Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Trying to graduate Cap One Secured to Unsecured CC

Recommended Posts

Thanks to help here and diligence, I've managed to raise my scores from 500s to a current FICO of 786. In 2014 I got a secured CapOne card which helped a lot. Now I'd like to graduate it to an unsecured card and get my $850 back. My initial call to them indicated they were not able to do that. Only "the system" can do that and if it has not happened it's out of their hands.

 

My question is how much of a hit will I take if I cancel the card to retrieve my money? It's almost a matter of principle now. If anyone has experience dealing with CapOne on this specific issue, I'd love to hear as well. Thanks to all of you helping others find their way. I can never repay you for helping me become a grown up in this realm. Much love. 

Share this post


Link to post
Share on other sites

Closing the card won't impact your AAoA, because it will still report for ~10 years after you close it.

 

How many other major (V/MC/AE) cards do you have open?

 

Would closing this card meaningfully impact your utilization on a regular basis (is the limit on this card high relative to your total limits?)?

 

 

 

Edited by cv91915

Share this post


Link to post
Share on other sites

I have at least 5 other cards with about $45K in available credit. This card is only $850.  Utilization right now is less than 10%. 

 

What's AAoA

Edited by AnonoCat

Share this post


Link to post
Share on other sites
1 hour ago, AnonoCat said:

I have at least 5 other cards with about $45K in available credit. This card is only $850.  Utilization right now is less than 10%. 

Cut it loose and don't look back.  :)  

 

I got a great deal of satisfaction out of closing my secured card several years ago.  It felt like I'd officially moved on from "that period" of my life.  

Share this post


Link to post
Share on other sites
1 hour ago, AnonoCat said:

What's AAoA

Average age of accounts.  It's a commonly-misunderstood metric that's used in FICO algorithms.  Many people assume that closed accounts are disregarded, but they are not.

Share this post


Link to post
Share on other sites

If you want an unsecured card from them, apply for a card you want and if you get it [expect a smaller line now, since they a slashing limits across the board], then cancel the secured card and cash out the check. 

Share this post


Link to post
Share on other sites

Close the card. Because you already have 5 other cards the effect on FICO scores are nearly negligible when you close it with zero balance. Make sure you don't have any recurring charges going to that card.

 

For others reading this thread, I added 2 secured CCs, Citi and WF, when I realized living on a debit card was too painful. They both automatically graduated within a year and a half and removed the "secured" comment and kept history as if they have never been secured.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





  • Member Statistics

    • Total Members
      179,408
    • Most Online
      2,046

    Newest Member
    Highbury
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines