Should I close this card?

Viper786 · ‎02-26-2012

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?

pizzadude · ‎02-26-2012

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

webhopper · ‎02-26-2012

@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.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

Guava · ‎02-26-2012

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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aussiesareforever · ‎02-26-2012

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 January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018

LS2982 · ‎02-26-2012

@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.

EQ FICO 548 3/3/16

Viper786 · ‎02-26-2012

@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??

pizzadude · ‎02-26-2012

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

Smerri1029 · ‎02-26-2012

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

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Anonymous · ‎02-26-2012

@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.