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Close Capital one secured?

Contributor

Close Capital one secured?

I have about 7 months of credit history.  I'm looking to close CAP1 and possibly wells fargo secured due to limited graduation potential with these cards.  Should I close these cards now or wait before annual fees kick in?  Below are my current cards.

 

CAP1 Secured $300 06/12 has AF

BOA Secured $300 07/12 has AF

WF Secured $1000 07/12 has AF

Chase freedom $2500 12/12

Discover IT $1700 01/13

Message 1 of 6
5 REPLIES
Frequent Contributor

Re: Close Capital one secured?

I would close in month 11. Right before AF kicks in. 


Starting Score: 501
Current Score: 754 EQ,TU 745,EX 750
Goal Score: 800

Message 2 of 6
Frequent Contributor

Re: Close Capital one secured?


shols44 wrote:

I would close in month 11. Right before AF kicks in. 


That's what I'm doing with my Captial One Secured card. 



MCU $1000 (open 5/2015) I Capital One $3750 (open 4/2012) I Discover IT $2000 (open May 2017)
Starting Score 07/2016: TU 619 I EX 631 I EQ 592 I
Current Score 05/2017: TU 658 I EX 666 I EQ 666 I
Goal Score: All scores between 670-700 by July 2017
Message 3 of 6
Senior Contributor

Re: Close Capital one secured?


jconvinced wrote:

I have about 7 months of credit history.  I'm looking to close CAP1 and possibly wells fargo secured due to limited graduation potential with these cards.  Should I close these cards now or wait before annual fees kick in?  Below are my current cards.

 

CAP1 Secured $300 06/12 has AF

BOA Secured $300 07/12 has AF

WF Secured $1000 07/12 has AF

Chase freedom $2500 12/12

Discover IT $1700 01/13


Cap1 does not graduate, so I would close it at AF time.   BofA and WF do graduate, so I would keep unless you don't want to ever have cards from these banks.

 

Message 4 of 6
Contributor

Re: Close Capital one secured?

Would it be bad if I cancelled my CAP 1 now?  I don't use this card anymore and don't want to worry about it.

Message 5 of 6
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Senior Contributor

Re: Close Capital one secured?


jconvinced wrote:

Would it be bad if I cancelled my CAP 1 now?  I don't use this card anymore and don't want to worry about it.


Nothing bad about closing it nowl

Message 6 of 6