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Move on from Cap One Secured?

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Anonymous
Not applicable

Move on from Cap One Secured?

After spendng time rebuidling my credit (parent wrecked it), I finally have no collections or lates in my credit profile. Currently I have:

 

Citi Thank You Preferred (AU): $1000 limit, 1 late 1 year ago (husband's card)

Cap One Plat (AU): $1500 

Cap QS (AU): $800 

Cap One Secured: $200

Cap One QS: $300

Barclays Apple Rewards: $2000

Synchrony Gap: $300

Synchrony Toys R Us: $300

Synchrony Amazon Prime: $800

Student Loan: $4,000 balance

 

TU: 667 EX: 667 EQ: 659

 

All of these, excluding Citi, have been acquired in less than a year. Specifically, the Cap One cards (not AU, my own) were opened in Feb 2016, everything else came after. I was approved for the secured and QS at the same time, should I keep the secured or let it go?

 

I would eventually like to get cards with travel rewards, but am nursing these accounts for now. Is it worth keeping the secured on my profile?

3 REPLIES 3
brother7
Established Contributor

Re: Move on from Cap One Secured?

Secured cards are used to either 1) build credit or 2) rebuild credit. Based on the number of cards you currently have, you aren't doing either.

My suggestion: Close the Capital One Secured card.

 

Additionally, you're an AU on a card with Lates (Citi Thank You Preferred). Unless you have a compelling reason to remain an AU on that card, I'd remove yourself as AU, then dispute with the CRAs as "Not my account".

 

Finally, I offer the same advice for your other AU cards, unless you have a compelling reason to keep them.



04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850)
02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850)
03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 2 of 4
Anonymous
Not applicable

Re: Move on from Cap One Secured?

Thanks. I was initially added to have "something' in my credit profile. Will removing myself from th Citi card help raise my score?

 

Also, any idea how long i should wait before applying for a travel card?

 

Thanks for your help!

Message 3 of 4
brother7
Established Contributor

Re: Move on from Cap One Secured?


@Anonymous wrote:

Will removing myself from th Citi card help raise my score? 


Previously, you said "I finally have no collections or lates in my credit profile". Umm... even though the Citi is not your card, since you're an AU, it is part of your credit profile and appears on your credit report.

The Citi (AU) card has a Late payment and is therefore considered a Negative Account. Removing a negative account from your CR should increase your FICO score.

Once removed as AU, you still need to dispute the account with the CRAs before it disappears from your CR. 

 


@Anonymous wrote:

Also, any idea how long i should wait before applying for a travel card?


If your oldest card is from Feb, 2016, then all of your cards are still very new. I would garden (not apply for new credit) until your newest card is at least 6 months old (6 monthly statements are issued). That's the minimum amount of time I would wait. Ideally, I'd wait till your newest card is at least a year old. That's just my opinion, though.



04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850)
02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850)
03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 4 of 4
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