topic Secured to Unsecured, possible? in Credit Cards

Secured to Unsecured, possible?

Anonymous — Mon, 19 Dec 2016 09:15:24 GMT

So, two of my older cards( not even a year) are secured as I could not get a credit card any other way.

I have since gotten some nice cards(unsecured) some even having pretty ok limits since then.

My problem is, I do NOT want to close out my oldest cards, yet it seems as though neither card will allow any room for a CLI. Has anyone had any success getting either of these cards switched to unsecured(where they can grow with me) or am I pretty much Sh*t out of luck and I keep these low limit secured cards or close out my two oldest cards?

The cards that I am speaking of, are

Capital One Platinum secured card($200 limit secured with $99 deposit)

and

Citi Diamond Secured card($200 limit I believe secured with the entire $2000

Any help getting thes unsecured, if possible, would be greatly appreciated.

Re: Secured to Unsecured, possible?

Anonymous — Mon, 19 Dec 2016 11:41:11 GMT

@Anonymous wrote:
So, two of my older cards( not even a year) are secured as I could not get a credit card any other way.
I have since gotten some nice cards(unsecured) some even having pretty ok limits since then.
My problem is, I do NOT want to close out my oldest cards, yet it seems as though neither card will allow any room for a CLI. Has anyone had any success getting either of these cards switched to unsecured(where they can grow with me) or am I pretty much Sh*t out of luck and I keep these low limit secured cards or close out my two oldest cards?
The cards that I am speaking of, are
Capital One Platinum secured card($200 limit secured with $99 deposit)
and
Citi Diamond Secured card($200 limit I believe secured with the entire $2000
Any help getting thes unsecured, if possible, would be greatly appreciated.

Good morning!! I cannot speak to the Citi Diamond Secured, however, I currently have a C1 Secured. I recently spoke with a rep (several actually, via chat and phone) and was told they are starting to 'unsecure' the secured accounts. You do have to be offered this though, and after reaching out to the EO, I am just waiting. I was told to keep PIF and be patient and have decided if I am not offered the option to unsecure within a few months, I will just close the card.

I have tried everything to unsecure it so at this point, it's a waiting game. You could sign in to capital one and try the chat feature and ask if they have any offers to unsecure your card. I am fairly certain that when you are eligible they will send an email letting you know.

Good luck!

Re: Secured to Unsecured, possible?

Anonymous — Mon, 19 Dec 2016 11:44:07 GMT

This is good to know. I was unaware. I do believe that I reached out to them about 2 months ago and was told they would not be raising the limit due to it being secured, and they wouldn't be unsecuring it. Glad to see things changing.

Re: Secured to Unsecured, possible?

Anonymous — Mon, 19 Dec 2016 12:34:56 GMT

@Anonymous wrote:
This is good to know. I was unaware. I do believe that I reached out to them about 2 months ago and was told they would not be raising the limit due to it being secured, and they wouldn't be unsecuring it. Glad to see things changing.

Have you had a CLI on the secured card yet? I do know that it's quite common for a secured card to get an increase around the 6 month mark. From what I've experienced and seen, it's usually $300.

Re: Secured to Unsecured, possible?

TrialByFire — Mon, 19 Dec 2016 12:56:12 GMT

If you're oldest cards aren't a year old yet I'd have no qualms about closing them solely bc of age; they'll continue reporting for 10yrs. As you mentioned you've already obtained better cards so in 10yrs when the closed accts fall off there will be others in reporting their place. For example, assume your current situation remains static, you would have closed Card A aging off in 10 yrs and open card B with 9+yrs of history. Not much difference in the grand scheme of things.

I think there's some confusion all around on this closing revolving TL stuff. When it hurts is if you're carrying a balance, on the card to be closed or others, then close it. It will reduce overall CL thus increasing util. Credit Karma is doing its users a real disservice by pushing that AAoOA bs.

Re: Secured to Unsecured, possible?

Anonymous — Mon, 19 Dec 2016 13:29:00 GMT

From what I've read, citi will unsecure after 18 months! I would hold off if I were you.

Re: Secured to Unsecured, possible?

sjt — Mon, 26 Dec 2016 23:07:53 GMT

@Anonymous wrote:
So, two of my older cards( not even a year) are secured as I could not get a credit card any other way.
I have since gotten some nice cards(unsecured) some even having pretty ok limits since then.
My problem is, I do NOT want to close out my oldest cards, yet it seems as though neither card will allow any room for a CLI. Has anyone had any success getting either of these cards switched to unsecured(where they can grow with me) or am I pretty much Sh*t out of luck and I keep these low limit secured cards or close out my two oldest cards?
The cards that I am speaking of, are
Capital One Platinum secured card($200 limit secured with $99 deposit)
and
Citi Diamond Secured card($200 limit I believe secured with the entire $2000
Any help getting thes unsecured, if possible, would be greatly appreciated.

Citi unsecures at 18 months and like other posters have mentioned Capital One is starting to unsecure their secured cards. I would hold on to them, at least with Citi becasue when they unsecure your card you keep the current account number and age.