Question regarding Capital One.

[Creditplz]

So I'm closing my Capital One Secured card tomorrow, waiting for my $799 payment to go in. I no longer need this card and want a Venture One, for me Capital One always reports on the 22nd of each month. I want to close my account and have them report. Would I have to wait for them till the 22nd to report?. As soon as it does I want to apply for the Venture One.

[Anonymous]

i think only cap1 would know if they could report the closed card immediately or not. hopefully others could chime in.

fwiw, as far as closing then applying with the same lender, i've read (correct me if im wrong, pls!) that it's more advisable to app first then close the card you no longer want with them. better chances of getting approved or getting favorable terms. but as always, YMMV. again, hopefully others could chime in. 

edit: btw why not contact cap1 and mention what you're intending to do? a good credit analyst might be able to 'guide' you better. maybe they could actually graduate your secured card then PC to venture one. if lucky, it's possible for no fico dings whatsoever. 

[RonM21]

I know about 3 weeks ago I payed balances down to zero on my Cap1 and Discover cards. I was wanting to look at an updated report, but before that I needed both to report the zero balances asap . Through online chat, Discover did this immediately for me and submitted an "off cycle" update to the CB's. Cap1 on the other hand.....no go.  They pretty much read a script about how they don't have the ability to report earlier then the statement date. I don't know if it'll be the same with a closed account.

[Creditplz]

Hmm, I'll call and ask before I cancel it. I really hope they do!!

[Anonymous]

incubus24 i closed my platinum and that's what opened me up to their better cards. keep in mind cap1 is way different than other lenders in a lot of ways 

[Anonymous]

my advise for you would be to first of all wait for payment to post. Onece payment post go directly to the prequalifiication page and fill that out to check if 

you are prequalified for any of their cards. One you do that apply  and if you get approved then and only then you should close your current card with them. its not wise to close your existing account without having that approval first .

hope this helps and best of luck!