topic Re: Cancelled Capital One Secured in Credit Cards

Cancelled Capital One Secured

Anonymous — Sat, 13 May 2017 22:21:56 GMT

I finally cancelled my Cap 1 Platinum secured card. I closed my wife's too. It served its purpose, but $29X2 for a no benefit card was just pointless. I think I'll take the $400 I'm getting back and treat our family to a little weekend trip.

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 00:25:23 GMT

@Anonymous wrote:
I finally cancelled my Cap 1 Platinum secured card. I closed my wife's too. It served its purpose, but $29X2 for a no benefit card was just pointless. I think I'll take the $400 I'm getting back and treat our family to a little weekend trip.

They wouldn't have gone anywhere anyways. They give one $300 bump and then that's it. No further CLI's, no PC, no combination with another CO card, nothing. They're good for rebuilding but for nothing else.

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 01:26:23 GMT

Not all Capital One secured cards are the same internally, tho. Some folks have graduated and PC'd to WAS starting with secured platinum

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 01:26:40 GMT

*WAS = QS

Autocorrect lol

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 01:54:10 GMT

@Anonymous wrote:
Not all Capital One secured cards are the same internally, tho. Some folks have graduated and PC'd to WAS starting with secured platinum

I couldn't get them to tell me the time of day while holding that card... Closed it and into the dustbin it went!

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 02:16:32 GMT

Even if this would have "graduated" I believe it would have graduated from secured to a rebuilder with an insulting limit. I had 2 capital one cards that I acquired about 1 year ago, both were obtained at the same time and started at $300, I managed to get one soft pull increase to $800 on one and a credit steps increase in the other. I tried relentlessly to get these upgraded to one of their better cards with 0$ AF. No dice, finally decided to combine the 2 cards so I could actually have at least one card with 1k plus limit. Tried relentlessly to get it upgraded. Finally, I just called in and closed both. Lol felt great. 👍😊

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 03:51:27 GMT

I've been considering doing the same. I have a secured platinum (not sure what's so platinum about it) at $300. I've had if since 2009 or 2010, never been late, never been over limit. I also have a QS1 (upgraded from unsecured plat), that I've had since maybe 2014 that they just gave me a $500 increase on, but they won't unsecure or upgrade the secured one. I called and asked about it a couple of weeks ago, and all he'd say is 'the account is reviewed periodically, and may be unsecured at some point'; it's been 7 or 8 years! Never been late or over on my other CapOne card, either. Ridiculous!

Re: Cancelled Capital One Secured

Anonymous — Sun, 14 May 2017 03:59:43 GMT

Any creditor that you can call an automated number to close your account, obviously has to handle allot of closures. I put them far behind and never looked back. 👍

Re: Cancelled Capital One Secured

simplynoir — Sun, 14 May 2017 04:15:58 GMT

The problem with CapOne is that whatever your credit profile was when you signed up for the card whether as a rebuilder and/or not ideal scores it more or less stays stuck on those terms even if you prove yourself with spending. Even when I PC'd my platinum from years ago to the QS I still wasn't able to get any CLIs on it; had to apply for another for that particular QS to see rapid growth. Now the original plat/QS card is sitting in my SD because of how old it is otherwise I would have considered canceling it awhile ago.

Re: Cancelled Capital One Secured

Anonymous — Sun, 21 May 2017 18:36:16 GMT

So i am going through the same thing with cap one now. I called and spoke with two different reps and was told that they have no product available to me. Even though I have had the card since 7-2011. You would think that would count for something. Anyway my CL is only 560 on the card and I have a ton of regular accounts now. We are buying a home and I was wondering if i closed the account if it would hurt my credit score/ AAoA. What affect did it have on you and our wife after you closed it?

Re: Cancelled Capital One Secured

Anonymous — Sun, 21 May 2017 18:47:43 GMT

A $560 limit? Dustbin!! And it won't hurt, as the account will still be on your reports for 10 years.

Re: Cancelled Capital One Secured

Anonymous — Sun, 21 May 2017 18:49:30 GMT

thanks!

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 02:07:57 GMT

I/we just did it so I can't speak to the affect it will have on our scores just yet. We already got our deposit checks back and the were for $49 each which sucked that I forgot it was $49 for a $200 credit limit but oh well. My personal advice would be not to make any big credit changes while purchasing a house. I'd wait until after.

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 09:48:17 GMT

I'm likely doing the same within the next few months. It is my oldest card (15 months). They don't seem to have any interest in graduating it. Not that I'd use it if they did. They are peppering me with other offers, but I really just don't have any interest now. Certainly nothing that interest me enough for 3 hard pulls. If they'd graduate and PC to a QS, fine, but I don't think they want to do that, for some reason.

As I've said, I have no clue what CapOne is trying to do. They have a really nice starter product in the 49/200 Secured card. I really wanted to move on from that product and stick with CapOne when my profile started to support being able to attain a rewards card. It seems they could use that starter card to bring in good long-term customers. They don't have any real top end rewards cards, so being aggressive at keeping the low credit customers that start with them would make a lot of sense. That's what I was hoping to do with them.

Instead, after about 6 months with the Secured card, Chase and Citi came knocking with better products than anything CapOne has in the lineup.

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 11:47:16 GMT

I'm also beginning to wonder if I shouldn't just transfer, once I get it paid down far enough, the remainder of the balance on my secured Platinum to my Discover It and then close that card (the secured Cap 1 Platinum, of course). It's not that I don't like the card - I'm grateful for having had it and it provided the base I needed to begin my rebuild - but after this past weekend, with my new Overstock store card with $4K line, and my unsecured Platinum due for a Credit Steps increase later this summer, closing the secured card won't significantly reduce my overall revolving credit. Right now, I'm at $11,251 total revolving credit, and if I closed the secured Platinum after I got the $500 Credit Steps, for instance, I'd only reduce my overall revolving credit by $451 (my current secured line is $951), not to mention that an account closed by the customer, in good standing and paid off, will stay on the record for 10 years without damaging it.

I've had this card for nearly 18 months now. Since I'm gardening, I'm going to let it remain as is for the next several months while I continue to pay the outstanding balance down. My main objective for the fall has been to get a good rewards Visa but I may now expand it to get a decent rewards MC as well from a BK-friendly source (this will probably be where I join a second CU to do that) and transfer the remainder of the secured balance to Discover so that I can close the secured card, get my deposit back and maybe close the unsecured Platinum as well once I have a better MC in hand.

Re: Cancelled Capital One Secured

SecretAzure — Mon, 22 May 2017 12:59:38 GMT

@Anonymous wrote:
So i am going through the same thing with cap one now. I called and spoke with two different reps and was told that they have no product available to me. Even though I have had the card since 7-2011. You would think that would count for something. Anyway my CL is only 560 on the card and I have a ton of regular accounts now. We are buying a home and I was wondering if i closed the account if it would hurt my credit score/ AAoA. What affect did it have on you and our wife after you closed it?

How funny, I'm on the same boat since 6-2011. I called the executive office and they just told me that my card wouldn't upgrade because the cards were set up differently than some of the new ones...he also said it was impossible for anybody to have them upgrade yet as not enough time has passed. Which is BS since I know some have upgraded already thanks to myFICO..

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 13:32:54 GMT

Yea I got the same automated responses from a supervisor yesterday. The only thing they did do was credit my account the annual fee. Which was only 29 so at the end of the day it was better than nothing but doesn't solve my issue. I should've cancelled it after my credit got better years ago but ya live ya learn. I was at 520 when I got the card. Now I'm at 703. So it was worth it, just want my money back now.

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 18:07:41 GMT

Cancel the card and they'll issue you a check for the original deposit. It's served it's purpose, cancel and move on!!

Re: Cancelled Capital One Secured

Anonymous — Mon, 22 May 2017 18:22:09 GMT

@Anonymous wrote:
Cancel the card and they'll issue you a check for the original deposit. It's served it's purpose, cancel and move on!!

+1. I think it's mainly inertia and the reluctance to "lose" available credit, plus still needing to pay down a balance, that's keeping me holding on to this card after it's served its purpose. So I just want to make sure the balance is paid off or transferred first so that I don't lose any of my deposit.

Re: Cancelled Capital One Secured

jlitnns — Mon, 18 Dec 2017 22:13:28 GMT

Here's my question. My secured card is my oldest CC at more than 5 years and most of my other ones are new within the past year. Will this kill my AAoA if I close this card?

Or should I roll it over to my QS1?