How long does Capital One take to unsecure a secured credit card?

[Anonymous]

I got a secured Capital One master card around November 2013.   The limit is $3000.   I didn't use it at all for the first 3 months, except for a couple small amounts.   And for the last 7 months, ran the balance up to around $1500 or 2000, and paid it off monthly.  I'm going to keep the balance lower whenever I need to apply for credit. 

MyFico sores are Equifax 675, TU 645 and Experian 668.   Equifax is factoring a higher credit card balance than the others. 

I've got a $150 verizon collection on all 3 bureaus a few yrs old.  Only Equifax has a $650 Chase cc charge off from 6 yrs ago.  And Equfax and Experian have a $55 electric bill collection from 6 yrs ago.   I have a 15 yr credit history with 4 real estate loans paid on time and a car loan paid on time (all now closed).    Luckily most of the negatives are old enough that it will drop off in the next year or 2. 

What do you think?   Would Capital One likely unsecure the card?

[Anonymous]

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@Anonymous wrote:

I got a secured Capital One master card around November 2013.   The limit is $3000.   I didn't use it at all for the first 3 months, except for a couple small amounts.   And for the last 7 months, ran the balance up to around $1500 or 2000, and paid it off monthly.  I'm going to keep the balance lower whenever I need to apply for credit. 

MyFico sores are Equifax 675, TU 645 and Experian 668.   Equifax is factoring a higher credit card balance than the others. 

I've got a $150 verizon collection on all 3 bureaus a few yrs old.  Only Equifax has a $650 Chase cc charge off from 6 yrs ago.  And Equfax and Experian have a $55 electric bill collection from 6 yrs ago.   I have a 15 yr credit history with 4 real estate loans paid on time and a car loan paid on time (all now closed).    Luckily most of the negatives are old enough that it will drop off in the next year or 2. 

What do you think?   Would Capital One likely unsecure the card?

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Eternity.

They do not unsecure. They may or may not add unsecured limit to your card. But they will NOT unsecure completely.

[Anonymous]

Oh, that's disappointing.  I'll look into getting an unsecured card from them, since my credit is now mostly good.

Is it better to keep the unsecured card open for some time, until the newer unsecured cards age?    I know I should keep the unsecured card for a while, to have at least a couple active cards.   But I don't know how much keeping a year old card open matters, verses closing it after I get a couple unsecured cards.

My long term goal is to have a few cards with a total credit limit of around $50k.  But that may not happen for a couple yrs a least. 

[Anonymous]

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@Anonymous wrote:

Oh, that's disappointing.  I'll look into getting an unsecured card from them, since my credit is now mostly good.

Is it better to keep the unsecured card open for some time, until the newer unsecured cards age?    I know I should keep the unsecured card for a while, to have at least a couple active cards.   But I don't know how much keeping a year old card open matters, verses closing it after I get a couple unsecured cards.

My long term goal is to have a few cards with a total credit limit of around $50k.  But that may not happen for a couple yrs a least. 

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If you don't mind the AF.

[Dw4250]

The secured card has done its job. Apply for a couple cards with different companies. Based on your scores, I would go for Barclays, Chase and maybe an AMEX. Once approved, close it out and get your deposit back.

[Anonymous]

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@Dw4250 wrote:
The secured card has done its job. Apply for a couple cards with different companies. Based on your scores, I would go for Barclays, Chase and maybe an AMEX. Once approved, close it out and get your deposit back.

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Dw I have to say, I really do not agree at all... Not sure what the OP's original deposit on the secured card was, however, at the typical deposit of $49-$300 that price tag just isn't worth losing a lasting positive tradeline on my CR and history or my AAoA. Everybody within this community knows just how important it is to our building a much thicker credit file and our continuing credit history to HAVE AS MANY POSITIVE TRADELINES AS POSSIBLE and with that said THE FEW MEASLY HUNDRED DOLLARS JUST ISN'T WORTH IT TO ME. Imo when you're sights are focused in that sort of direction it is nothing more than

A NICKEL HOLDING UP A DOLLAR.

[Anonymous]

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@Anonymous wrote:

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@Dw4250 wrote:
The secured card has done its job. Apply for a couple cards with different companies. Based on your scores, I would go for Barclays, Chase and maybe an AMEX. Once approved, close it out and get your deposit back.

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Dw I have to say, I really do not agree at all... Not sure what the OP's original deposit on the secured card was, however, at the typical deposit of $49-$300 that price tag just isn't worth losing a lasting positive tradeline on my CR and history or my AAoA. Everybody within this community knows just how important it is to our building a much thicker credit file and our continuing credit history to HAVE AS MANY POSITIVE TRADELINES AS POSSIBLE and with that said THE FEW MEASLY HUNDRED DOLLARS JUST ISN'T WORTH IT TO ME. Imo when you're sights are focused in that sort of direction it is nothing more than

A NICKEL HOLDING UP A DOLLAR.

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When you're paying a $29 AF and have nearly $3,000 holding up a secured line, If your scores are good enough for better cards...You are better off applying and closing this account.

[Anonymous]

that is one funny avatar nixon.

[Anonymous]

They do not unsecured but you should be able to get an unsecured card from them after 6 months of having the card. Just use their prequalify link and go from there

[Anonymous]

So would the correct thing to do in that situation be to close or keep the account?

Say it's only 7 months old?

Is there ever an optional time limit to close your 1st account?