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Hello,
I find this forums very helpful so when i have a question i turn to here for advises and they work . Anyways i have a question on my credit cards. I opened my secured credit card with cap1 June 2013 and since then i got the barclays financing card in feb2014 (recently PC to barclays rewards), in april2014 i got the quicksilver one with the $39 AF and just last month i got the chase freedom. I love my freedom card and my barclays rewards specially for the no AF and rewards. But my secured card has $29 AF and i have a $150 deposit in there. Im considering which one to close whether secured card or quicksilver one since they both have AF. Any advices on which one would be the best option without affecting my credit score. My current utl is 11%.
Thanks
@leirbad4 wrote:Hello,
I find this forums very helpful so when i have a question i turn to here for advises and they work . Anyways i have a question on my credit cards. I opened my secured credit card with cap1 June 2013 and since then i got the barclays financing card in feb2014 (recently PC to barclays rewards), in april2014 i got the quicksilver one with the $39 AF and just last month i got the chase freedom. I love my freedom card and my barclays rewards specially for the no AF and rewards. But my secured card has $29 AF and i have a $150 deposit in there. Im considering which one to close whether secured card or quicksilver one since they both have AF. Any advices on which one would be the best option without affecting my credit score. My current utl is 11%.
Thanks
If you have already paid the AF for the next year then cancel it right before it becomes due again next year, the more time that reports on an individual account the better especially the first 2 years. If you have not yet paid it then I would go ahead and cancel. The immediate effect of canceling it is the loss of its CL in the util category.
i say close both if you are able to obtain unsecured cards. they will remain on your report and continue to contribute to your average age of accounts for 10 years after you close them so it is better to close now rather than later just make sure your utiliztion % is low because cancelling will cause it to rise
Thanks guys, i paid my secured card AF just last month and quicksilver 1 when i opened it in april of this yr. I just dont want to keep paying that since i got the freedom and barclays with no AF. I just dont want those to age and then close them and hurt my AAoA. The times ive been declined for credit by discover it was for not enough credit history so i dont really want to mess with it so i'd rather close them sooner than later..
it wont hurt your AAoA until 10 years later when it drops off your report so it is best to get it over with and close now rather than later and save yourself from continuing to pay the annual fees. just make sure your barclays and freedom are under 20% utilization when you close. definitely try to get pc to a non af card though
@leirbad4 wrote:Thanks guys, i paid my secured card AF just last month and quicksilver 1 when i opened it in april of this yr. I just dont want to keep paying that since i got the freedom and barclays with no AF. I just dont want those to age and then close them and hurt my AAoA. The times ive been declined for credit by discover it was for not enough credit history so i dont really want to mess with it so i'd rather close them sooner than later..
I would say, since you paid the AF already on the QS, wait until about March next year and chat online with them. Tell them you want to upgrade to something without an AF. Cap1 seems pretty good at upgrades. The QS isn't a bad card to keep around, without an AF and let is help with AAOA down the road. On the other hand, I would close the secured asap. That's just what I would do.
“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin
Gardening since 3-26-15
@leirbad4 wrote:Hello,
I find this forums very helpful so when i have a question i turn to here for advises and they work . Anyways i have a question on my credit cards. I opened my secured credit card with cap1 June 2013 and since then i got the barclays financing card in feb2014 (recently PC to barclays rewards), in april2014 i got the quicksilver one with the $39 AF and just last month i got the chase freedom. I love my freedom card and my barclays rewards specially for the no AF and rewards. But my secured card has $29 AF and i have a $150 deposit in there. Im considering which one to close whether secured card or quicksilver one since they both have AF. Any advices on which one would be the best option without affecting my credit score. My current utl is 11%.
Thanks
I closed my cap1 secured card after 11 months. It will still report on your file next 10 years so you should be fine.
I would just make sure that all your cards are reporting 0 balance at the time of your closure, so you wont get hit with utilization.
Good luck.
@bk510 wrote:
@leirbad4 wrote:Hello,
I find this forums very helpful so when i have a question i turn to here for advises and they work . Anyways i have a question on my credit cards. I opened my secured credit card with cap1 June 2013 and since then i got the barclays financing card in feb2014 (recently PC to barclays rewards), in april2014 i got the quicksilver one with the $39 AF and just last month i got the chase freedom. I love my freedom card and my barclays rewards specially for the no AF and rewards. But my secured card has $29 AF and i have a $150 deposit in there. Im considering which one to close whether secured card or quicksilver one since they both have AF. Any advices on which one would be the best option without affecting my credit score. My current utl is 11%.
Thanks
I closed my cap1 secured card after 11 months. It will still report on your file next 10 years so you should be fine.
I would just make sure that all your cards are reporting 0 balance at the time of your closure, so you wont get hit with utilization.
Good luck.
As for your QS1 with AF, I would keep it for few more months and contact EO to have your AF removed.
Close them before the month before the next AF hits that way you'll have more reporting on them. You've already paid the AFs so you might as well get maximum reporting from them. Your credit report will look much better to lenders with 12 "paid in full" green squares on it then just a couple, it'll stay on your report for 10 years.
Edit:Typo
As a PSA, federal law requires issuers to refund annual fees upon cancellation within 60 days of the AF post date.
Therefore, OP can cancel the secured card today and get their money back.