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Capital One Secured CC Advice

Established Contributor

Capital One Secured CC Advice

Hey myFICO family, I'm needing some advice, if you don't mind helping me out with this one.

 

I was approved for Discover It, Chase Freedom and Walmart just last month.

 

Before applying I had BOA Secured, Cap1 Secured and The Buckle Store card all were at 9 months old.

 

Since being approved for the new cards, I closed out The Buckle and my BOA Secured unsecured and received a CLI from $500 to $2,000, plus they removed the AF permanently.

 

So my question is this. My Cap1 secured card is coming up on the AF the first part of May.

 

1. Has anyone had luck getting the AF waived on their secured products?

2. If I close the account will it look bad to my new creditors, or will they see it as a positive move to replace rebuilding cards with better products?

3. I understand that closing a card doesn't affect AAoA, but that will only leave BOA actively reporting as my oldest tradeline, and my 3 new accounts only being a couple of months old, will that make a difference in how the new creditors see my AAoA?

 

My main concern is to not have any cards that I'm paying an AF on, but I don't want to put myself at risk for any AA from any of my new creditors.

 

Any knowledge or advice on what I should do would be greatly appreciated.


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8 REPLIES
Mega Contributor

Re: Capital One Secured CC Advice


BrokaToe wrote:

Hey myFICO family, I'm needing some advice, if you don't mind helping me out with this one.

 

I was approved for Discover It, Chase Freedom and Walmart just last month.

 

Before applying I had BOA Secured, Cap1 Secured and The Buckle Store card all were at 9 months old.

 

Since being approved for the new cards, I closed out The Buckle and my BOA Secured unsecured and received a CLI from $500 to $2,000, plus they removed the AF permanently.

 

So my question is this. My Cap1 secured card is coming up on the AF the first part of May.

 

1. Has anyone had luck getting the AF waived on their secured products? When I had them no i did not.

 

2. If I close the account will it look bad to my new creditors, or will they see it as a positive move to replace rebuilding cards with better products? I wouldn't worry about that, if a UW asks about it on recon just explain the situation.

3. I understand that closing a card doesn't affect AAoA, but that will only leave BOA actively reporting as my oldest tradeline, and my 3 new accounts only being a couple of months old, will that make a difference in how the new creditors see my AAoA? No, because the Cap1 account is still reporting positively so it still counts as oldest account.

 

My main concern is to not have any cards that I'm paying an AF on, but I don't want to put myself at risk for any AA from any of my new creditors.

 

Any knowledge or advice on what I should do would be greatly appreciated.


 




EQ FICO 548 3/3/16
Established Contributor

Re: Capital One Secured CC Advice


LS2982 wrote:

BrokaToe wrote:

Hey myFICO family, I'm needing some advice, if you don't mind helping me out with this one.

 

I was approved for Discover It, Chase Freedom and Walmart just last month.

 

Before applying I had BOA Secured, Cap1 Secured and The Buckle Store card all were at 9 months old.

 

Since being approved for the new cards, I closed out The Buckle and my BOA Secured unsecured and received a CLI from $500 to $2,000, plus they removed the AF permanently.

 

So my question is this. My Cap1 secured card is coming up on the AF the first part of May.

 

1. Has anyone had luck getting the AF waived on their secured products? When I had them no i did not.

 

2. If I close the account will it look bad to my new creditors, or will they see it as a positive move to replace rebuilding cards with better products? I wouldn't worry about that, if a UW asks about it on recon just explain the situation.

3. I understand that closing a card doesn't affect AAoA, but that will only leave BOA actively reporting as my oldest tradeline, and my 3 new accounts only being a couple of months old, will that make a difference in how the new creditors see my AAoA? No, because the Cap1 account is still reporting positively so it still counts as oldest account.

 

My main concern is to not have any cards that I'm paying an AF on, but I don't want to put myself at risk for any AA from any of my new creditors.

 

Any knowledge or advice on what I should do would be greatly appreciated.


 


Thanks LS, something else I was wondering about. I'm hoping to apply for a mortgage in a year or so. I've heard that many lenders want to see 5 active revolving tradelines for approval. Is there anything to this? Would this be a reason enough to pay another $29 AF just to keep the active TL?


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Mega Contributor

Re: Capital One Secured CC Advice


BrokaToe wrote:

LS2982 wrote:

BrokaToe wrote:

Hey myFICO family, I'm needing some advice, if you don't mind helping me out with this one.

 

I was approved for Discover It, Chase Freedom and Walmart just last month.

 

Before applying I had BOA Secured, Cap1 Secured and The Buckle Store card all were at 9 months old.

 

Since being approved for the new cards, I closed out The Buckle and my BOA Secured unsecured and received a CLI from $500 to $2,000, plus they removed the AF permanently.

 

So my question is this. My Cap1 secured card is coming up on the AF the first part of May.

 

1. Has anyone had luck getting the AF waived on their secured products? When I had them no i did not.

 

2. If I close the account will it look bad to my new creditors, or will they see it as a positive move to replace rebuilding cards with better products? I wouldn't worry about that, if a UW asks about it on recon just explain the situation.

3. I understand that closing a card doesn't affect AAoA, but that will only leave BOA actively reporting as my oldest tradeline, and my 3 new accounts only being a couple of months old, will that make a difference in how the new creditors see my AAoA? No, because the Cap1 account is still reporting positively so it still counts as oldest account.

 

My main concern is to not have any cards that I'm paying an AF on, but I don't want to put myself at risk for any AA from any of my new creditors.

 

Any knowledge or advice on what I should do would be greatly appreciated.


 


Thanks LS, something else I was wondering about. I'm hoping to apply for a mortgage in a year or so. I've heard that many lenders want to see 5 active revolving tradelines for approval. Is there anything to this? Would this be a reason enough to pay another $29 AF just to keep the active TL?


3 is plenty. If your not using the card and it has an AF axe it. A year from now your new TL's will have some good history on it so you'll be fine.




EQ FICO 548 3/3/16
Established Contributor

Re: Capital One Secured CC Advice

Awesome, thank you sir! Will feel great to get rid of that Cap1 secured! Smiley Very Happy


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Mega Contributor

Re: Capital One Secured CC Advice


BrokaToe wrote:

Awesome, thank you sir! Will feel great to get rid of that Cap1 secured! Smiley Very Happy


It did for me considering they told a fib to me about graduating it later on when they dont graduate at all.




EQ FICO 548 3/3/16
Established Contributor

Re: Capital One Secured CC Advice

Now that's some sly sneak crapola. Either that, or just another prime example of front end CSRs that don't know what they're talking about. Smiley Frustrated


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Mega Contributor

Re: Capital One Secured CC Advice


BrokaToe wrote:

Now that's some sly sneak crapola. Either that, or just another prime example of front end CSRs that don't know what they're talking about. Smiley Frustrated


No thats their ADVERTISING that dont know what theyre talking about. I screen capture the ad and sent it to them and they still said nope.




EQ FICO 548 3/3/16
Valued Contributor

Re: Capital One Secured CC Advice

Mortgage lenders usually require 3-4 active/open trade lines in good standing for at least 12 months.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014