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New Member
CreditJunkie87
Posts: 5
Registered: ‎08-01-2013
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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?

Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
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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

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Moderator
09Lexie
Posts: 26,593
Registered: ‎09-13-2012
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Re: Needing Guidance!

[ Edited ]
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!
New Member
CreditJunkie87
Posts: 5
Registered: ‎08-01-2013
0

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!!!

Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

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 now:smileywink:

MyFico is Happy to help

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


New Member
CreditJunkie87
Posts: 5
Registered: ‎08-01-2013
0

Re: Needing Guidance!

Oh trust me you will! This credit journey is a long one and I will need plenty help along the way!:smileyvery-happy:

Moderator
09Lexie
Posts: 26,593
Registered: ‎09-13-2012
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Re: Needing Guidance!

New Member
CreditJunkie87
Posts: 5
Registered: ‎08-01-2013
0

Re: Needing Guidance!

I have another question...

 

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

Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
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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. 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


New Member
CreditJunkie87
Posts: 5
Registered: ‎08-01-2013
0

Re: Needing Guidance!

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


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