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Does anyone know the procedure for doing this & getting your deposit back? I was recently given a CLI on my unsecured card with them & also was approved for a Discover and managed to get the secured card I had with my credit union switched to an unsecured card (& they doubled by limit to $2000!).
So, even though it's been a life saver & it helped me to get where I currently am, I no longer need the Cap One secured card. Can I just call them to cancel & they'll send a check & if so, how long does this take? Is there the possibility they could just transfer the deposit over to my unsecured card to pay down that balance?
Thanks for any advice!
(Mods...I actually posted this in the credit card forum by accident. I thought this might be a better section but wasn't sure if there was a way to move the post. Sorry for the duplicate post!)
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No, you have to call and tell them you want close the card out and you want the deposit to be sent back and they'll send you a check with the balance of the secured.
But keep in mind that if you pull it and it's your longest open card it's going to kill your AAOA.
@Anonymous wrote:But keep in mind that if you pull it and it's your longest open card it's going to kill your AAOA.
Not in regards to FICO. As long as it stays on the report (which is normally 10 years after closing), it counts towards AAoA just like any other open TL.
That's what I was hoping...as long as it was always positive & was positive when it was closed it wouldn't affect the AAoA (or, at least have minimal effect). That's a relief...thank you!
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You can call them and ask to convert it to another card that doesn't have a deposit or annual fee. I did that to both my CC with cap one.
@Anonymous wrote:You can call them and ask to convert it to another card that doesn't have a deposit or annual fee. I did that to both my CC with cap one.
Cap one told me (a week ago) that they no longer convert their secured cards into unsecured, I was pretty bummed.
Luckily, my credit union let me convert. They upgraded my secured to un-secured, doubled my limit & gave me my deposit back.
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