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Regular Contributor
Posts: 190
Registered: ‎04-15-2011
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Should I close this card?

I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL. 

 

Should I close this account before the AF hits in April? 

EQ - 689 FICO - ScoreWatch (6/14) | TU - 701 FICO - Lender Pull (5/14) | EX - 708 - FICO Lender Pull (6/14)
Amazon Store Card - $4000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One - $500 | Capital One - $3000 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1000 | Discover It - $1500 | Macy's - $1500
Moderator
Posts: 9,674
Registered: ‎01-28-2010
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Re: Should I close this card?

I think you would be fine to close it to keep from paying an AF unless you need the CL to help your utilization. Since you have several other open cards you should be fine.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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Posts: 7,225
Registered: ‎09-16-2011
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Re: Should I close this card?


Viper786 wrote:

I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL. 

 

Should I close this account before the AF hits in April? 


 

Absolutely, I would close it and have a scissor meets card matchmaking party.  :smileyvery-happy:


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Established Contributor
Posts: 767
Registered: ‎04-08-2011
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Re: Should I close this card?

I'd close it. The chase freedom is a fantastic go to card 


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Established Contributor
Posts: 741
Registered: ‎10-04-2010
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Re: Should I close this card?

I'll join the choir and say close it. Just make sure you keep your utilization low so that the reduction in your total credit limit does not dramatically raise you util

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

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Posts: 15,442
Registered: ‎04-09-2011
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Re: Should I close this card?


Viper786 wrote:

I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL. 

 

Should I close this account before the AF hits in April? 


I'd close it but make sure you get the full 12 months of reporting.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Posts: 190
Registered: ‎04-15-2011
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Re: Should I close this card?


LS2982 wrote:

Viper786 wrote:

I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL. 

 

Should I close this account before the AF hits in April? 


I'd close it but make sure you get the full 12 months of reporting.


Thanks for all the input everyone! How important is it to get 12 months of reporting? If I got the card on 4/16/11, should I cancel it around 4/1/12 to avoid the AF and still get 12 months of reporting??

EQ - 689 FICO - ScoreWatch (6/14) | TU - 701 FICO - Lender Pull (5/14) | EX - 708 - FICO Lender Pull (6/14)
Amazon Store Card - $4000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One - $500 | Capital One - $3000 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1000 | Discover It - $1500 | Macy's - $1500
Moderator
Posts: 9,674
Registered: ‎01-28-2010
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Re: Should I close this card?

 

I don't think that it really makes much difference if you close it before 12 months ~ it will still show on your reports as a positive closed account for ten years from the time you close it.   Just make sure that you don't get stuck with the AF if you wait too long.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
Posts: 190
Registered: ‎10-22-2010
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Re: Should I close this card?

With the Freedom and Zync you should def be ok to go ahead and close it.

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Chase Freedom
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Established Contributor
Posts: 913
Registered: ‎06-09-2011
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Re: Should I close this card?


Smerri1029 wrote:

With the Freedom and Zync you should def be ok to go ahead and close it.



+1

It's a low limit card that will never graduate. You have better ones already. It'll count towards your AAOA for the next decade even if you close it, and that's about the only thing it'll do for you anyway.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
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