Should I close my secured credit card?

[CJIII29]

I have two unsecured credit cards, Best Buy and Amazon.com. I just was approved for the Chase Slate Credit Card, with a $1500 credit limit. So I dont think I need the Capital One Secured Credit Card anymore.

[Anonymous]

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@CJIII29 wrote:

I am two unsecured credit cards, Best Buy and Amazon.com. I just was approved for the Chase Slate Credit Card, with a $1500 credit limit. So I dont think I need the Capital One Secured Credit Card anymore.

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How long ya had it.

[Existentialist]

Its okay to ditch it. Some ppl make a big deal out of closed accounts hurting your score. While that is true (to an extent) it also depends on the situation. Two things to note: I'd gather your AAoA is still relatively fresh (unsure?) so the impact shouldnt be quite as pronounced as opposed to your Cap 1 being your oldest card [with a lengthier history already established]. Also we're talking 'secured' card. If it were unsecured I'd be more apt to encourage U to simply SD it and allow your AAoA to develop. In this case however your secured card has served its purpose and as such (if you're like me) you likely have no plans of using it again. If this is the case... ditch it and say thanx to Cap1 for having served its purpose. And congrats on the recent approval.

[CJIII29]

Almost 2 years.

[Anonymous]

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@CJIII29 wrote:

Almost 2 years.

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Close it!

[CJIII29]

Ok thanks, I will pay off my remaining balances and close it.

[jamie123]

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@CJIII29 wrote:

Ok thanks, I will pay off my remaining balances and close it.

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You should app for a Cap1 Quicksilver first and THEN close the Cap1 secured card.

You have good history with Cap1 so you have a good chance at getting a Quicksilver with a high CL.

[Kirmie2010]

If its not charging an AF id just call and ask them to unsecure it.  if they wont upgrade, then cancel.

Good luck!

[CJIII29]

Maybe so! I really dont wont to have to many credit cards.

[Anonymous]

First contact the eo and see if they will remove the annual fee. I have heard of them doing this for a lot of people. If they will remove the AF from the secured card, keep it.