Capital One Progress

dannyfleetwood

Just closed my Capital One Secured. I have 13 months of on time payments with them and on time payments to all other creditors over the last 12 months. Credit score is 483. Chances of me getting this card? For someone in my position, it is an attractive card - but will I regret closing my secured card?

Any success stories?

Also, Capital One state it takes between 2-4 weeks to close an account with them. Is this right? Seems a bit long....

dannyfleetwood

I forgot to add that I have 6 defaults on my credit file but there are between 1 1/2 years and 3 years old.

UsetheFORCE

It does take 2-4 weeks.

Why did you shut your secured card??? I can understand if you ALREADY have another card.

I closed my Secured card but only AFTER I had been given a Progress card.

dannyfleetwood

I was told by Capital One that my application had been cancelled due to me having an active secured card. To re-apply I would need to close my secured card and then wait for confirmation of this.

UsetheFORCE

Okay, very bad advice.

You can have both.

Keeping your secured card would have been more beneficial as a long credit account in good standing would be very good for your credit file, especially once your defaults drop off in a few years.

Can you ring them and ask them to stop the closure process, if that is possible? They may not have actually shut it yet if it was only requested in the last week or so.

If they were going to give you the card, they would of done so anyway...


WHICH CARD DID YOU APPLY FOR AND HAVE THE APPLICATION CANCELLED???

The_Boss

Does it really take 2-4 weeks to close an account? Or do they mean it will be marked as settled on a credit report in 2-4 weeks?

UsetheFORCE

It does indeed take 2-4 weeks, it took me about 3 weeks before they finally closed the account and sent me a refund for my deposit...

dannyfleetwood

I applied for the progresss card and asked them to close my secured card. I went through like 5 different people all the way to the manager who tried begging me to stay. I insisted that I am only closing the account to reapply for the progress card. He said oh, yeah that's what you need to do.

Only thing that seems strange to me. If they had no intention of offering me the progress card or even a classic, why would they risk losing me as a customer?

Seems a very odd company.

MrSilk

dannyfleetwood wrote: »

I applied for the progresss card and asked them to close my secured card. I went through like 5 different people all the way to the manager who tried begging me to stay. I insisted that I am only closing the account to reapply for the progress card. He said oh, yeah that's what you need to do.

Only thing that seems strange to me. If they had no intention of offering me the progress card or even a classic, why would they risk losing me as a customer?

Seems a very odd company.

Did they accept your application for the progress card?

dannyfleetwood

I rang up on the Monday after I applied on the Saturday. I was told that I had been provisionally accepted for £1300 but my application had to be cancelled as I held another Capital One account and this isnt allowed.

dannyfleetwood

Apparently you can have a classic card plus progresss card but its the secured card that is the problem. Im not sure whether they have recently updating their policy?