Capital One - Secured Card

[Anonymous]

I reached out to Capital One Executive Office to reduce, convert or close my oldest card (secured).

Reason for the request is I simply do not need thousands of dollars locked up on the deposit with numerous lines I obtained a couple months ago.

The account is two years and half year old. I have no marks on my report.

Capital One Executive Resolution Department said there is no option other than closing the account to get any part of the deposit returned.

I only have 2 lines of aged credit with low 700 score.

Q: How low will my credit score drop? Should I also write Capital One? Or, age all my new accounts from last month and if so how long before cancelling the Capital One card?

Thanks for the feedback. Total lines: 35K with 4K riding balances.

[baller4life]

You're making it way too hard. Just call CSR and cancel it. EO won't help. Card cannot be converted or unsecured. You will have your deposit back in a week. Only thing it affects is utilization because you no longer have that limit available. Looks like your util is in check though. So you're good. It will stay on reports for 10 years and still factor in AAOA. I closed mines and saw no change in score. Close the darn thing.You've moved on!

[Pway]

In my honest opinion your secured card has done it purpose.  That tradeline will remain on your report for ten years.  Go ahead and close the account and get your deposit back.  Yes capiral one will not unsecure a secured card.  

[sjt]

You might want to hold off on that. I read that C1 will be able to combine limits, so you might be able to transfer the unsecured portion of your secured card to your other C1 card.