Re: upgrade secured card to unsecured?
After that long of payment history and the fact that your scores are now decent tell them what you want and if they do not give it to you sock the card!
Originally posted by snopdrew
About 9 years ago, I started rebuilding my credit with a secured card from capital one. I deposited $2,500 in cash into the account. I was in the high 500s at the time.
I finally got back on my feet about two years ago, and now score in the high 700s.
The secured card rate is fixed at 19.8%, which I think is quite high for my credit score. I called capital one to see if they can lower it, and the phone rep told me 'No', that the secured card by design is not flexible in changing its rates.
So what I'd like to do is convert the card from secured to unsecured so that one, I can qualify for the lower rates, and two, I can get my cash back after all these years.
Whether this "converting process" is actually a process of terminating one card and applying for a new one, or just upgrading the type of account with the same account number, doesn't really matter to me.
But from a credit score point of view, is this a good thing to do in the long term? Am I stuck with the secured card forever in order to retain a high credit score? What can I do about capital one's lack of effort to accomodate a good customer?
There is no reason to stay with them if they do not give you what you want. You have a high enough score that you can get another card should you have to sock the C1.
You did not damage your credit in a day don't expect to fix it in a day.
Think for yourself you might like it.