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Capital One Secured to Unsecured

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Capital One Secured to Unsecured

Yesterday afternoon I logged in to my Capital One account and preceeded to start a chat with someone regarding my account. I spoke to the person for about 10 minutes and was inquiring about a secured card I have had since I started my rebuild. I have had the card for 15 statements and was kindly explaining that I need a card that is going to grow with me and inquired about any options to roll my unsecured portion to my QS1 or a PC of any kind. 

 

The rep then comes back and tells me that they have just started offering SECURED to UNSECURED, but you have to be given the offer via the automated system. Even though I have an immaculate history with capital one and PIF every month, the rep told me there is no one who can manually look into my account and tell me why I am not being offered the unsecured option. I do have another acct with Cap 1 and it is double the limit of my secured card. I know I am still early on in this journey but I can't help feeling discouraged. 

 

Has anyone else heard of this new unsecured option? Have you been offered the unsecured version and if so, when was that offered? 

 

What should I do? I currently have other accounts and store cards that are double my secured limit. If I close out this secured card (it is my oldest line ATM) will that hurt me? 

 

Thank you in advance for all of your help Smiley Happy

Currently in the rebuild..


11/2015......495


12/2016......627


Next Goal: 650

Message 1 of 3
2 REPLIES 2
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Re: Capital One Secured to Unsecured

I can confirm that it is possible for the Capital One Secured card to graduate to unsecured (see my previous post).

 

In my opinion, the purpose of secured cards are to help in the rebuilding process. It seems that you've built a portfolio of cards, including another Capital One card. In my opinion, your Capital One secured card has served its purpose and you can close the card.

 

It is my understanding that closed accounts still factor into the Age of Accounts calculation for 10 years after being closed. The only negative I can see if that you will lose the available credit which can adversely affect your overall utilization.

 

It's your call but I would close it.



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Message 2 of 3
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Re: Capital One Secured to Unsecured

\

@brother7 wrote:

I can confirm that it is possible for the Capital One Secured card to graduate to unsecured (see my previous post).

 

In my opinion, the purpose of secured cards are to help in the rebuilding process. It seems that you've built a portfolio of cards, including another Capital One card. In my opinion, your Capital One secured card has served its purpose and you can close the card.

 

It is my understanding that closed accounts still factor into the Age of Accounts calculation for 10 years after being closed. The only negative I can see if that you will lose the available credit which can adversely affect your overall utilization.

 

It's your call but I would close it.


Thanks for your reply brother! 


The main reason I wanted to keep the secured card open was to let it 'grow' with me. At this point, do you think I will always have a low limit with the card since it was a rebuilder? This is my fear and I am starting to think that it's weighing me down. My other capital one card (qs1) is 8 months old and is over double the limit of the secured.

 

Would I have a better shot at closing the secured and re-applying for another unsecured account? If so, how long should I wait after closing the secured? 

 

I truly appreciate your advice. Thank you for all your help. 

 

mrgus

Currently in the rebuild..


11/2015......495


12/2016......627


Next Goal: 650

Message 3 of 3
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