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I have had a Capital one Secured Card for about 2 years now. I did not have any credit history at the time so this was my best option. I have since then been qualified and received new cards with higher limits and better options. My question is this.
Should I keep the Capital one secured card or drop it. If it wasn't for the yearly fee I would have no trouble keeping it. However I had an idea. I know that you can raise your credit limit on the card up to 3k with deposits. Would it be a good idea to keep the card and add deposits to raise the credit limit or would that have no affect on my credit.
If your overall credit situation is better, I think doing a PC to a non-AF product like Quicksilver would be better.
The secured can be PC to Quicksilver? I didn't know that.
@baller4life wrote:The secured can be PC to Quicksilver? I didn't know that.
I don't think so. I tried through the EO and was told I couldn't get anything done with it. No PC, no lowered APR, No graduating to unsecured, no merging the CL with my other Cap One account, nothing. All I could get was for them to credit back the AF.
@notfancy wrote:
@baller4life wrote:The secured can be PC to Quicksilver? I didn't know that.
I don't think so. I tried through the EO and was told I couldn't get anything done with it. No PC, no lowered APR, No graduating to unsecured, no merging the CL with my other Cap One account, nothing. All I could get was for them to credit back the AF.
That's what I always thought. Which is why I will be closing it before my next af hits.
Last time I checked which was about 2-3 months ago they said it was impossible to upgrade an account. Maybe I will have to check back again. I do however have a quicksilverone card already. It was origionally the green card which were was changed to the silver card.
my bad advice on PC .
anyway also consider that since its your oldest card your AAoA and credit utilization would drop. But I doubt the AF is worth it, so dropping it is prob a good idea since you already have other cards to rebuild AAoA on.
@sr383 wrote:But even a closed card should stay an your reports for the next 10 years. So, in a decade, your history will take a slight step backward (to the age of your next-oldest card), but by then, the impact should be minor.
I'd keep it only if you need the credit line for your overall utilization.
+1
I just closed my Cap1 secured card with a $1k CL that was only about 6 months old. I kept going back & forth whether to close it as well. But since closing it wouldn't really affect my utilization (been PIF my balances each month plus had opened a few more accounts) & my AAoA wouldn't immediately be impacted, I decided my $849 deposit could be more useful elsewhere. By the way, just closed it a little over a week ago & already received my deposit back -- a lot quicker than I had anticipated.
Good luck with youir decision!
If the card is no longer necessary after you have considered your utilization ratios then jettison it, there is no reason to continue to pay AFs just because it is your oldest card, it will be with you for the next 10 years post closure as a good paid acct.