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Capital One Secured card

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Valued Member

Capital One Secured card

Ok, so I've been trying to uprade my platinum card for the last month now. Daily checks via the link and I've now called a couple times to be told that there is currently no option to uprade. However, I did learn today that they never graduated my card to an unsecured one like I thought. The customer service rep said that they are constantly reviewing secured lines for graduation and advised me to be patient. I've had this card since 2013 and feel like I've been patient long enough. I'd really prefer to not close the account as it's by far my oldest, but if they're never going to let it grow I might just cut the line anyways. Any thoughts?

Message 1 of 7
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Valued Contributor

Re: Capital One Secured card

A closed card continues to report for 10 years and has the same affect on your average age of accounts.

If you have better cards and the only reason you are keeping it around is because it is your oldest card, close it,

Message 2 of 7
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Valued Member

Re: Capital One Secured card

@Morpho:

 

Yeah, that's basically the only reason I have it. Since the age will report for the next 10 years I'll hold onto it till I get a better replacement and then close it. Thanks for letting me know that, I was always told to never close old accounts, and with it being my oldest I was getting worried I'd be stuck with it.

Message 3 of 7
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Valued Member

Re: Capital One Secured card

As an update: I literally just closed the account and got a Discover secured card in it's place. The limit is a good bit lower, but from what I've heard discover is much more generous with their CLIs, so that shouldn't be an issue for long.

Message 4 of 7
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Valued Contributor

Re: Capital One Secured card

Congrats. While it’s not a guarantee, Discover is much much more relikely to graduate to unsecured. They graduated me a few days the 7th statement cut, just like they said they would. Lots of people on here had the same experience. Don’t miss a payment, don’t go over your limit and always pay more than the minimum and Discover should unsecure you on time too.

Message 5 of 7
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Valued Member

Re: Capital One Secured card

I appreciate the advice! I haven't been the best at maitning healthy accounts in the past, but I never missed a payment with anyone till last year with synchrony, and I will never do that again. My current situation is using using my CC for regular purchases and then paying it off weekly as the balance updates. I figure PIF on a weekly basis would be a good thing in their eyes and an upgrade should come with time and patience.

Message 6 of 7
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Community Leader
Senior Contributor

Re: Capital One Secured card

Capital One changes its rules on unsecuring somewhat frequently... If you get a card at the wrong time... it may never unsecure..... 

Just close it and move on..... which is what it seems you did.....  Think youll like discover better.. but even sometimes Discover cards can get stuck on CLs... but regardless your likely to have it unsecure relatively quickly and it has some room for upward mobility/growth... Worse case you can app for a second discover in a year...if your scores support it...

 

-J

 

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