Closed card instead of asking for another option

CreditSage · ‎08-10-2019

I just closed my secured card (over the automated phone system - happend very fast) before I had a chance to ask if they would make it a regular credit card. I kind of hate capital one though, so maybe no loss? What do you think?

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

blindambition · ‎08-10-2019

If you weren’t happy... The card wasn’t helping. Currently CO isn’t graduating secured cards. I do recommend in future to take a breath, moment. Before making rash decision from pure emotion.

Brian_Earl_Spilner · ‎08-10-2019

You can only graduate a cap1 secured card if you got it during a time when they were graduating them. No big loss though. Beyond the first CLI they give you, it will never grow again. You would be better off with a secured discover.

Brian_Earl_Spilner · ‎08-10-2019

Also, never tell cap1 you might close your card unless you were planning to follow through. They are extremely efficient in that aspect. People have had their cards closed because cap1 called their bluff. They won't reopen them either.

CreditSage · ‎08-11-2019

I had the card for 36 months as of this month - would they still not have graduated it?

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

CreditSage · ‎08-11-2019

At what time were they graduating them? Yes I did get a CLI of a few hundred dollars but nothing beyond that, even after having the card for 36 months.

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

CreditSage · ‎08-11-2019

Yes I was amazed how fast it happened. Honestly, through the automated phone system, I thought I would be routed to a customer service rep to confirm my interest in closing the account, similiar to when you say what you are calling for. The next thing I knew it said your account is now closed - all via automated phone system and in less than a few minutes.

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

blindambition · ‎08-11-2019

@CreditSage wrote:
At what time were they graduating them? Yes I did get a CLI of a few hundred dollars but nothing beyond that, even after having the card for 36 months.

Graduation comes and goes. It would depend on policy when you applied. Safe to say it wasn’t graduating after 3 yrs.

CreditSage · ‎08-11-2019

The decision to close it wasn't rash - I thought about it a lot and did some analysis - It was by no means an emotional decision. What caught me off guard was how fast it was closed once I went down that path (on the automated phone system I might add) and which left me without the option to ask for it to be changed to another product/full credit card. I actually thought I was explaining the purpose of my call (like when you selcet credit card or checking account when calling the bank) and the next thing I knew the account was closed.

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)

Brian_Earl_Spilner · ‎08-11-2019

@CreditSage wrote:
At what time were they graduating them? Yes I did get a CLI of a few hundred dollars but nothing beyond that, even after having the card for 36 months.

They constantly flip-flop. They'll honor the original contract though. So, even if they aren't graduating now, but they were when you got your card, it'll graduate. Seems you didn't get it during one of those times.