Time to cancel the Capital One Secured card?

[keithB]

The Capital One card got me started in rebuilding my credit but it's been a whirlwind romance and I like to think I've outgrown her and have moved on. Since opening my Capital One Secured Card I have open the following accounts:  Sam's Club, Discover IT, USAA World MC, Citi Simplicity, and American Express EveryDay.

Granted I don't have some of the more sought after reward cards, but I am very happy with what I have right now - again, 5 months ago I had absolutely nothing.

So, the question is, should I cut ties with my Capital One Secured, or keep her around for he rest of the year since I already paid my yearly $49 fee? Will it help me or hurt me after the 6-8 months of gardening I plan on doing? Does Capital One really care if I keep her around if I decide to give them some business down the road?

Thank you all for your help, knowledge, and ecouragement - especially CreditAddict!!!!!  

[SomeGuyNamedFred]

Those are some nice cards for only 5 months of history!

If the card has any benefit to you (rewards of any kind?) then i'd say keep it as you already paid the af.  Otherwise I don't think it makes a difference what you decide.  Once closed it shows on your credit report for another 10 years or so, so it won't affect your AAOA.   Only thing it could hurt is your utilization, but i'm guessing it has a low limit being a secured card.

Secured cards are meant to be closed at some point... cap one won't hold that against you, they'd be lucky to have you back.

[VinnyVee]

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@SomeGuyNamedFred wrote:

Those are some nice cards for only 5 months of history!

If the card has any benefit to you (rewards of any kind?) then i'd say keep it as you already paid the af.  Otherwise I don't think it makes a difference what you decide.  Once closed it shows on your credit report for another 10 years or so, so it won't affect your AAOA.   Only thing it could hurt is your utilization, but i'm guessing it has a low limit being a secured card.

Secured cards are meant to be closed at some point... cap one won't hold that against you, they'd be lucky to have you back.

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+1 to this. I personally would advise holding onto it until the month before your your annual fee hits again to help get a bit more average age out of it, unless you need the deposit back immediately of course.

[Dw4250]

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@VinnyVee wrote:

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@SomeGuyNamedFred wrote:

Those are some nice cards for only 5 months of history!

If the card has any benefit to you (rewards of any kind?) then i'd say keep it as you already paid the af.  Otherwise I don't think it makes a difference what you decide.  Once closed it shows on your credit report for another 10 years or so, so it won't affect your AAOA.   Only thing it could hurt is your utilization, but i'm guessing it has a low limit being a secured card.

Secured cards are meant to be closed at some point... cap one won't hold that against you, they'd be lucky to have you back.

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+1 to this. I personally would advise holding onto it until the month before your your annual fee hits again to help get a bit more average age out of it, unless you need the deposit back immediately of course.

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AAofA is based on when the account is opened, not closed.  It will age the same way for ~10 years no matter what.  If you don't need it, ditch it and get your deposit back.

[juggalo9er]

wait until the month before af comes due and cancel it....unless you just want the af back

[One7]

Like others have said I would wait until right before the 12 month mark so you can get a full year of "green squares" or "paid as agreed" marks on your CRs, might as well since you paid the AF anyway. Would look better on your reports. That's the only reason I still have mine, I'll cut ties with it right before my second year hits to get a full 24 months of reporting. Good luck with whatever you decide

[keithB]

I'll keep it around until I'm done gardening for round 2.  After my next card, I'll cancel it.  Thank you =)

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@juggalo9er wrote:

wait until the month before af comes due and cancel it....unless you just want the af back

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@One7 wrote:

Like others have said I would wait until right before the 12 month mark so you can get a full year of "green squares" or "paid as agreed" marks on your CRs, might as well since you paid the AF anyway. Would look better on your reports. That's the only reason I still have mine, I'll cut ties with it right before my second year hits to get a full 24 months of reporting. Good luck with whatever you decide

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