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Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012
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Closing CapOne Secured Card After 2 Years - What Card to Get?

My CapOne Secured Card will turn two years old January 2013. The card has served its purpose and I'll be closing it before the AF kicks in, but now I'm wondering whether I should apply for another CapOne card or try a different bank entirely. I don't like the idea of staying with CapOne and would like to move on to bigger and better cards, but I'm afraid that becasue of my past I might be turned down by other banks. I've been working really hard to rebuild my credit for the past two years after being careless with credit during my college years and looking forward to get a home loan in the not so far future. 

 

Just a little bit of my credit background. My Fico scores are in the 650's, apart from the CapOne secured card ($3000 CL) I have an unsecured BOA Cash Rewards card ($3500, a secured card that graduated last week), a PayPal Smart Connect ($800) and an ALLY auto loan I've been paying for the last 8 months. I do not have any lates for the past two years since I started rebuilding with the Capital One secured card.

 

The cons. I have a Citi Paid Charge Off from 2008, a BOA card with 90 days late that was closed in 2009. I am self employed.

 

I would like another card so I can at least have two credit cards after I close Cap One. I know that I have a good chance of being approved for a CapOne unsecured card but would like to stay away from them if possible. Citi will probably deny me from the bad past history I have with them. What other cards do you guys recommend for my situation? Being self employed defintely makes it even harder for me to be approved. I have trouble even being approved for store cards, though recently I've had better luck. 

 

Thanks in advance for your time.

 

 

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Closing CapOne Secured Card After 2 Years - What Card to Get?


if6was9 wrote:

My CapOne Secured Card will turn two years old January 2013. The card has served its purpose and I'll be closing it before the AF kicks in, but now I'm wondering whether I should apply for another CapOne card or try a different bank entirely. I don't like the idea of staying with CapOne and would like to move on to bigger and better cards, but I'm afraid that becasue of my past I might be turned down by other banks. I've been working really hard to rebuild my credit for the past two years after being careless with credit during my college years and looking forward to get a home loan in the not so far future. 

 

Just a little bit of my credit background. My Fico scores are in the 650's, apart from the CapOne secured card ($3000 CL) I have an unsecured BOA Cash Rewards card ($3500, a secured card that graduated last week), a PayPal Smart Connect ($800) and an ALLY auto loan I've been paying for the last 8 months. I do not have any lates for the past two years since I started rebuilding with the Capital One secured card.

 

The cons. I have a Citi Paid Charge Off from 2008, a BOA card with 90 days late that was closed in 2009. I am self employed.

 

I would like another card so I can at least have two credit cards after I close Cap One. I know that I have a good chance of being approved for a CapOne unsecured card but would like to stay away from them if possible. Citi will probably deny me from the bad past history I have with them. What other cards do you guys recommend for my situation? Being self employed defintely makes it even harder for me to be approved. I have trouble even being approved for store cards, though recently I've had better luck. 

 

Thanks in advance for your time.

 

 


I had a Capital One secured card for 14 months ($2200 deposit) and applied for unsecured.   I got a NoHassle Cash back with $3000 CL and $500 credit step at six months.  The big CL and good history on the card was a major factor, they said.  That was a really big success at the time for me, and it took over a year to match that success. 

 

IMO, it is kind of a waste, to not take advantage of the good history you build with Capital One, or anyone else you have a secured card with.    Since Capital One also has prime cards, I don't see any reason to give up on them (unless you have some bad experience with them). .  

 

Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012
0

Re: Closing CapOne Secured Card After 2 Years - What Card to Get?

Point taken. What is the best Capital One card I can go for considering my history? Also, what files do they pull when you apply for unsecured cards? I remember they pulled all 3 when I applied for their secured card. Thanks for your answer Wolf3.

Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Closing CapOne Secured Card After 2 Years - What Card to Get?

[ Edited ]

First, congrats on the progress you've made.  If I could go back I'd probably have done it with secured cards similar to what you've done. Does Cap1 graduate to unsecured?  You won't lose the history for 10 years if you close, but it'd be nice to not have to open another card to keep a few lines open for credit mix. I would bet it would be very easy to get the AF waived at the very least in the interim. Then you can look at graduating and then PCing to Cash Rewards. That BOA card looks really nice in your stable, so Id think Cap1 would work with you to get a cash rewards in the 2k+ range.

 

 

Edit: cap1 always pulls all 3. 

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Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012
0

Re: Closing CapOne Secured Card After 2 Years - What Card to Get?

Thanks Jutz. Unfortunately CapOne does not graduate to unsecure, that would be the ideal way to go, but it's not possible. You just have to apply for a different card with them, that's the way their secured card works at the moment. 

 

I would like to get a card that grows, so I would like to aim for the best card I can get even if it's with Capital One. What are their best cards for average credit?

 

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Closing CapOne Secured Card After 2 Years - What Card to Get?


if6was9 wrote:

Point taken. What is the best Capital One card I can go for considering my history? Also, what files do they pull when you apply for unsecured cards? I remember they pulled all 3 when I applied for their secured card. Thanks for your answer Wolf3.


They pull all three.   Likely you will qualify for "average credit" CC.   Best to try the online prequalify and pick something they offer from that. 

 


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