Secured Cards Aftermath

Anonymous · ‎03-15-2016

So I know secured cards are great for rebuilding but with a company such as Capital One that will NOT graduate the card from secured to unsecured what do you recommend? My Cap1 secured card has a $500 deposit and they CLI me another $300. However, I am not a fan of improving my credit and just having that money sit there. I tried to apply for another cap1 card but it said I already have two and denied. Should I close the secured account? Its not quite a year old. How much can that hurt my score? Should I close and apply for another unsecured? Thanks for your thoughts!

ALSO, will the balance be taken from your deposit or should I zero it out and just get a full deposit refund?

Anonymous · ‎03-15-2016

So I went ahead and called and got the account closed :/ They said that they would just apply my deposit to the balance and email me the remainder. Before I closed the account I applied for and was approved for the Amazon Store so at the very least my utilization shouldnt be affected. Now when should I jump in and apply for an unsecured capital one platinum?

Anonymous · ‎03-15-2016

@Anonymous wrote:
So I went ahead and called and got the account closed :/ They said that they would just apply my deposit to the balance and email me the remainder. Before I closed the account I applied for and was approved for the Amazon Store so at the very least my utilization shouldnt be affected. Now when should I jump in and apply for an unsecured capital one platinum?

What other Cap1 card do you have? I would give it 30days for the secured CC to fall off their radar and then app the Plat.

As for the Amazon acct. You should call Credit Solutions today and request a CLI. I got mine before I had the card in my hand. It went from $800 - $3500 just like that. Talk about cushion on UTI!

The # is 877-379-8173

Let us know how it goes...

Anonymous · ‎03-15-2016

Will do! Thanks for the advice!

EDIT: Called and the increase was a no go at this time. Ill try again next month when I get some more items removed from the report. But they started me at $800 which covers the limit on the secured card I closed.

Anonymous · ‎03-15-2016

@Anonymous wrote:
@Anonymous wrote:
So I went ahead and called and got the account closed :/ They said that they would just apply my deposit to the balance and email me the remainder. Before I closed the account I applied for and was approved for the Amazon Store so at the very least my utilization shouldnt be affected. Now when should I jump in and apply for an unsecured capital one platinum?
What other Cap1 card do you have? I would give it 30days for the secured CC to fall off their radar and then app the Plat.

As for the Amazon acct. You should call Credit Solutions today and request a CLI. I got mine before I had the card in my hand. It went from $800 - $3500 just like that. Talk about cushion on UTI!

The # is 877-379-8173

Let us know how it goes...

It won't take anywhere near that long. Wait a few days at the most.

Anonymous · ‎03-15-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
So I went ahead and called and got the account closed :/ They said that they would just apply my deposit to the balance and email me the remainder. Before I closed the account I applied for and was approved for the Amazon Store so at the very least my utilization shouldnt be affected. Now when should I jump in and apply for an unsecured capital one platinum?
What other Cap1 card do you have? I would give it 30days for the secured CC to fall off their radar and then app the Plat.

As for the Amazon acct. You should call Credit Solutions today and request a CLI. I got mine before I had the card in my hand. It went from $800 - $3500 just like that. Talk about cushion on UTI!

The # is 877-379-8173

Let us know how it goes...
It won't take anywhere near that long. Wait a few days at the most.

Thanks Norman,

I wasn't sure about the timeline so I gave an outside limit but your response is better.

Anonymous · ‎03-15-2016

Thanks. Right now the account is in "restricted" status. Once I see it is closed I will apply. Then after a few months try to get the QS1 and platinum rolled into a regular QS