Reply
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

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.

Valued Contributor
Posts: 1,157
Registered: ‎10-31-2011
0

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.     

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

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!




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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.