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Established Member
uptown4784
Posts: 42
Registered: ‎12-17-2012
0

thinking about closing my secured card

I've 200 hundred credit limit with capital one secured card. I also have two other cc that aren't secured just annual fees. I want to close it because paying 4 dollars a month.with interest a little too much. Plus I had 200 hundred credit limit almost two years. I pay my cc on time never have been late. Should I.close it?
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: thinking about closing my secured card


uptown4784 wrote:
I've 200 hundred credit limit with capital one secured card. I also have two other cc that aren't secured just annual fees. I want to close it because paying 4 dollars a month.with interest a little too much. Plus I had 200 hundred credit limit almost two years. I pay my cc on time never have been late. Should I.close it?

I would and use the money that I get back to pay down my other credit cards util. After that I will pull up my FICO scores and see where I am at.

 

If your score is decent, I would apply for GE Walmart credit card. They offer free FICO TU08 score with paperless statement.

 

What is your credit profile? Score? What are other two cards that you have?

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Established Member
uptown4784
Posts: 42
Registered: ‎12-17-2012
0

Re: thinking about closing my secured card


armbenderc wrote:

uptown4784 wrote:
I've 200 hundred credit limit with capital one secured card. I also have two other cc that aren't secured just annual fees. I want to close it because paying 4 dollars a month.with interest a little too much. Plus I had 200 hundred credit limit almost two years. I pay my cc on time never have been late. Should I.close it?

I would and use the money that I get back to pay down my other credit cards util. After that I will pull up my FICO scores and see where I am at.

 

If your score is decent, I would apply for GE Walmart credit card. They offer free FICO TU08 score with paperless statement.

 

What is your credit profile? Score? What are other two cards that you have?


 

The two other credit cards are household bank (750 credit limit) current balance 536.  The other one is capital one platinum (500 credit limit) balance 430

 

I applied for walmart card last week they denied me gave me this

 

NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH

 

Any help? i will appreciate it thank you!

Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: thinking about closing my secured card


uptown4784 wrote:

armbenderc wrote:

uptown4784 wrote:
I've 200 hundred credit limit with capital one secured card. I also have two other cc that aren't secured just annual fees. I want to close it because paying 4 dollars a month.with interest a little too much. Plus I had 200 hundred credit limit almost two years. I pay my cc on time never have been late. Should I.close it?

I would and use the money that I get back to pay down my other credit cards util. After that I will pull up my FICO scores and see where I am at.

 

If your score is decent, I would apply for GE Walmart credit card. They offer free FICO TU08 score with paperless statement.

 

What is your credit profile? Score? What are other two cards that you have?


 

The two other credit cards are household bank (750 credit limit) current balance 536.  The other one is capital one platinum (500 credit limit) balance 430

 

I applied for walmart card last week they denied me gave me this

 

NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH HIGHEST RATIO OF REVOLVING BALANCE TO CREDIT LIMIT IS TOO HIGH

 

Any help? i will appreciate it thank you!


Your util on all card is too high. You need to pay it down and only have balance on 1 credit card. For 200 secured card,  I would personally close it and use the money I get back to pay off other card. Can you not get some of those collection removed? Is this recently?

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Established Member
uptown4784
Posts: 42
Registered: ‎12-17-2012
0

Re: thinking about closing my secured card

Yeah.. I have a gym membership that went to collection thats about it...I barely get a bill thru mail so I dont know their address or number.. Last time, I got a bill was around june..


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