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Just closed my Capital One secured card...

Established Contributor

Just closed my Capital One secured card...

I have a $0 balance and just got off the phone with the CSR. Glad to get rid of that toy card, but it helped me immensely! Does it really take 60 days to get my security deposit back?


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 1 of 6
5 REPLIES
Regular Contributor

Re: Just closed my Capital One secured card...

The word on the street is 2 billing cycles - so 60 days is right (approximately).

USAA Rewards VISA (7,500 - 03/2013) / DiscoverIT (6500 - 03/2013) / Cap One Platinum MC (2750 - 03/2013) / Credit One Platinum VISA (750 - 03/2013) / First Premier Bank MC (300 - 02/2013) / FingerHut/WEBBANK (5200.00 - 02/2013) / Victoria's Secret/Comenity (1500 - 03/2013) / PayPal Smart Connect/GECRB (2900 - 03/2013) / Lowe's/GECRB (2800 - 03/2013) / Amazon.com/GECRB (4500 - 03/2013) / Chevron Texaco/GECRB (1950 - 03/2013) / J.C. Penney/GECRB (2150 - 02/2013) / Target (750 - 07/2013) / Abercrombie & Fitch/Comenity (1850 - 07/2013) / CareCredit/GECRB (4500 - 08/2013) / DCU Visa (2000 - 11/2013) / NFCU Sig cashRewards Visa (7000 - 11/2013) - MilitaryStar/Chase (4700 /12/2013)

Message 2 of 6
Regular Contributor

Re: Just closed my Capital One secured card...

Also, if you look at paragraph entitled, "Security Agreement", (paragraph 6 "Applicaton of Funds to the Account") of the Cap 1 secured card agreement it states, in part:

 

"If your Account is closed by you or by us, or you are in default on your Account, we may appy the funds twoards any outstanding obligations oon the account. Within 60 days of appying the funds to your account, we will return any excess funds to you."

 

In other words, in your case, you closed your account yourself, there's a zero balance and nothing more will be applied to that zero balance, so they give you whatever is left "within" 60 days - in your case that should be the full security deposit that you gave them (no interest is paid to you, of course).

 

 

USAA Rewards VISA (7,500 - 03/2013) / DiscoverIT (6500 - 03/2013) / Cap One Platinum MC (2750 - 03/2013) / Credit One Platinum VISA (750 - 03/2013) / First Premier Bank MC (300 - 02/2013) / FingerHut/WEBBANK (5200.00 - 02/2013) / Victoria's Secret/Comenity (1500 - 03/2013) / PayPal Smart Connect/GECRB (2900 - 03/2013) / Lowe's/GECRB (2800 - 03/2013) / Amazon.com/GECRB (4500 - 03/2013) / Chevron Texaco/GECRB (1950 - 03/2013) / J.C. Penney/GECRB (2150 - 02/2013) / Target (750 - 07/2013) / Abercrombie & Fitch/Comenity (1850 - 07/2013) / CareCredit/GECRB (4500 - 08/2013) / DCU Visa (2000 - 11/2013) / NFCU Sig cashRewards Visa (7000 - 11/2013) - MilitaryStar/Chase (4700 /12/2013)

Message 3 of 6
Mega Contributor

Re: Just closed my Capital One secured card...


Ravensfan2001 wrote:

I have a $0 balance and just got off the phone with the CSR. Glad to get rid of that toy card, but it helped me immensely! Does it really take 60 days to get my security deposit back?


The better option would have been to run up a bill equaling your security deposit an have them credit the account. Lot less time for that to go through.

 

Yea from what i've hear it takes 2 statement cycles.




EQ FICO 548 3/3/16
Message 4 of 6
Established Contributor

Re: Just closed my Capital One secured card...


LS2982 wrote:

Ravensfan2001 wrote:

I have a $0 balance and just got off the phone with the CSR. Glad to get rid of that toy card, but it helped me immensely! Does it really take 60 days to get my security deposit back?


The better option would have been to run up a bill equaling your security deposit an have them credit the account. Lot less time for that to go through.

 

Yea from what i've hear it takes 2 statement cycles.


Oh, I didn't even think about that. I read somewhere on this board that it was better to pay it off first. But I wish I did what you said.


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 5 of 6
Regular Contributor

Re: Just closed my Capital One secured card...

Don't think it will actually take 60 days nor close to it. I believe when I closed mine I got my deposit back within a matter of a few days. However as always, YMMV.
Message 6 of 6