05-07-2013 10:16 AM
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.
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.
05-08-2013 08:21 AM
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.
05-08-2013 08:48 AM
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.
05-08-2013 08:51 AM
waited a year then had to apply for unsecured. With the option in 6 months for them to raise CL by 50%.
05-08-2013 08:58 AM
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
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