Close sec Cap One?

[Genkeim]

Prior to this weekend I just had a $400 secured Cap One card. This weekend I was approved for $500 Wal-Mart, $500 NFCU nRewards, & $800 Discover IT. Does it make sense to close the Cap One account and get my $400 back?

I know for AAoA purposes it'll still count for 10 years. I'm not too worried about util percent, not planning on carrying a balance on these cards for any significant period of time. I'm wondering if it will look bad to close the account since it's under a year old.

I'm planning to garden until Apr and try for Amex and/or Chase and want to do what's best to help with approvals

[Tuxedo77]

I'm sure the vets will chime in here, but maybe show a full year of having the account open is a good idea? There's no monthly fee so just wait til at least 12 months are under your belt. IMHO

[Odiseous]

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@Genkeim wrote:

Prior to this weekend I just had a $400 secured Cap One card. This weekend I was approved for $500 Wal-Mart, $500 NFCU nRewards, & $800 Discover IT. Does it make sense to close the Cap One account and get my $400 back?

I know for AAoA purposes it'll still count for 10 years. I'm not too worried about util percent, not planning on carrying a balance on these cards for any significant period of time. I'm wondering if it will look bad to close the account since it's under a year old.

I'm planning to garden until Apr and try for Amex and/or Chase and want to do what's best to help with approvals

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AmEx likes to see 1 year credit history, for their revolvers.