Apply diligent and careful use of the secured credit card. Doing so will increase your FICO score, and will enhance your chances of getting your deposit refunded.
Use the secured Visa or Mastercard for six or more months, with balances being diligently and promptly paid. Make sure that you never go over limit on the card as well. Further, you will want to make sure that you have never been late in your monthly payments.
Contact the card issuer. After the six months’ use, contact the issuer. Ask the representative to discuss the card company’s policies for converting the card to unsecured.
Be prepared to negotiate.
Ask the representative to review your history with you. Once they agree that you have been a steadfast user of the card, ask them to convert the card to unsecured and return your deposit.
The issuer’ s representative may demure and say that not enough time has elapsed or they may offer to double the credit limit but continue to hold the deposit.
It is not recommended that you accept an increase in the limit. You want to avoid ever being in a position of getting in too deep, through over use of the card. Plus, you want your credit report to reflect that the card was converted to unsecured, which improves your FICO score.
If you are not successful at the end of six months, use the card for three more months and call again. This time, ask to speak to a supervisor.
Keep calling every three months until you are successful in the conversion.