How/When to convert Cap1 secured

Discussion in 'Credit Talk' started by sylvesp, Oct 9, 2002.

  1. sylvesp

    sylvesp Active Member

    Could somebody tell me when/how is the best way to convert a Cap One secured CC to an unsecured one?

    Ty.
    Peter
     
  2. sal826

    sal826 Well-Known Member

    Just call the number on the back of the card. There are several automated response choices, one of them pertains to unsecuring your Cap1 card.

    I've had mine for about 10 months now, started with a $49 deposit and now have a $2000 limit.


    -Sal
     
  3. Eric2OO2

    Eric2OO2 Well-Known Member

    I waited til my card was nearly a year old than I wrote Mr. Cooke a letter thru Planet Feedback. A couple of few days passed and I didn't hear anything so I called the retention number. I never once mentioned closing the account. I told them I'd like an increase in my limit and possibly upgrading the card, because I have been a cardholder for a year with good history and would rather not receive another $100 increase. He came back on the line and said that he was going to increase my limit to $1,000 (was $300) and send me a gold card. Well the gold card never made it but I did receive the limit increase and they unsecured my card. I received a check in the mail a couple of weeks later for $49, the amount of my orgininal depost plus a few cents intrest.
     
  4. Mary1NYS

    Mary1NYS Active Member

    I have a Cap One secured card for a year now. Started out at 400.00 CL and recd a 400.00 increase to 800.00 in August. The card reached a year old this month so I called last week to inquire about unsecuring it. No lates, no overlimits, etc. The rep told me that since I requested a CL increase in August I would have to wait a year from August for it to become unsecured. I was approved for a Cap One Platinum last February which now has a 1200.00 limit so waiting a whole year from August to unsecure it just because I requested an increase seems not to make sense to me.
     
  5. catnap1972

    catnap1972 Well-Known Member

    Guess I'm one of the "old fogies" then...had mine a wee bit longer than everyone else (6 1/2 years), and have been wondering how one goes about unsecuring it. No late payments, overlimits, anything, FICO over 750, so I don't think they'll kill it based on anything obvious. Do I need worry about their dinging my score and will they reduce my CL ($3000, $2K unsecured) based on their not having my original deposit any longer?
     
  6. dogman

    dogman Well-Known Member

    My Plat card started out as a secured card - $99 for a $500 limit. It is now $5000.

    It had been increased several times, but I ended up sending an email via PFB to Mr. Cooke over a year back. He instantly unsecured the card and changed the "status" to a regular card. I had such a small amount of money on deposit, I never even thought about the unsecured thing until reading this board.

    Instead of waiting for a year, I would email - thru PFB - Capital One - and state exactly what you stated here. It does not make sense you must wait an additional year for unsecuring the card.

    It would make sense only if you had been over limit or late. Either way, the card will grow into prime.

    CATNAP - they will unsecure your card - follow the above info.

    aarrff - DM
     
  7. catnap1972

    catnap1972 Well-Known Member

    Thanks for the info--I'll try that. Hadn't really considered asking for the deposit back until I started reading about others who were getting theirs back after only a year (and had way less $ in the account). I'll keep my fingers crossed!
     
  8. christi523

    christi523 Well-Known Member

    I PFB'D Mr. Cooke and requested my account to be unsecured due to my excellent payment history. He unsecured the card with no problem and refunded the deposit to my account. He also, at my request, refunded the annual fee as a courtesy. I only had the card for 8 months.
     
  9. HawgHanner

    HawgHanner Well-Known Member

    I sent the following letter:

    November 1, 2001

    Capital One
    Secured Card Customer Relations
    P.O. Box 85004
    Richmond, VA 23285-5004
    Phone: (800) 333-7116

    RE: Changing From a Secured Account to an Unsecured Account

    To Whom It May Concern:

    The purpose of this letter is to formally request that my credit card with your firm be changed from a secured account to an unsecured account. A quick review of my records will show that my account has been well maintained and it has never been paid late. Coupled with my improved credit rating, I am confident that Capital One can convert my account, increase my credit limit and lower my interest rate.

    Since my account with Capital One was opened last year, I have been offered unsecured credit cards with two other credit companies (unsolicited), which are well in line with the $xxxxxx I earn annually.

    They include:

    Credit Card Limit Interest Rate

    <snip>

    Please review my account with Capital One and convert my account from a secured credit card to an unsecured credit card, increase my credit limit and lower my interest rate accordingly. If you need additional information or would like to discuss further, please do not hesitate to call me at xxx-xxx-xxxx (work) or xxx-xxx-xxxx (mobile). Thank you very much for your time and assistance and I look forward to my continued relationship with Capital One.

    Respectfully,



    Hawg Hanner
     
  10. catnap1972

    catnap1972 Well-Known Member

    Just PFB'ed my story...I'll keep my fingers crossed that the response is favorable.
     
  11. cibomatto

    cibomatto Well-Known Member

    Oooh Oooh Oooh I can't wait...


    Hmmmm My 6 month time will be in November..

    It is better for me to wait a whole year or should I strike @ 6 months? Seems like you get better deals at 12 months
     
  12. catnap1972

    catnap1972 Well-Known Member

    Now if only we could get "Mr Cooke" to start reporting actual CLs on the credit reports, and not just leaving them to compute something out of thin air based on the high balance (which I keep getting chastized for having a "too high average balance", which is bogus when compared to the actual CL which isn't reported).

    EQ: 764
    TU "FAKO": 716
    E-loan: 753
     
  13. Superman93

    Superman93 Well-Known Member

    Where did you get your secured cap1 card. I see nothing on the Capital One's website about it.
     
  14. uniondiva

    uniondiva Well-Known Member

    i got my cap one secured card in march.... $200, $200 cl...via PFB Mr.cooke raised my cl to $500 and unsecured my account at the beginning of Sept.... i just got deposit back two weeks ago....
     
  15. HawgHanner

    HawgHanner Well-Known Member

    Has anyone ever spoken to Mr. Cooke about Capital One reporting a $0 credit limit on secured cards? Is this listed as $0 because it is a secured card? I would imagine that unsecured cards show an actual credit limit. I ask this question because I too would like to find a way to change the credit limit to what it really is. Please let me know if any of you have addressed this issue with Capital One. I'd like to know what they said.
     
  16. pgibb

    pgibb Active Member

    They still offer it. Just call them up and specifically request to apply for a secured card.
     
  17. charlieslex

    charlieslex Well-Known Member

    I would try and call cap 1 and maybe you'll get a better CSR, if not Call Mr Cooke and see what he can do for you. Charlie
     
  18. catnap1972

    catnap1972 Well-Known Member

    I just tried the CS # just to find out how much was in the secured deposit account (they only give out what's been deposited, and not the total w/interest...darn), but I didn't hear any option for unsecuring the card electronically. There's one with information on unsecuring the card, but no option to actually do it.


    Think I'd better wait for Mr Cooke to call/write back rather than being flat turned down by one of the CS associates (with my luck)
     
  19. catnap1972

    catnap1972 Well-Known Member

    Got a call (message) from Mr. Cooke today...unfortunately I didn't have any luck in returning his call so I'll have to try again tomorrow, but it sounds like the unsecuring is good to go.
     

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