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fontanaman
ParticipantI had the same concern, as it was my oldest card as well. Closing it did not affect me at all so I can say it’s not a big deal, specially if you have other cards. I had another secured card as I mentioned, and opened a new credit card account with a higher credit line.
Closed accounts in good standing will stay on your report for 10 years, so it’s all good!
fontanaman
ParticipantThat’s what I thought as well, but believe me, they are not interested in rewarding customers at this credit level. I really tried hard to get my card unsecured after having it for two years. I talked to different people, sent letters over the mail and through planetfeedback. I was always told it was not possible, they do not unsecure. I was never late, never went over my limit and my credit score went up to the 700’s.
Looking back, I’m now kind of glad I went elsewhere. I now have a rewards card with Chase and their customer service is top notch. They gave me a good credit limit, then increased it (not to mention they gave me $150 credit for my new account). Calling them is super easy and their online features are awesome. The other day I lost my wallet and had to call and cancel my card. I did it all through an automated service over the phone. Took me a couple of minutes and my account online was immediately updated. I had the new card in 5 days. They also refinanced my car loan, gave me a better rate, etc.
Capital One’s secured card is definitely useful, it helped my credit a lot when nobody was willing to give me credit. But as I said, once your credit improves, you can apply for a better card somewhere else (or even for a better card with them).
Do you have any other cards? I found that having a second card was of great help as well (I also had a BOA secured card back then).
fontanaman
ParticipantHey there jerm17, welcome to the forums.
When you open a new account, your score might take a hit for a while, and then it will improve after paying on time for some months and your account ages. Opening an account may also improve your score from the start if you don’t have a lot of credit available. Both have happened to me in the past. It’s hard to say as every case is different. However, your score will improve if you pay on time and if you take care of the negative items on your credit report. That’s for sure. Be patient as it might take longer than you expect. I would take care of those medical bills, you’ll be surprised how much your score will improve if you get rid of all your collections.
fontanaman
ParticipantI had this card for more than 2 years and like yourself, I only received a $100 increase (never a late payment). Do not expect to receive any more increases. This is a great card for establishing credit, but once you’ve done that you need to move on to better cards. They do not make an effort to keep you as a customer when your credit improves. That’s why I closed my account and applied for better cards elsewhere.
Let me give you a tip. When you decide to close this card and apply for a better one, bring your deposit up to the highest amount you can afford, let the card report your new credit line to the credit bureaus and then apply for a new card (you can then close the CapOne card and get your deposit back). Banks will try to offer you cards with at least the same credit limit you have with other banks. If you have cards in the $500 range, they’ll most likely offer you a card around that same credit limit.
fontanaman
ParticipantHey Louis, welcome to the forums.
Thanks for the info. I’ve never heard of such companies but I can definitely see myself benefiting from a service like that in case of an emergency (considering I’m currently uninsured). $19,000 for an appendectomy is insane! Health care in this country is such a dirty business…
Did you have to pay everything at once? Also was their fee included in the final bill or was it charged separately?
fontanaman
ParticipantHi Erica, welcome back to the forums.
Congratulations on your new car and credit card! I know it feels good when you finally start getting approved for things you need, like a car. Believe it or not, that car loan is going to help your credit a lot. Pay on time, give it 6-12 months, and you’ll start seeing a credit score boost. If you don’t mind me asking, which bank approved you and what is your APR? I might be able to give you a couple of tips if your APR is on the higher side.
The Capital One card helped me a lot as well. It was great for re-establishing my credit. Just like you I was able to purchase a car about a year and a half ago through Ally Bank. Two months ago Chase refinanced my car loan and offered me a much better deal.
October 3, 2013 at 12:46 pm in reply to: I was Happy to recieve my Capital One Card today until… #3390fontanaman
ParticipantHello Melody,
Thanks for sharing. It seems to me that Capital One representatives don’t have a clue about the products that they offer. What they told you about only the initial deposit being refundable is NOT true.
I had this card for about two years, and I made several extra deposits to raise my credit limit. When I closed my card, I received a full refund for the total of ALL deposits I made. I know this still applies today, as my wife just closed her Capital One secured card two weeks ago, and she received a full refund last week (and she also made extra deposits).
Now, if you are given an unsecured credit limit increase by Capital One (that is without you making a deposit), which are rare but do happen, then of course this amount is NOT refundable as it would be an unsecured increase.
I suspect these people are just reading from a computer. If you are unsure about this, I would call customer service. I’m sure you’ll get a different answer.
fontanaman
ParticipantHello vaneivet,
Welcome to the forums. Yes, it is possible to get medical collections deleted from your credit reports. In order to do this you need to negotiate with the collection agency that is reporting your debt. The first thing you need to do is get a copy of your credit report to get the latest and most accurate information. You can get a free yearly credit report at annualcreditreport.com (this is the official site).
The next step would be to negotiate a “pay for delete” with the collection agency. This means you write them a letter asking to delete your tradeline in exchange for your payment. You can offer to pay in full (less negotiation involved), or pay a lump sum or make arrangements to start a payment plan. It is very important that you try to get this in writing to have proof in case the agency “forgets” to honor your deal.
I was able to get two medical collections deleted from my credit reports this way. Here’s an example of a “pay for delete” letter: http://credit.about.com/od/debtcollection/a/payfordelete.htm
fontanaman
ParticipantHey Valerie, any new updates?
fontanaman
ParticipantChristie, did you have any problems posting on the forums? They have been down for some time, so I’m just curious.
fontanaman
ParticipantI remember feeling like my first due date took forever to post, so it might be a few days until that happens. You’ll see your annual fee soon I believe.
fontanaman
Participantwoohoo!
fontanaman
ParticipantRegarding your credit score drop, the most common thing is for your score to take a hit after a credit inquiry, a new account opened and your average age of accounts reduced. This is temporary, as your score will improve again within the next months if you manage your card responsibly.
I wouldn’t pay too much attention to FAKO scores, your FICO score could’ve dropped only a few points. Monitoring your credit report is what I think is valuable about the services offered by places like Credit Karma and Credit Sesame.
My score dropped after opening my first secured card, but improved after a second one for some reason.
Regarding opting out and removing old addresses, I don’t know much about this topic, though I’m sure this other person is not going to be affected by it. I’ll see what I can find out.
fontanaman
ParticipantThat Best Buy card is definitely helping I think.
Are you going to sign up for CreditInform as well? Comes free with your CapOne card.
fontanaman
ParticipantYou need to send those letters to whoever is reporting the collections as paid. Your credit report should provide the names and addresses.
Patience with Capital One. It always takes a little longer than you expect.
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