@NewBreed wrote:
Hey all! I have a capital one secured card I've raised the limit to about 1500.... I've owned the card for about 1 year and a few months. I'm debating if I should increase the limit to the MAX 3000 or cancel it since I've been approved for Chase Freedom 2K, Discover IT 1K and Cap one cash back a little sub prime at $500..... What do u think
I guess that's really up to you, if you can use your deposit back and don't want to pay the AF coming up, and you're not really using it, then I would say cancel.
I was actually having the same delima recently on my cap1 secured card. But I decided to keep it and let it age for 1 more year. I realize that closing a card doesn't effect your AAoA immediately, but I kept it for a couple of reasons.
1. I have myFICO services auto paid on it, and don't want to give card numbers over the phone to switch payment methods.
2. I recently closed The Buckle store card this year and don't want to close another card that close to the other one.
3. The AF is quite small and the card has come in handy a couple of times when I was waiting for other cards statements to cut.
So I guess it really depends on if you're seeing a benefit and how the card fits into your plans whether or not you should close it.
Most will say, if it has an AF, then close and if not, then sock draw.
Hope these ramblings help in some way. 
@NewBreed wrote:
Hey all! I have a capital one secured card I've raised the limit to about 1500.... I've owned the card for about 1 year and a few months. I'm debating if I should increase the limit to the MAX 3000 or cancel it since I've been approved for Chase Freedom 2K, Discover IT 1K and Cap one cash back a little sub prime at $500..... What do u think
Since you've had the secured card slightly over a year, I assume you just paid the Annual Fee.
$1500 is about 1/3 of your total credit right now. If you need that money for something, thats one thing. But interest rates these days are practically zero, so getting your deposit back and putting it into a savings account wouldn't get you very much.
If it was me, I'd keep it as it is, and cancel the card about a month before the next AF is due. In the meantime, use that credit limit to help improve your credit utilization percentage, and thus improve your Fico scores, with the short term goal being to request CLI's on the other accounts in 6+ months or more (ideally just before you need to close the secured card to avoid the next AF).
