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i was approved 2 months ago for the capital one platnium and got it converted to the quick silver master card with a shocking $2000 CL and managed to keep the same $19 fee and working on getting that wavied. i have a few other credit cards that i opened this year i know too many new open accounts are bad especially six new accounts in 5 months. however I have this capital one secured card with a $2000 limit that i opened in january and i deposited $1850. I only have 5 statments so far on the secured card and only 3 OK green dots on my credit report from the secured card. but i do not want anymore of my money tied up on this secured card and i could use the money to pay off my student loan in full no problem. since i have the quick silver, bank of america, wells fargo, walmart, and home depot avg credit limit on all of the cards is somewhere about around $3000. which means i almost have $17,700 worth of available credit with a total bank card balance of $340. my fico score ranges from 649-682. even if i cancel my secured card i will still be under 10 percent of utilization. I am seriously not worred about that i just found out that a positive closed account remains on your credit for 10 years. i want this account closed but too look really good when i apply in a few years from now. i am aware my credit will still fall down a few points as what the stimulator showed me. but still i wonder from your experience when is it the best time to cancel a card. as you can see my current credit scores over qualifies me for secured cards as to the 595 fico score i had in january. yep i paid off all my debts and two sucessesful collections paid for delete. any advice would be veru apprciated. also new accounts will be cut down by one when i cancel this card which should lok much better in a few years to lenders. also i have a $0 balance on the secured card i just need the advice when to cancel.
A Tough Call. On one hand, you have a lot of good unsecured CL's. On the other hand, that $2k Secured line is your oldest CL.
Maybe others can chime in. Good Luck
thank you. i also forgot to mention that i read somewhere that it looks good to have a card report 6 months prior to closing it. however i just wanted to really know for sure. i never thoght i would qualify for unsecured credit cards especially with high CL. thats why i dont need this card anymore.
@Anonymous wrote:i was approved 2 months ago for the capital one platnium and got it converted to the quick silver master card with a shocking $2000 CL and managed to keep the same $19 fee and working on getting that wavied. i have a few other credit cards that i opened this year i know too many new open accounts are bad especially six new accounts in 5 months. however I have this capital one secured card with a $2000 limit that i opened in january and i deposited $1850. I only have 5 statments so far on the secured card and only 3 OK green dots on my credit report from the secured card. but i do not want anymore of my money tied up on this secured card and i could use the money to pay off my student loan in full no problem. since i have the quick silver, bank of america, wells fargo, walmart, and home depot avg credit limit on all of the cards is somewhere about around $3000. which means i almost have $17,700 worth of available credit with a total bank card balance of $340. my fico score ranges from 649-682. even if i cancel my secured card i will still be under 10 percent of utilization. I am seriously not worred about that i just found out that a positive closed account remains on your credit for 10 years. i want this account closed but too look really good when i apply in a few years from now. i am aware my credit will still fall down a few points as what the stimulator showed me. but still i wonder from your experience when is it the best time to cancel a card. as you can see my current credit scores over qualifies me for secured cards as to the 595 fico score i had in january. yep i paid off all my debts and two sucessesful collections paid for delete. any advice would be veru apprciated. also new accounts will be cut down by one when i cancel this card which should lok much better in a few years to lenders. also i have a $0 balance on the secured card i just need the advice when to cancel.
Does Cap1 give you the option to convert to an unsecured line at all? Did they say for how long you'd have to keep the secured card? If it's another couple of months or so I'd say maybe hang on and try to convert to unsecured, but honestly I would not keep the card for the sole purpose of preserving AAOA. As the other poster above me mentioned, you have plenty of unsecured cards already, and the Cap1 will stay on your report for 10 years even if you close today. I'm sure 10 years from now you'll have such an established history that you won't worry about losing your oldest tradeline when you have a few others that are only a couple of months behind it.
Good luck!
Thank you for the advice. to get my secured card unsecure i tried my best to get it done and was told by the supervisor that it was impossble to that the card never graduates. i find that up setting especially since my highest balance was only $85 as recorded. so far i made the decision to cancel the card at the end of june.
@Anonymous wrote:thank you. i also forgot to mention that i read somewhere that it looks good to have a card report 6 months prior to closing it. however i just wanted to really know for sure. i never thoght i would qualify for unsecured credit cards especially with high CL. thats why i dont need this card anymore.
Agreed. No reason to have that 2k tied up like that. Maybe some of the experts here can verify the 6 months before closing rule.
You already answered mostly everything yourself. its not gonna hurt your score to cancel. and if you already got 2 collections deleted your score will rise. just get your money back already. and no. You don't need to wait years. but it is ok to wait 6 months from last app to give your score time to revoer. as those inquiries will start to fade from your score at that time.
In the exact same vote. 3K for the last couple years on the secured card. Would lovd the option the lower it to a 1K and continue the TL. Havent not asked/tired CapitalOne if they would allow a CL decrease.
Maybe I should add my kids to the card for a couple months then close it to create their credit files before college.