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Contributor
SpeedingWheels
Posts: 253
Registered: ‎08-06-2012

Is there ANY reason not to close my Cap1 secured card?

This is in no way a slight to Cap1.. I'm quite happy with them. 

However, my situation is completely different than it was 18 months ago when I opened this account. 

 

In July '11 Cap1 was pretty much the only lender out there that would extend me credit and I got in on the $49 for $200 secured account. 
I increased the limit by $100 with an additional deposit so Cap1 has $149 of mine.. which is fine. 

However, with the CLI on my Cap1 Cash Rewards card plus my newly approved Amex I see no reason to hold onto a card with an AF and by far my lowest limit. 

 

Is there anything I'm missing? Are there any negatives that can come from closing the account? 


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
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Revelate
Posts: 8,335
Registered: ‎12-30-2011

Re: Is there ANY reason not to close my Cap1 secured card?

There's nothing the card does for you financially, and it's an incredibly small piece of your credit report at this point.  Personally I'd close it in your situation if you remotely care about the AF, you've moved past needing it based on your signature line.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Contributor
MrxLeo
Posts: 78
Registered: ‎01-06-2013

Re: Is there ANY reason not to close my Cap1 secured card?

Is that $49 an AF?  I've heard of customers graduating out of the secured program and the account turning into a revolver after. They've also received CLIs on the revolver after. So if that $49 isn't a AF you may want to keep the account open just because its has the longest reporting history. 


Starting Score: 609
Current Score: EX: 723 (08/18), TU: 741 (08/15), EQ: 695(08/15)
Goal Score: 785


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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Is there ANY reason not to close my Cap1 secured card?

[ Edited ]

MrxLeo wrote:

Is that $49 an AF?  I've heard of customers graduating out of the secured program and the account turning into a revolver after. They've also received CLIs on the revolver after. So if that $49 isn't a AF you may want to keep the account open just because its has the longest reporting history. 



AF is $29 on secured card.   Card does not graduate.   You have to apply for another with them.  It will still be the longest reporting history even after it is closed.

 

No reason to keep this open.

Regular Contributor
HindSight_20_20
Posts: 177
Registered: ‎06-03-2009

Re: Is there ANY reason not to close my Cap1 secured card?


Wolf3 wrote:

MrxLeo wrote:

Is that $49 an AF?  I've heard of customers graduating out of the secured program and the account turning into a revolver after. They've also received CLIs on the revolver after. So if that $49 isn't a AF you may want to keep the account open just because its has the longest reporting history. 



AF is $29 on secured card.   Card does not graduate.   You have to apply for another with them.  It will still be the longest reporting history even after it is closed.

 

No reason to keep this open.


+1 "let it go" - it will still do more for you financially in the next 10 years "closed" than its doing now.

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