Am starting the process to wean myself off of some secured cards I still have on my record. I want that "Secured Card" status off my credit report, I don't know if it has any effect on my credit, I just don't like that it's still there now that my scores are getting into the Mid 600's.
I recently had my Discover IT card go unsecured, haven't been able to get a CLI yet on it.
I also have an OpenSky that does have a balance, going to be paying that off and closing it soon. My last secured card is my Capital One Platinum Secured card, I was chatting this morning with a representative about a potential product change and I was told right now, they couldn't unsecure my card but they periodically look at different secured card holders and unsecure them. They said "it's a relatively new process", maybe at a later date my card would be available for it.
My question is, has anyone had there Cap One Platinum Secured go unsecured? Seems to be a lot of disinformation on this card. I started off a year ago in my early rebuilding stages. $99 deposit with a $200 CL. They then bumped me up to $500. Which is where I'm at right now.
The rep lied to you, or at least, doesn't know any better. Cap1 has flipflopped on unsecuring for years. What it boils down to is whether you got your secured card during an unsecuring period, or not. If you got the card during a time when unsecuring was possible, it will unsecure at some point. If you got the card during a time when they weren't unsecuring cards, it will never unsecure. You need to go read the terms and conditions that came with your card to see if it will be possible. That being said, even if it unsecured, you will only receive 1 CLI. It will never grow beyond that.
Personally, I would stop worrying about whether or not a card reports as secured as it has almost no bearing on your creditworthiness. I would just concern myself with replacing the sub-prime products, period.
@Brian_Earl_Spilner wrote:Personally, I would stop worrying about whether or not a card reports as secured as it has almost no bearing on your creditworthiness. I would just concern myself with replacing the sub-prime products, period.
Not so much worried about it, just inquiring. I'll be ditching the sub primes soon enough, right now they're helping my utilization because my limits are so low on my other cards. They are by no means in my long term plans.
@Anonymous wrote:mine unsecured on the 11th statement my wifes unsecured on the 12th statement
There ya go. Mine will be a year old this month, not holding out any sort of hope though haha. I was just interested to hear if anyone had their account go unsecured.
