Closing my capital one secured card???!!

[Anonymous]

Hello so I've had the capital one secured card for a year now and it helped me build my credit and I am forever grateful for that. I recently got approved for discover it card with a 1k credit line chase freedom 2k and chase freedom unlimited 1.5k so I'm thinking about cancelling my capital one card of 500 credit line. Do you guys think I should cancel it since I don't need it ??

[Anonymous]

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@Anonymous wrote:
Hello so I've had the capital one secured card for a year now and it helped me build my credit and I am forever grateful for that. I recently got approved for discover it card with a 1k credit line chase freedom 2k and chase freedom unlimited 1.5k so I'm thinking about cancelling my capital one card of 500 credit line. Do you guys think I should cancel it since I don't need it ??

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I closed mine towards the end of last year since it served its purpose.  Have you looked at the prequal to see if you qualify for any of Cap 1's other cards?  I didn't close mine out until I got approved for the Venture and QS cause I didn't know if closing it would affect any future relationship with them or not, so I held unto it and when I got the other cards, I closed it.  Congrats on your approvals and good luck on your rebuilding process. 

[Anonymous]

Forgot to mention capital one is my oldest card

[Anonymous]

It will still report positively for 10 years even when you close it.  Cap 1 is so good about extending credit, that I wanted to make sure I kept my foot in the door.  Looks like your doing good with Chase, so keep doing what you're doing; it's obviously working.

[Anonymous]

if you're not gonna app for more cards in the next yr or so and plan to grow those 3 new cards (which i strongly advise you do!) then i don't see any reason holding onto it (even for AAoA reason). like you said, you DON'T NEED it! that $500 could be used somewhere else instead of being parked not doing anything for you. it served its purpose. you've graduated (to better cards)! reward yourself with that $500! =D

[jacetx]

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@Anonymous wrote:
Hello so I've had the capital one secured card for a year now and it helped me build my credit and I am forever grateful for that. I recently got approved for discover it card with a 1k credit line chase freedom 2k and chase freedom unlimited 1.5k so I'm thinking about cancelling my capital one card of 500 credit line. Do you guys think I should cancel it since I don't need it ??

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Please read this thread before you make any decisions.

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190