Closing capital one secured card

[credit0011]

I wanted to know if i should close my cap one secured card it only has a 300 limit. I was told it will never become unsecured is that true? I have 2 other capital one cards so would it be smart to close it?

[Creditaddict]

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@credit0011 wrote:

I wanted to know if i should close my cap one secured card it only has a 300 limit. I was told it will never become unsecured is that true? I have 2 other capital one cards so would it be smart to close it?

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it will never unsecure and if you have established other credit since then I would say close it and put that money to better use.

[credit0011]

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@Creditaddict wrote:

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@credit0011 wrote:

I wanted to know if i should close my cap one secured card it only has a 300 limit. I was told it will never become unsecured is that true? I have 2 other capital one cards so would it be smart to close it?

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it will never unsecure and if you have established other credit since then I would say close it and put that money to better use.

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Thanks for the reply your right i could put that money to other cards

[baller4life]

If you have other cards, I don't see the need for it. And that is correct. It will never graduate nor can you pc it to another card. I'm closing mines as well! I would let it stay open till right before the af is due again then 86 it!!

[credit0011]

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@baller4life wrote:
If you have other cards, I don't see the need for it. And that is correct. It will never graduate nor can you pc it to another card. I'm closing mines as well! I would let it stay open till right before the af is due again then 86 it!!

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Thanks for the reply im going to 86 this card also. There are better cards out there. Is the barclay rewards card good?

[1_2]

I have a Capital One secured card (1000.00 of my money tied up)  I got in 2010. I plan on closing it very soon even though it is my oldest card.

[Creditaddict]

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@credit0011 wrote:

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@baller4life wrote:
If you have other cards, I don't see the need for it. And that is correct. It will never graduate nor can you pc it to another card. I'm closing mines as well! I would let it stay open till right before the af is due again then 86 it!!

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Thanks for the reply im going to 86 this card also. There are better cards out there. Is the barclay rewards card good?

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it can be a good card.

I might go with sallie mae as first choice though since it has better rewards.

[baller4life]

I agree Sallie Mae is the better card. If my credit was in better shape I would have gotten that instead!

[baller4life]

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@1_2 wrote:

I have a Capital One secured card (1000.00 of my money tied up)  I got in 2010. I plan on closing it very soon even though it is my oldest card.

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It will remain on your credit report for 10yrs. So, I wouldn't worry about it. It just won't be factored into util anymore. Ditch it and get your money back!