To close or not to close...

[katcar]

Hello All!  This is my first post here so it may be kind of long.  When I was younger I was very reckless and didnt care at all about my credit.  Then I grew up and started trying to get approved for things and was denied, denied, DENIED.  In 2013 I got serious about it and tried to get a credit card to try and establish some more credit.  The only card that approved me was the Cap1 secured card and my deposit was only $49 for a $200 credit limit.  I thought that maybe I wasnt too bad off since I only had to pay $49 instead of $200.  I ended up sending in $200 more to raise my credit limit to $400.  Then the unthinkable happened.. Cap1 stopped accepting addidtional deposits added to the fact that you can not ask for a CLI on a secured card.  For 3 years I have used the card heavily but always paid on time and have always made large payments almost paying the entire balance off.  At this point I feel stuck with this card with no cli, no rewards and a measly $400 cl. I was approved for a car loan with Cap1 Jan '15.  In Sept '16 I tried my luck with the prequalify on Cap1 to see if I could qualify for another card but couldnt be matched with anything..bummer.  But, I tried my luck with the QS and was approved for a QS1 and a 500 cl and with credit steps could get another increase.  I stared at the screen shocked.  500 may be nothing for some but it was good for me.  I paid on that for 3 months and hit the luv button and got a $100 increase.  yay!  I use CK and the Cap1 creditwise to monitor my scores.  I know its not tru FICO but it has helped.  I noticed those scores going up.  I went on a mini app spree.  I know the hard pulls harm your credit but I thought I would try and this is what I got:

Discover it- 2200

DSW VISA-denied

Target- denied

Barclay Apple- 2000

Express Next- 250

Personal loan from my CU-2000

Visa from my CU- 500

A LOT I know but I'm happy and ready to sit back and garden.  My scores now are TU-643 and EQ- 630.  I transfered the balance of my secured card to the Discover it.  My question is should I cancel the secured card or keep it?  I know if I close it, it will still report as a positve account for 10 years.  The only thing that would go down is my utilization but I figure 400 wouldnt hurt much...or would it?

[AverageJoesCredit]

Congrats on all your approvals, the Disco was a great catch. I think you have enough to establish well balanced credit and if your not happy with the secured card you can close it. Youve reached unsecured land now, no need for a float

[Anonymous]

I would close it; especially if it has an annual fee. If it did not grow in the past 3 years it likely won't. It served its purpose. Congrats on those approvals!

[austinguy907]

I would say the Cap1 has done its job and can now be closed.  There's no point since the likely hood of it being converted is about 1% according to posts around here.  Collect your $400 and stay away from Store cards if you plan on applying for anything else.  There's no point in picking them up as they're just like your Cap1 and won't do anything.  Keep a close eye on your Apple since B is known to be a bit bi-polar.

Make sure you put something monthly on Disco and setup autopay to reap the rewards of a growing limit with them.

CU V will grow in 6-12 mo's with a HP and they may even give an auto CLI on the anniversary.

[katcar]

Thank you!..it doesn't have a annual fee but I agree that it has served its purpose

[katcar]

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@austinguy907 wrote:

I would say the Cap1 has done its job and can now be closed.  There's no point since the likely hood of it being converted is about 1% according to posts around here.  Collect your $400 and stay away from Store cards if you plan on applying for anything else.  There's no point in picking them up as they're just like your Cap1 and won't do anything.  Keep a close eye on your Apple since B is known to be a bit bi-polar.

Make sure you put something monthly on Disco and setup autopay to reap the rewards of a growing limit with them.

CU V will grow in 6-12 mo's with a HP and they may even give an auto CLI on the anniversary.

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Thanks! Discover was the 1st card I ever got and messed it up 20 years ago and Im so glad they are giving me another chance!  I have read how bipolar B and that 27% apr is scary so I will absolutely tread carefully with that one!