Advice on Capital 1 secure and unsecure

[Anonymous]

To those that had capital 1 secure and went unsecure
I been rebuilding over a year know my scores r still not real high but better than when I started
I would like to know at this point
Should I cancel my secured at 7 months
And c if I qualify for the unsecure with out a hard inquiry
I know have
Avant 500
Quick S1 300
Merrick secured 200
Finger Hut 900
So would it n benefit close 1 secure and keep Merrick which I would like
I been reading alot of post of those that got rid of secures once start to get unsecure
Thanks all info will be helpful for my right direction

[Anonymous]

Congrats on your rebuild. I would wait.
Seven months is not very long for a secured card. I'd give Cap1 at least a year, in hopes of graduation and a PC.

[Brooklyn2018]

Your Cap1 should unsecure at and around the 11th month usually. IMHO, I would not close it.

#1 it’ll lower your overall available CL.
#2 you’ll be passing up graduation to unsecured and a chance to PC to QS and possibly a CLI(?)

If you app for another product from Cap1 you DEFINITELY get 3 HP’s for the NEW app PLUS a ding from it across all Bureaus.

Be patient...you’re jumping the gun to quickly. Let the card do it’s thing.

If need be resort back to Cap1’s website and reread the advantages of the Secured version of that Platinum.

It’s not a sprint it’s a marathon.

Hope that helps some?

😊

[Anonymous]

Thank you for the advise
I didnt think about dropping my CLI
And it probably is to soon
Im going to wait and c if I get an offer close to 11 month by that time I will call and inquire
Is it good to keep both secures
March will b 1yr merrick

[Brooklyn2018]

Remember...these Secured cards are there to show on time payments and responsible use until your scores and profile strengthens. Paving the way for better cards. IMHO, I would wait until such time. There have been those that have been lucky to use Secured cc’s and show 6 mos good credit behavior and get better cards. There are also others that have kept their Secured cc’s for years before closing. It truly is about timing, IMO.
YMMV

ETA: don’t forget about your UTL% getting affected if you the card, if it’s not controlled...just some more food for thought.

😊

[Anonymous]

I just got approved for a Cap 1 unsecured yesterday and am estatic (note: I'm "wife" if you look at the signature scores)!

I started rebuilding in November. Couldn't get approved for the Cap 1 unsecured but did get approved for a secured card in November.

Made my payments on time the 2 bills I've had and my credit score had increased over 35 points so I took a chance yesterday when my statement cut (I had a high utilization on the first statement 89% and on the second one it was down to 52% which I tried to get lower but last payment didn't credit in time) and couldn't believe I got approved!

Woohoo! My credit sucks and I have over 30 something collections plus a lot of other stuff and massive student loan debt. But alas, I took a chance and didn't listen to the "rules". I did, however, do the prequalify check and that's what gave me the confidence to go for it.

I will obviously keep the secured card for at least a year to see what happens with it.