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Contributor
TsuSurf
Posts: 78
Registered: ‎07-01-2012
0

Close Capital one secured?

[ Edited ]

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

Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012
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Re: Close Capital one secured?

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


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

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. 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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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.

 

Contributor
TsuSurf
Posts: 78
Registered: ‎07-01-2012
0

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.

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

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


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