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Should I close this card?

Senior Contributor

Re: Should I close this card?


Viper786 wrote:

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??


You have some time after the AF hits the account to close it and get the fee back.   I think they told me either 30 or 60 days.  Don't expect the money back very quick however, they say 60 days, and it took longer for me.

Message 11 of 13
Valued Contributor

Re: Should I close this card?

If you think about why you opened this card in the first place, as a low limit secured card, it was to establish a positive tradeline. Why? so that you could get better cards that didn't need to be "secured". I'd say its more than served and out grown its' purpose. Close it yesterday, forget about anything other than you get your deposit back and you won't pay the next AF. Give your current tradelines a year or so to mature (2 years is better) and you can get anything you need in the future. The secured card was not a foundation to your credit history, more like training wheels you no longer need.     

Message 12 of 13
Mega Contributor

Re: Should I close this card?


Viper786 wrote:

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??


I think it is important because it shows 12 months of good history on all of your CR's. You did what you had to do with subprime and it's time to move up!




EQ FICO 548 3/3/16
Message 13 of 13