Disclosing positive experiences to others (i.e., “capitalization”) is associated with personal and interpersonal benefits (Gable & Reis, 2010). Unfortunately, people who perceive low self‐esteem (LSE) in close others are reluctant to capitalize, holding back from those they expect will be unsupportive (MacGregor & Holmes, 2011). In Study 1, we extend previous findings by demonstrating the importance of the type of experience disclosed; participants capitalized less positively with an (ostensibly) LSE friend when disclosing an accomplishment, not a positive experience attributed to happenstance. In Study 2, we demonstrate the external validity of the phenomenon by examining real discussions between romantic partners. Participants capitalized less positively with their LSE partner, behavior associated with lower relationship satisfaction 6 weeks later (particularly for women).