topic Re: Capital One secured card....how to unsecure it? in Credit Cards

Capital One secured card....how to unsecure it?

kskajohnson — Sun, 09 Feb 2014 18:51:16 GMT

Does anybody have any experience with doing this?

I had some poor credit about 3-4 years ago and to start building it back up I applied and was approved for a Capital One secured card, I placed the initial $200 deposit on the card at that time.

Since I've received it in either April 2010 or 2011 (I'd have to look back), I've never had a late payment or any negative action on the card and I've made additional deposits on the card and my limit is now $2,000.

My wife and I are purchasing a new home and I'd like to get that deposit back and turn the card into an unsecured card. I figured with 3-4 years of positive history and such, I should be able to do this, no? My Fico score is showing 690 right now. The only credit inquiries I have on my account in the last 24 months are from the company financing our home loan. That's it.

Just looking for some advice as to if I'd be a good canidate to do this and if so, what the whole process is in doing so.

Thanks!!

Re: Capital One secured card....how to unsecure it?

HeilFico — Sun, 09 Feb 2014 18:59:00 GMT

You can't unsecure it, but you should be able to get into another one of their card offerings. Maybe even try Barclays or another lender all together. You should have enough history to make the jump. Any negative information left on the reports?

Re: Capital One secured card....how to unsecure it?

kskajohnson — Sun, 09 Feb 2014 19:03:37 GMT

Nope. Any negative stuff is history, nothing is outstanding/everything is paid off---no lingering bad credit.

Well so I guess my question is this...if I apply elsewhere and get approved, do I just call and cancel my unsecured card and recieve the money back that way or is there more to it than that?

Re: Capital One secured card....how to unsecure it?

HeilFico — Sun, 09 Feb 2014 19:07:03 GMT

@kskajohnson wrote:
Nope. Any negative stuff is history, nothing is outstanding/everything is paid off---no lingering bad credit.

Well so I guess my question is this...if I apply elsewhere and get approved, do I just call and cancel my unsecured card and receive the money back that way or is there more to it than that?

That's it! When I dealt with my secured card through Capital One I had my money back within 3 weeks.

Re: Capital One secured card....how to unsecure it?

Anonymous — Sun, 09 Feb 2014 19:09:05 GMT

I wish that Cap One would graduate but it won't. I'm looking forward to closing it out mine this summer if I can get approved for a prime card.

Re: Capital One secured card....how to unsecure it?

studiogeek — Sun, 09 Feb 2014 20:07:32 GMT

Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

Re: Capital One secured card....how to unsecure it?

HeilFico — Sun, 09 Feb 2014 21:03:02 GMT

@studiogeek wrote:
Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

Being that OP has a 2k deposit with them, I think it would be better to pull out. If it was $500 or less I'd let it ride out as mentioned. That money would be better served in an interest account then with Capital One.

Re: Capital One secured card....how to unsecure it?

tryingagain62 — Sun, 09 Feb 2014 21:23:07 GMT

Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.

Re: Capital One secured card....how to unsecure it?

kskajohnson — Sun, 09 Feb 2014 21:54:32 GMT

Did you mention Barclays for any particular reason? Are they easier to get a card with or? I have a bank account with USAA if that helps at all too....wonder if I should just apply there?

Re: Capital One secured card....how to unsecure it?

indiolatino61 — Sun, 09 Feb 2014 22:06:58 GMT

@studiogeek wrote:
Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.

I have a $200 Target stain...lol.

Re: Capital One secured card....how to unsecure it?

mongstradamus — Sun, 09 Feb 2014 22:14:48 GMT

@tryingagain62 wrote:
Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.

I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

Re: Capital One secured card....how to unsecure it?

tryingagain62 — Sun, 09 Feb 2014 22:18:30 GMT

@indiolatino61 wrote:
@studiogeek wrote:
Finish out the year since you paid the fee. Set a calendar date to close it before the next fee. I just closed mine. It was a $200 stain where I have limits high as $37,000 now.
I have a $200 Target stain...lol.

LOL, I have the same Target stain. Only keep it for the 5% discount - as long as it is not more than $200! LMAO

Re: Capital One secured card....how to unsecure it?

Anonymous — Sun, 09 Feb 2014 22:28:50 GMT

@mongstradamus wrote:
@tryingagain62 wrote:
Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.
I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

I went through the same thought process just recently and ultimately decided to close my 6 month old Cap1 secured card just a few weeks ago. It had a CL of $1k, $849 of that being my secured deposit. It ended up being a lot easier than I thought it would be with no regrets so far (why keep managing a card I wasn't using any more and tying up the money?). Also, got the deposit back in a week....very quickly (but maybe because there wasn't a balance on it).

Re: Capital One secured card....how to unsecure it?

HeilFico — Mon, 10 Feb 2014 01:15:46 GMT

If you bank with USAA and are eligible for their credit products, you should be approved. Keep in mind the rewards structure isn't the best. I have two cards with them.

Re: Capital One secured card....how to unsecure it?

Revelate — Mon, 10 Feb 2014 01:23:01 GMT

@mongstradamus wrote:
@tryingagain62 wrote:
Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.
I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due

How long have you had it for? In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

Re: Capital One secured card....how to unsecure it?

mongstradamus — Mon, 10 Feb 2014 02:49:47 GMT

@Revelate wrote:
@mongstradamus wrote:
@tryingagain62 wrote:
Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.
I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due
How long have you had it for? In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

I have had my cap one secured since august of 2013. I was just wondering since I never use the card if it's worth keeping. The credit limit is really low compared to my chase and bcp.

Re: Capital One secured card....how to unsecure it?

Revelate — Mon, 10 Feb 2014 06:31:03 GMT

@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:
@tryingagain62 wrote:
Close it when you feel comfortable and like I did, consider it a stepping stone to better cards.
I am thinking of closing my secured cap one card also,since I have been approved for discover it,chase freedom, and amex bcp since I opened my cap one secured card. I don't know if I should close now or wait before annual fee is due
How long have you had it for? In general I would encourage folks just to keep it till the AF is about to come due: might as well take the bonus payment history that you've already paid the fee for, though if you've had it for more than a year already it probably won't make that much difference either way to your score.

I have had my cap one secured since august of 2013. I was just wondering since I never use the card if it's worth keeping. The credit limit is really low compared to my chase and bcp.

Minimum keep it for six reported payments. Might as well take the anecdotal seasoning bump. After that if you're not going to renew, can likely close any time and lose next to nothing (5 OK's lost max, not a big deal in the grand scheme of things for payment history looking a year or two down the road).

Re: Capital One secured card....how to unsecure it?

juggalo9er — Mon, 10 Feb 2014 07:09:08 GMT

the only way to unsecure the card is to app for another one (they never unsecure). another poster mentioned barclay and i believe the reasoning is that for their average credit card you should be good with one year history. additionnally, barclay only pulls 1 report whereas capitol one pulls all three!

Re: Capital One secured card....how to unsecure it?

norhplatter — Thu, 13 Feb 2014 05:57:46 GMT

I have five Capital One accounts...three were the $29 secured for $200 credit, then two that were transferred over when HSBC was bought out. I asked for a CLI but was turned down...have had Capital one for a while, but also had to pay an account through court 4 years ago (and yes they issued me more cards again???). After I was turned down for CLI, I got a pop up asked for update on income and address 'in case there is a possible upgrade in the near future', I'm thinking a CLI is around the corner. I have NFCU visa for $5000, AMEX $1000, Wells Fargo $1100 and Barclay $1000. Not the best, but better than I had.