topic CapOne Secured Card Closed in Credit Cards

CapOne Secured Card Closed

AeroKrix — Wed, 19 Mar 2014 05:38:04 GMT

I've had my C1 secured card for almost 3 years (next month will be my AF). I just closed it and I would like to apply for another C1 unsecured card. I already have a Quicksilver (no AF) card that was recently PC'ed from a Journey card. I understand that C1 limits the amount of cards you can have with them based on the type of card. So since they only offer a Rewards and a Platinum, you can only have one of each. About 6 months ago I applied for an unsecured Platinum since I was told I cannot graduate my secured. I got a denial letter stating that I have reached my limit on accounts. Yeah, it was odd, but anyways, to my question.

Since closing my secured card, how long should I wait to apply for a new unsecured CC?

Re: CapOne Secured Card Closed

TiggerDat — Wed, 19 Mar 2014 08:02:54 GMT

Before you do that you should consider rewards for a moment. Imagine that you app for the BCP or BCE and get it, those rewards are better than the QS. Chase Freedom and Discover IT also have good revolving categories which would be better to have in addition to your current QS card. Discover and some times Amex can be good on the recon if you are boarderline. I think I would advise you to try and app for something better and from a different bank to mix things up a bit and give you better options.

Just think about it. You might be surprised at what you get as long as you don't have any really bad negative things on your report.

Re: CapOne Secured Card Closed

coldnmn — Wed, 19 Mar 2014 10:27:56 GMT

You can only have 2 cap1 branded cards. You can have as many co-branded such as Sony card as you want. You would be much better off applying for a different card as the previous poster stated because Cap1 does 3 hps for each application. Good Luck!

Re: CapOne Secured Card Closed

AeroKrix — Wed, 19 Mar 2014 11:09:19 GMT

@bernhardtra wrote:
Before you do that you should consider rewards for a moment. Imagine that you app for the BCP or BCE and get it, those rewards are better than the QS. Chase Freedom and Discover IT also have good revolving categories which would be better to have in addition to your current QS card. Discover and some times Amex can be good on the recon if you are boarderline. I think I would advise you to try and app for something better and from a different bank to mix things up a bit and give you better options.

Just think about it. You might be surprised at what you get as long as you don't have any really bad negative things on your report.

Well, I want to avoid any HP on my report. The EO I spoke with said that if they have a SP on file, they'll use that instead of doing another inquiry. So I'd like to take advantage of it. The EO could not state when the best time to reapply for a new card after closing it.

Re: CapOne Secured Card Closed

Creditaddict — Wed, 19 Mar 2014 14:53:09 GMT

@AeroKrix wrote:
@bernhardtra wrote:
Before you do that you should consider rewards for a moment. Imagine that you app for the BCP or BCE and get it, those rewards are better than the QS. Chase Freedom and Discover IT also have good revolving categories which would be better to have in addition to your current QS card. Discover and some times Amex can be good on the recon if you are boarderline. I think I would advise you to try and app for something better and from a different bank to mix things up a bit and give you better options.

Just think about it. You might be surprised at what you get as long as you don't have any really bad negative things on your report.
Well, I want to avoid any HP on my report. The EO I spoke with said that if they have a SP on file, they'll use that instead of doing another inquiry. So I'd like to take advantage of it. The EO could not state when the best time to reapply for a new card after closing it.

He was mistaken if in regards to new applications... they do use the credit pull on file for CLI but a new accounts will not only be 1 hp but 3!

I would apply for better cards elsewhere now that your credit is improving from your secured card history.

check pre-qual for chase, citicards, discover, barclay - especially Discover and barclay!

Re: CapOne Secured Card Closed

Involver — Wed, 19 Mar 2014 15:04:30 GMT

In retrospect your best bet would have been to keep the secured card open and app for a product with better rewards from another lender (as others have said).

The three year anny of my CapOne secured card is coming up at the end of April so I hit up the EO yesterday via e-mail to ask them about waiving the AF or PCing (which I knew they wouldn't) so that I had some incentive to keep the card open. They already called me back this morning and I spoke to an extremely helpful gentleman who discussed my account with me and we chatted at length about Cap One product history and some other things. While they were unable to PC it (no surprise), they did waive the AF indefinitely for my account so now I will gladly let the account sit open forever as it's my oldest revolving account. I have no interest in any other products with them, but I highly recommend going the EO route.