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Frequent Contributor
Genkeim
Posts: 326
Registered: ‎05-13-2013

Close sec Cap One?

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 :smileyhappy:

 

 

NFCU NavCheck $15k | AMEX SPG $10k | NFCU Visa Signature cashRewards $8.5k | CSP $5k | Wal-Mart Discover $3k | Amex Everyday $2k | Amex BCE $2k | Chase Freedom $1k | Discover IT $800
Current Scores:Equifax 697 (myFICO 4/14), TransUnion 699 (Discover 5/14), Experian 754 (Amex 5/14)
New Contributor
Tuxedo77
Posts: 131
Registered: ‎07-06-2013

Re: Close sec Cap One?

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
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Frequent Contributor
Odiseous
Posts: 286
Registered: ‎03-08-2011

Re: Close sec Cap One?


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 :smileyhappy:

 

 


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

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.

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