To close Cap1 secured or not to close

[muumike]

Cap1 Secured reporting a $0 balance. Don't really have any need for it anymore. Discover More with 2.5k limit, ZYNC  NPSL and AMEX BCE AU 6k limit.

Here is my question:

If I were to apply for a card or loan in the future, would it be more beneficial to have this card as an open or closed TL on my report? Yes, it has around 1.75 years of history (more than the others), but would closing out the card with the incredibly low limit ($500) let banks see I am no longer in need of a smaller limit? Basically, is there any upside to closing it or should I just keep it open and eat the $39 af each year?

Any advice is appreciated. Thanks.

[scarzy]

I would go to the EO route of possibly getting the AF waived. Just do a search for Capital One's EO posts for more information!

[muumike]

Thanks for the reply!

Just wasn't curious if lenders see the tiny limit and go "ehh hes not ready for anything bigger" or if it gets calculated in somehow to them issuing me a specific CL.

[SpecFile]

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@scarzy wrote:

I would go to the EO route of possibly getting the AF waived. Just do a search for Capital One's EO posts for more information!

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+1 on trying the EO route. Get that CL raised and that AF knocked off and you're good to go.

[muumike]

It is a secured card. They wont bump the AF or the CL.

[Wolf3]

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@muumike wrote:

Cap1 Secured reporting a $0 balance. Don't really have any need for it anymore. Discover More with 2.5k limit, ZYNC  NPSL and AMEX BCE AU 6k limit.

Here is my question:

If I were to apply for a card or loan in the future, would it be more beneficial to have this card as an open or closed TL on my report? Yes, it has around 1.75 years of history (more than the others), but would closing out the card with the incredibly low limit ($500) let banks see I am no longer in need of a smaller limit? Basically, is there any upside to closing it or should I just keep it open and eat the $39 af each year?

Any advice is appreciated. Thanks.

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IMO, It makes little difference whether open or closed, since it stays on the report for 10 years.   There is no need to keep it open, so I would close before the AF is due.

[muumike]

In that case, the AF doesn't hit until November so I will close it just short of that date.

Thanks all!

[wonderandawe]

I contacted the EO about my secure card.  They were not able to give me a CLI or Rewards, but gave me a credit for last years AF and waived this years fee.  

My suggest is to ask for everything (CLI, Rewards, etc) and have EO counter offer with a waived AF.