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?
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.
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?
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.