Hi All, need some help with converting secured to unsecured card

[NewtonTBass]

Whew!,

its a jungle out here! called my two secured card companies, Ca;pital One & Union Bank to convert my secured cards to unsecured cards.

Union Bank asked to close my secured card first and apply for an unsecured credit card. My application was denied (24hrs later), they would not reopen my closed secured without submitiing another application and deposit another $300.00 (they said they would return my original $300.00 in 30 days).

So now i have a Mark/ closed secured card account and a Mark/denied credit on my credit report to deal with.

Capital One denied converting my secured card. and asked that i apply for an unsecured card. I demurred because that would mean another hard pull on my credit report.

what should i do?

[creditFiend]

That's unfortunate you had to acquire a HP, only to be denied the unsecured. In the future, wait until you obtain an unsecured before closing the secured. Keeping your oldest TL open as long as possible will increase your AAoA. I've heard BofA has a secured card that graduates to unsecured after a year of good history with them. You may want to google 'secured cards that graduate' or locate a thread on here to find some. This will avoid having to close any other cards later just to re-apply for unsecured.
GL on your journey to credit building!

[cgussio]

Capital One doesn't convert secured to unsecured. You will need to app for a new card with them and yes, that would be more HPs. Given that Union Bank won't reopen the secured line that was closed at their recommendation, I would not open another card with them. Instead, I would open a new secured card with one of the banks that graduates to unsecured in 12 months time with good payment history & utiliziation. Wells, US Bank, Citi and BoA i believe all fall in that category.

Good luck!

[NewtonTBass]

My mess was on Wednesday of this week, Monday of this week, I applied at Chase for a unsecured Chase Freedom; i was accepted immediately.

I am tryting to avoid raking up any more HPs, however, I need at least three credit cards to show my credit worthiness for a mortgage loan. I am told that unsecured lines of credit are best for lenders scrutiny.

I have had both secured cards for a little over 10 months; closing Union Banks account is a heart breaker.

Thnx again for your response.

Best