Should I close my Cap One secured card?

[Anonymous]

@Anonymous wrote:

I thought chase did not consider AU accounts for scoring and approvals? 

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Might've been my Ink which is years and years old.. Who knows? All I know is that my Ink never once reported to the bueraus under my name. And it's under an entirely different online account, etc. Only used it for business expenses. I haven't been able to find out if they consider business history with them in personal credit card applications.

I agree the credit limit shocked me, I didn't expect that much. I was also pre-approved for the CSP but did not go for it (forgot the APR they gave me for that pre-approval) and if I check again I'm still pre-approved for all 3 of their cards (not as generous APRs as they gave me on the Freedom though probably because of the impact the new account had on my credit score). No other credit card companies will give me any pre-approval offers beyond basic cards (absolute best one I could find was Capital One now which is pre-offering me a Quicksilver One) so I suspect it IS because of history with them.

[slicemans]

I personally would close it. 1 month is nothing and it wont affect much.

[Anonymous]

Depends on how long you had it. Do not close it if you have 1 year or more on it. You would waste value on your age of credit history which is a 15% factor in scoring. If less than a year, close it. I would just try to contact capital one and ask them to upgrade your card to unsecured based on your new approval

Just put your monthly Netflix or some bill on it and PIF. That should keep it going good

[Anonymous]

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@Anonymous wrote:

Depends on how long you had it. Do not close it if you have 1 year or more on it. You would waste value on your age of credit history which is a 15% factor in scoring. If less than a year, close it. I would just try to contact capital one and ask them to upgrade your card to unsecured based on your new approval

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It's literally just 1 month old.

Worth a shot to call them, I think, but I haven't seen anyone on these forums have luck getting them to convert this card to anything better. Only heard of small automated CLIs to $500 or something, from the initial $200, after a few months of responsible payment. Seems like a dead end in that respect. Plus, I heard it'll count torward my average age of account for 10 years anyway so it'll help someone like me with such a thin file in the long term?

Definitely thinking of either closing it now, or after I get my second or third credit card, after reading advice in this thread. I do have a small subscription on it right now that will keep it at about 5-9% util every month and I plan on just stashing it in the back of my wallet.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Depends on how long you had it. Do not close it if you have 1 year or more on it. You would waste value on your age of credit history which is a 15% factor in scoring. If less than a year, close it. I would just try to contact capital one and ask them to upgrade your card to unsecured based on your new approval

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It's literally just 1 month old.

Worth a shot to call them, I think, but I haven't seen anyone on these forums have luck getting them to convert this card to anything better. Only heard of small automated CLIs to $500 or something, from the initial $200, after a few months of responsible payment. Seems like a dead end in that respect. Plus, I heard it'll count torward my average age of account for 10 years anyway so it'll help someone like me with such a thin file in the long term?

Definitely thinking of either closing it now, or after I get my second or third credit card, after reading advice in this thread. I do have a small subscription on it right now that will keep it at about 5-9% util every month and I plan on just stashing it in the back of my wallet.

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move to a qs (no annual fee) just dump the card. I bet if you applied again you could get a venture or a QS depending on what you want and for the venture If you can spend that in 3months to get the signup bonus. Inquiries stop affecting you in 1 year and fall off completely in 2 years. I suggest if you dont want to call Capital one,  just app for qs or venture, if you do not want to call, that is your best option and after approved just drop the secured card.

Or wait till the 17k reports which could be 1month to 4months and then apply.

If you want to really age your account do not worry about the HP because they fall off and you are young and these would be the best cards for you.

If you really want to do an awesome combo, i suggest apping again for CSP (saphire preferred) from chase. This card with the freedom is the ultimate combo for travel and rewards. If you get that card, you are set because everyone wants those two cards. Drop capital one forsure and age your accounts. They might use the same pull if you do it now

[Anonymous]

I have the same problem... I also have a CapOne secured card which is over 1 year old. It only has 550 dollars in. But it does have an AF. With all my recent approvals, I know my AAoA would go down since I got approved for 5 (anyways, my AAoA was only 13 months). So I assume it would be smart to close the account? Need advice. Might want to apply for a different CapOne card in the future.

[Anonymous]

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@Anonymous wrote:

I have the same problem... I also have a CapOne secured card which is over 1 year old. It only has 550 dollars in. But it does have an AF. With all my recent approvals, I know my AAoA would go down since I got approved for 5 (anyways, my AAoA was only 13 months). So I assume it would be smart to close the account? Need advice. Might want to apply for a different CapOne card in the future.

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Well, do the math. Add up all your cards besides that one you want to drop and divide by that amount. That is your AAoA. = card 1 Months+ card 2 months (dont add the new one you want to drop) / divide by amount of cards (dont count the one you want to drop). You tell us if you would want to lower your AAoA

[Anonymous]

I did. It doesn't really make much of a difference to me. It's not my oldest card... even my oldest card is a relatively "young" 2 years. My AAoA would almost be the same without it. I just don't like the idea of closing an account but this card is basically does nothing to me

[Anonymous]

Why dont you get another card from them and combine the cards?

[Anonymous]

Closing an account will not impact your AAoA for 10 years regardless of how old/new the card is. A positive account stays on your reports for 10 years after it is closed and is factored into the calculation. Please read up in this forum on how it works, there is a wealth of information here.