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Needing Guidance!

New Member

Needing Guidance!

Hi everyone!

 

Im 25 and in the stages of rebuilding my credit after letting somethings go to collections, chargeoffs, and reposessions like medical bills, car loans, and an old credit card from when I was 18 and had no clue about how credit affects your life.  I started on my journey to getting my credit back on track when my fiance and I decided that we dont want to rent anymore and want to purchase a home.  In Oct 2012, I applied for and got approved for a Cap One Secured card with a $200 limit, then I opened an in-house Helzberg jewelry account with a $1000 limit that only reports to Equifax and Transunion.  I decided to try my luck and applied for an unsecured card and was approved through Cap One with a $500 CL and I also have a Wells Fargo secured card with a $300 CL.  

 

I really do not use my Cap One Secured card anymore because I mainly use my unsecured card.  I was wondering should I close my Cap One secured card even though its my oldest account and get my deposit back or should I keep it on just for the age?

Message 1 of 11
10 REPLIES
Super Contributor

Re: Needing Guidance!


CreditJunkie87 wrote:

Hi everyone!

 

Im 25 and in the stages of rebuilding my credit after letting somethings go to collections, chargeoffs, and reposessions like medical bills, car loans, and an old credit card from when I was 18 and had no clue about how credit affects your life.  I started on my journey to getting my credit back on track when my fiance and I decided that we dont want to rent anymore and want to purchase a home.  In Oct 2012, I applied for and got approved for a Cap One Secured card with a $200 limit, then I opened an in-house Helzberg jewelry account with a $1000 limit that only reports to Equifax and Transunion.  I decided to try my luck and applied for an unsecured card and was approved through Cap One with a $500 CL and I also have a Wells Fargo secured card with a $300 CL.  

 

I really do not use my Cap One Secured card anymore because I mainly use my unsecured card.  I was wondering should I close my Cap One secured card even though its my oldest account and get my deposit back or should I keep it on just for the age?


Welcome to the forum

Congrats on your rebuild, it seems to be coming along nicely.

I am not a believer of closing cards unless they have AF's and or monthly fees attached.

You can however close it if it serves no purpose and could get the deposit back. It will continue to report as a good TL for 10 years and the only down side is it can have a affect on your UTL

 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 11
Moderator Emerita

Re: Needing Guidance!

Welcome to the forum!

A closed cc may stay on your cr for up to 10 years. Assuming the loss of CL will not hurt your util, if you want to close it.

Myjourney-beat me to it!
Message 3 of 11
New Member

Re: Needing Guidance!

Thanks for the welcome and for the advice.  I have been thinking about this for a couple weeks now and I now feel relief!

 

Thanks!!!

Message 4 of 11
Super Contributor

Re: Needing Guidance!


CreditJunkie87 wrote:

Thanks for the welcome and for the advice.  I have been thinking about this for a couple weeks now and I now feel relief!

 

Thanks!!!


We hope to see more of you around here nowSmiley Wink

MyFico is Happy to help

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 11
New Member

Re: Needing Guidance!

Oh trust me you will! This credit journey is a long one and I will need plenty help along the way!Smiley Very Happy

Message 6 of 11
Moderator Emerita

Re: Needing Guidance!

Message 7 of 11
New Member

Re: Needing Guidance!

I have another question...

 

Since I've closed it, should I apply for another card or should I wait?

Message 8 of 11
Super Contributor

Re: Needing Guidance!


CreditJunkie87 wrote:

I have another question...

 

Since I've closed it, should I apply for another card or should I wait?


No you should garden for awhile. 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 11
New Member

Re: Needing Guidance!

garden means i should work the cards i currently have right?

Message 10 of 11