topic Re: Cap1 secured to unsecured in Credit Cards

Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:07:54 GMT

How long does it take for Cap1 secured card to convert to unsecured? Just wondering, I just got mine in July and been paying the balance off.

Thanks

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:11:08 GMT

@glendazamot wrote:
How long does it take for Cap1 secured card to convert to unsecured? Just wondering, I just got mine in July and been paying the balance off.

Thanks

Cap1 does not unsecured their secured cards. You have to close and app for another one unfortunately. Their reps will tell you they do but they are misinformed.

(unless policy has changed recently)

Re: Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:14:29 GMT

Wow really? Is that even legal? When I got mine the rep told me that within a year it should be unsecured. Wow, just wow.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:16:24 GMT

@glendazamot wrote:
Wow really? Is that even legal? When I got mine the rep told me that within a year it should be unsecured. Wow, just wow.

LOL the rep told me the same thing then 8 months into it "no, sorry we do not unsecure"

I said take my deposit and pay the balance and close it. It really made me mad too. It was really false advertisement.

If your looking for a good secured card that will graduate to unsecured BofA is a very good option.

Re: Cap1 secured to unsecured

agforfree5 — Thu, 27 Sep 2012 02:17:28 GMT

@glendazamot wrote:
How long does it take for Cap1 secured card to convert to unsecured? Just wondering, I just got mine in July and been paying the balance off.

Thanks

The Cap1 Secured card does not "Graduate / Upgrade" to an Unsecured card. Trust me, I have called them several times with the same question. Your best option is to build your credit with the secured & close it down. Then apply for a new Unsecured card - (Cap 1 Platinum or Classic perhaps).

Re: Cap1 secured to unsecured

agforfree5 — Thu, 27 Sep 2012 02:18:32 GMT

Wow.. Did not realize so many people had already responded.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:19:06 GMT

@agforfree5 wrote:
@glendazamot wrote:
How long does it take for Cap1 secured card to convert to unsecured? Just wondering, I just got mine in July and been paying the balance off.

Thanks
The Cap1 Secured card does not "Graduate / Upgrade" to an Unsecured card. Trust me, I have called them several times with the same question. Your best option is to build your credit with the secured & close it down. Then apply for a new Unsecured card - (Cap 1 Platinum or Classic perhaps).

I wouldn't waste 3 HP's. Take your business to Discover or Chase or any prime lender.

Re: Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:19:24 GMT

Well I guess is too late now but I only have one secured card. Should I open another one with BOA? I am also listed as an AU on my moms cc from Walmart.

Re: Cap1 secured to unsecured

agforfree5 — Thu, 27 Sep 2012 02:20:58 GMT

HPs ?

Re: Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:21:54 GMT

I think he means hard pulls from your credit.

Re: Cap1 secured to unsecured

agforfree5 — Thu, 27 Sep 2012 02:23:30 GMT

@glendazamot wrote:
I think he means hard pulls from your credit.

Ah gotcha. Sorry noob.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:24:02 GMT

@agforfree5 wrote:
HPs ?

HP = Hard Pull.

There are 2 different types of Inquries on your CR. Hard Pull and Soft Pull. Hard Pulls are the ones that haunt your credit for 2 years. Soft Pulls are pulls that dont affect your credit but creditors can still request your file for CLI's, account reviews, etc.

Cap1 is notorious for HP'ing all 3 of your reports for new credit. Its pretty ridiculous and thats why most people tend to stay away from them if your informed about it.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:25:38 GMT

@glendazamot wrote:
Well I guess is too late now but I only have one secured card. Should I open another one with BOA? I am also listed as an AU on my moms cc from Walmart.

-How many cards do you currently have?

-How many INQ's do you have on each report?

-Any Baddies??

-AAoA??

Re: Cap1 secured to unsecured

agforfree5 — Thu, 27 Sep 2012 02:27:31 GMT

@LS2982 wrote:
@agforfree5 wrote:
HPs ?
HP = Hard Pull.

There are 2 different types of Inquries on your CR. Hard Pull and Soft Pull. Hard Pulls are the ones that haunt your credit for 2 years. Soft Pulls are pulls that dont affect your credit but creditors can still request your file for CLI's, account reviews, etc.

Cap1 is notorious for HP'ing all 3 of your reports for new credit. Its pretty ridiculous and thats why most people tend to stay away from them if your informed about it.

Thanks, I did not realize Cap 1 HPs all the bureus. Would have been good to know before i got the Cap 1 Venture & Secured.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:30:12 GMT

@agforfree5 wrote:
@LS2982 wrote:
@agforfree5 wrote:
HPs ?
HP = Hard Pull.

There are 2 different types of Inquries on your CR. Hard Pull and Soft Pull. Hard Pulls are the ones that haunt your credit for 2 years. Soft Pulls are pulls that dont affect your credit but creditors can still request your file for CLI's, account reviews, etc.

Cap1 is notorious for HP'ing all 3 of your reports for new credit. Its pretty ridiculous and thats why most people tend to stay away from them if your informed about it.

Thanks, I did not realize Cap 1 HPs all the bureus. Would have been good to know before i got the Cap 1 Venture & Secured.

Not many people do unless your familiar with this site or have done business with them in the past and monitor your reports. It really sucks.

For some of their prime cards they may hit 1 CR but thats definitely YMMV.

Re: Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:31:43 GMT

Currently I only have the secured card with Cap1 ( credit limit 300.00). I am an AU on my mom's Walmart cc ( credit limit 3,500 with a 900.00 balance) and I have 3 baddies ( cap1 charge off from 2010, target charge off from same year and a charge off from Continental which I am disputing). My oldest acct was opened 9 years ago which is my student loan which is paid and in good standing. I also have a car loan from Jun 2011 paid on time every month. Hope that helps. Oh and inq I have a lot about 11.

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:34:26 GMT

@glendazamot wrote:
Currently I only have the secured card with Cap1 ( credit limit 300.00). I am an AU on my mom's Walmart cc ( credit limit 3,500 with a 900.00 balance) and I have 3 baddies ( cap1 charge off from 2010, target charge off from same year and a charge off from Continental which I am disputing). My oldest acct was opened 9 years ago which is my student loan which is paid and in good standing. I also have a car loan from Jun 2011 paid on time every month. Hope that helps. Oh and inq I have a lot about 11.

Probably would be best to take it easy on the apps for a year and gain some more positive history. In the meantime i'd be working on cleating up some of the baddies. Are any of the CO's paid?

Re: Cap1 secured to unsecured

Revelate — Thu, 27 Sep 2012 02:36:41 GMT

For anyone without access to NFCU, BOFA is far and away the best secured product available. Between C1 and BOFA secured you have two of the top 3-4 options.

You want 2-3 cards for rebuilding, one is too few to maximize your credit score.

It really doesn't matter too much in the long run which secured cards you get as long as they report to the bureaus, though personally I'd pick either BOFA, Citi, or whatever bank I had a relationship with already (Wells Fargo or credit union); however, I'm partial to doing business with lenders that are useful once one gets to a good FICO score in addition to rebuilding with.

Re: Cap1 secured to unsecured

glendazamot — Thu, 27 Sep 2012 02:37:02 GMT

Yes the Cap one is paid, I am in the process of sending a pfd to Target and the continental acct hopefully will be deleted. I have tried sending DVs to Cap1 but no success. : (

Re: Cap1 secured to unsecured

LS2982 — Thu, 27 Sep 2012 02:39:46 GMT

@glendazamot wrote:
Yes the Cap one is paid, I am in the process of sending a pfd to Target and the continental acct hopefully will be deleted. I have tried sending DVs to Cap1 but no success. : (

A DV is not going to do you any good with the paid Cap1 account, you need to be sending GW's but Cap1 is not a friendly GW lender.

Keep trying with the other 2, sometimes it takes a while but in the long run it helps drastically for your credit!