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It's been two years since i opened this Cap 1 secured card and i thought that it's time to close this tradeline since i have many unsecured card now. It was a very useful card it helped to build my credit and also helped to build credit of two friends of mine (i added them as AU) so yeah this card and the wells fargo secured card gave the opportunity of starting my credit journey....
I wish i would've been able to convert this card into an unsecured one but as everyone on this forum know Cap 1 doesn't let you do that.
The closing process was pretty simple i called the number in the back of the card and i didn't even need to speak with a live person.... everything was done through the automated system....
I received this notice in the mail informing me that my account is going to be reported as closed to the credit beaurus in 30 days and that i need to keep making payments if there's any balance.
I also received my refund check. I had a credit line of $1000 but i only had a deposit of $749 because i was asked for a inicial deposit of $49 for a CL of $200 and then i got a $100 CLI from them when my account hit 6 months.
Now i have one card less in my wallet and i hope to use that empty slot with a new credit card maybe Chase Saphire or a Bank of America card... I might try to appy for one of these cards in December 2013 or in the beggining of 2014
Congrats to you, I am looking forward to closing my secured card as soon as I get my CSP, hopefully next month. How long did it take to receive your refund check?
@MissCredit9 wrote:Congrats to you, I am looking forward to closing my secured card as soon as I get my CSP, hopefully next month. How long did it take to receive your refund check?
Thanks!! I got my check in the mail yesterday (10/26) and i closed the account on Sat 10/19 so it took like 5 business days to receive the check... it was pretty fast!!
Wow that is lightning fast for Cap1, who notoriously does most things slower than molasses. Thanks for the info. Good to know I wont be waiting 30-45 days like I usually do to get anything accomplished with them.
Agree with Lexie. The card served its rebuilding purpose and since there was no flexibility to unsecure, best to explore other CC opportunities on the horizon. On the upside, it will report with a positive history for the next ~10 years.
Thanks guys!!!! Yes, i am really happy that i've been able to get many great credit card from prime lenders with only two years of credit history... I'm only missing a couple of cards thou:
- Bank of America Credit card.....They denied me a little more than a year ago due to short credit history with only 2 credit cards reporting 9 months of credit History and 2 Macys store accounts and when i called to recon they stated they ignore the store accs while evaluating new apps but hopefully, this time when i apply again (soon) 'll get an approval....
-Chase Saphire... I never have tried to get this one (im happy with my Chase Freedom anyway) but you guys have made this card very popular so i'll try to get it in 2014 and i can't blame you it has a nice sign up bonus...
and then who knows im starting a business soon so i might try to get a Chase Ink down the road (2014) to put all my business expenses on that card