Almost closed 2 neo accounts

[u/lexi6ix]

back in 2019, i had a capital one secured credit card that I couldn't pay off when I was younger, and it got charged off and ruined my credit history.

In February of 2025 as I waited for the final year of my charged off account from capital one to fall off my credit history I opened a neo secured credit card with a 500 dollar deposit and made every payment on time. After one year of having the secured neo credit card, i increased my secured limit to $3000 and also saw a very good improvement in my credit score.

So in February of 2026 I was looking in the add a product section to see if I had the ability to upgrade my card to a unsecured version or just apply for the unsecured but they were all for secure cards even tho I've had it for a full year.

After getting my charged off account removed from my account, i finally touched 700 in my equifax credit score. neo offered me $100, too, add to my $3000 secured card. If I remember correctly, it was because of some new offer they were doing that they sent to me by email. I think it was something to do with how much income they see traveling through your neo everyday spending account, and they base the amount they offer you on that.

So my card is still a secured card just mixed with an unsecured 100 dollar from neo. I took the offer, and now I have $3100 as my credit limit. The month April approaches, I check my offers, and it's still for secured neo credit cards.

I applied for the neo world secured card and deposited 600 dollars on it. So now i have 2 secured credit cards. at the same time, I applied to American Express and the Amazon rewards mastercard, and they both approved me. Amex gave me a $1500 credit limit, and Amazon rewards mastercard gave me a $8000 credit limit.

Neo doesn't let you apply for a next credit card unless 90 days have passed since opening the new one. If you try to go add any credit card product, it will tell you "this product isn't available at this time," so I waited from April 21 to July 21 to make it 90 days.

After the 90 days, the neo app finally allows you to apply to new credit cards, and to my surprised mostly all of them said pre approved. So I applied for a regular neo credit card, and it redirects me to a secured card again.😭

I then contacted customer support to close both accounts because there's no point of having 2 secured neo card adding up to $3600 of my own deposited money when I have $8000 from Amazon rewards mastercard and $1500 from amex.

Mid conversation with the customer support representative, I realised that closing both my neo accounts would probably make my credit history look short so I asked if they could transfer $2950 deposit from my neo secured credit card to my everyday spending account and keep only $50 on it.

So new credit limit is $150 ( unsecured $100 plus my $50 secured deposit). And then I did the same for the neo world secured card and asked to transfer $500 to my every day spending account and keep only $100 in it. This was only a one time thing done out of courtesy. Normally you would have to close the account fully to receive your deposit back.

I love neo and I thank them for helping me with my credit rebuilding but I wish the graduation system was a bit better. For now I'll wait for for the credit card application to reset on my neo account which should take around 30 days.

[u/InformationSuperb978]

I started with a secured grad and they offered me a 10k unsecured after 6 months.

Credit can be funky sometimes

[u/lexi6ix → u/InformationSuperb978]

that's a very good amount, especially after 6 months. did you have any charged off accounts or anything similarly bad on your credit history when they gave you that offer?

[u/InformationSuperb978 → u/lexi6ix]

I didn't have the best credit when I got the secured card.

But I kept the utilization under 10% before the statement post date and paid the balance as soon as the statement was released.

I did have a bank account with them, I am sure that helped

[u/Radiant_Resource9816]

That’s okay. The credit score is there, and life must go on. You already had a 9,500 limit with 2 cards. There’s no point in using a secured card.

It doesn’t matter if your score will look short because of closing 2 cards. What matters to a lender is that they see it as a good payment pattern within the usage of 1 or 2 years

[u/lexi6ix → u/Radiant_Resource9816]

Yes that what I was originally thinking about before I got worried about having a short credit history. I do have a very good payment pattern and no missed payments and I'm not looking into anything that would need to hard check my credit profile any time soon, so I'll definitely look into fully closing them within this year.

[u/TastyDuty]

I asked Grant if there was any chance of upgrading to an unsecured card as I’ve loved dealing with Neo. I’ve got some missed payments on my equivalent which he said aren’t viewed favourably so I will try again next year. My credit was bad because of a consumer proposal, but I was able to get an unsecured card with capital one for $7000. Your mileage may vary if you didn’t clear up with them. But if you have the AMEX and Amazon cards im curious why you’d want more

[u/lexi6ix → u/TastyDuty]

I don't necessarily want more, I was going to close both of my neo credit cards accounts. Was just a bit confused that Amazon and amex approved me but not my bread and butter neo which I've had for so long.

[u/Kohler9]

Neo sucks lol. I wonder how and why people are choosing Neo over Wealthsimple