounts.

By listing it as a 'regular' card rather than a secured card, Cap One is doing their best to provide incentive for  you to keep it.  Unless  you have put down a large security deposit--and in such a case, you would certainly want it back--it's fairly easy to just keep it open and sacrifice your deposit. Essentially, your deposit is like a fee you pay them for taking a chance on you. Keep the change.

 In order to establish this account, I was required to put down the $49 deposit for a $200 credit line.  I deposited $100, which gave me a credit line of $251.  I looked at it as if I were buying a ticket back into the credit game and figured it was a price I was willing to pay.  I also opted not to further increase my credit line, because I anticipated I would not get my money back. On my 6th month anniversary with Cap One, I got an automatic credit line increase of $300, giving me a credit line of $551.

In the six months between establishing the Cap One secured account and the CLI on that account, I was granted a Chase Freedom card with a $3500 limit, and a Barclaycard with a $650 limit, so I was already moving into a field with better cards.  Which is to say, Cap One helped get me there, and I didn't need to make extremely large deposits on their secured card in order to make that happen.

Just food for thought, especially for those just getting into this card.  Unless you need a card with a larger limit right off the bat, you might be better off making a small initial security deposit and working at establishing your creditworthiness on that.  The two aspects of this card that make me think about closing it down are the Annual Fee, which will not go away--but you don't get any of the premium benefits that usually go along with better cards that ask annual fees--and the fact that the highest credit limit possible on this card, under any circumstances, is $3000. 

If you do decide to close it, it would probably be best to do it earlier rather than later...maybe just about the time some larger limit cards come your way--hopefully in the first year of your credit build/rebuild.  That way you don't have a large impact on your overall available credit or the average age of your accounts (assuming your new credit lines are larger than your Cap One secured card and that your new cards are opened within the same year as you established the Cap One card...)

 


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