Capital One Secured considering closing

Remedios · ‎06-19-2020

@Anonymous wrote:
Hey everyone, recently joined myfico in order to track my progress. I opened a Capital One Secured card nearly two years ago for $350 and got a CLI to $651 a few months later. I have got new credit since then Apple Card with CL of $4000, Paypal Mastercard Cashback $2000 after 2 months received CLI to $3250, and a line of credit through Paypal/Synchrony for $1000 (virtual only). I was trying to see if Capital One would allow me to upgrade but they're not and was wondering if there's any con to me closing the account. I've heard that it stays on my CR for 10 years but don't understand what that means, if anyone could please elaborate that would be a huge help. Just need some input if I have the green light to close it, since at this point it's pretty useless.

Close it, it's useless. It's done what it was supposed to do based on your recent approvals.

Having a secured card with them doesnt mean you'd have favorable outcome with future CapOne apps, simply by virtue of having a starter account they hand out like a candy. Also, by the time this card is off your reports, your other accounts will be aged, and really, it's no big deal.

You dont hang onto your toddler shoes because you outgrew them, dont hang onto dead end cards.

It's a pretend card with pretend limit. Its time you stop pretending you need it, you dont.

Capital One loves when these accounts stay open as cardholder's score improve because it raises average score in the particular "portfolio" being sold to the investors.

Not gonna bore you with ABS, but it's their dream for people to hang on these cards.

Ficoproblems247 · ‎06-19-2020

@Anonymous wrote:
Thanks for everyone for your input, it's been a great help. I decided to take the chance and applied for another Capital One account, got accepted for the Quicksilver, with a $1k CL. I don't know if it's possible but do you guys think that i’m able to call up and request that they transfer the CL of my secured to my Quicksilver CL?

Congrats on your approval! Unfortunately they will not combine your limits. Since you started with a $1,000 SL, that card likely will have the ability to grow slowly over time with heavy use, and large payments. Good luck on your continued credit journey!

FICO 8 EX 836 EQ 838 TU 831
TCL $223,100

Anonymous · ‎06-19-2020

I ditched capital one due to frustrations with this. I started with their secured card and I do appreciate that they helped me when nobody else would, and my credit score has gone up 200 points since those days, I couldn't have done it without them, but I couldn't have done it with them alone, either.

I had a secured platinum that they would not graduate, and another platinum that I had applied for like you in hopes of getting a better credit limit. I closed the secured card, held on to the other one and even got them to upgrade it to a quicksilver with no AF. But they topped out at a measly $950 credit limit. They wouldn't budge on that for over a year, probably because I wasn't using it enough. (Mine started at $500 so maybe you will do better starting at $1000)

Meanwhile chase and Amex and citi each are giving me 3-9k per card and with better rewards. So I closed the quicksilver and moved on from capital one. It's a starter card, a good one, but that's it.