06-01-2013 06:56 AM
Applied was gotten in Aug of 2012 and CapOne in Nov. Both are secured cards. I'm fed up with them and want to cancel. Will this dramatically effect my scores which are in the mid 600's?
06-01-2013 07:03 AM
It depends on your credit profile. Are these your only cards? It may affect your util rate if you cancel but since the Applied isn't very old and it will stay on for 10 yrs anyways, it won't affect your aaoa. If these are your only cards, I would try to get another card to replace this one and then cancel. Others on the forum have great suggestions when it comes to secure cards. But with mid 600's, I bet you could qualify for CUs. Or you could try going for a card with the shopping card trick. Just do a search and there are tons of posts on how and what cards you can get.
06-01-2013 07:15 AM - edited 06-01-2013 07:36 AM
My sig shows the cards I have. 8.86% utility is 8.86%. which is where I keep it at regardless of my total credit limit.I realize that it would lower my total credit limit. Should that be a concern with low scores, young aoaa and 8 HP's in the last 6 months? I'd lose two junk TL's, but what if my wife added me to her new CapOne rewards card?
06-01-2013 09:00 AM - edited 06-01-2013 09:01 AM
What I want to do is get my $600.00 back and put some in my AMEX savings and some in my DCU savings. I'm thinking at my age 68 that I'd rather build a relationship with DCU & Amex than piddle around with these two sub-prime rebuilder go nowhere cards.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.