Advice on Closing Secured Cards

Anonymous · ‎03-18-2016

I'm thinking of trying to thin the herd, so to speak and am wondering if it's wise to close a Cap1 secured card that has been open for only two months. I originally applied for the QS1 card and was declined. I opened the secured card with a $349 deposit for a $500 CL. I was just approved for the QS1 card for $500, should I close the secured card now? Having no rewards, it does not fit in with my spending and will rarely get used. I'm not short on cash so keeping the deposit there will not hurt me financially. I was thinking about closing it and letting the QS1 age, then applying for another unsecured card and combine later on.

I also have a Wells Fargo secured card I've had since October 2014 that I was hoping to graduate by now. Should I just keep that until just before the annual fee kicks in to give them more time to graduate it? I'll list my current cards below. Don't be alarmed by all the new accounts, I went crazy when everyone said yes. Luckily most of them fit my spending habits so they get some good use. I'm done apping, I just need these to grow now.

Wells Fargo Secured - $1000 - October 2014

Surge - $500 - September 2015 (Don't ask...closing before next annual fee)

Synchrony/Amazon - $800 - October 2015

Syncrony/Walmart - $500 - October 2015

Barclay Rewards - $500 - October 2015

Capital One Secured - $500 - January 2016

Comenity/GameStop - $250 - January 2016

Discover IT Secured - $500 - February 2016

Pen Air CU - $1000 - March 2016 (Offered during auto refinance)

Capital One Quicksilver One - $500 - March 2016

Citi/Shell - $400 - March 2016

Current scores according to CCT

EX 640 - TU 618 - EQ 634

If anyone needs more info about my profile to give better advice, just ask. I do have baddies aged 14 months and older, student loan late payments and up to 4 collections depending on which report is checked. Surprisingly EX is my highest score which has the most collections and lates reported. EQ only has lates and TU only has collections, so weird.

Anonymous · ‎03-18-2016

That's what I'm planning to do. Once I can get approved for the unsecured card I will be closing my Captial One Secured. I'm keeping my Discover It Secured since that one has the ability to graduate. I would think since you are essentially replacing the secured with an unsecured at the same limit then it shouldn't hurt. I know most people on here say if you can get approved for the QS1 you should app for the regular Platinum card but CO will only let you have two sub prime (for the most part) so you would have to close the secured in order to get the platinum. I believe I have seen it that when you pay in full then close the secured card it will stay on your reports a positive tradeline for ten years. Hopefully, someone who has more experience can chime in.

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@Anonymous wrote:
I'm thinking of trying to thin the herd, so to speak and am wondering if it's wise to close a Cap1 secured card that has been open for only two months. I originally applied for the QS1 card and was declined. I opened the secured card with a $349 deposit for a $500 CL. I was just approved for the QS1 card for $500, should I close the secured card now? Having no rewards, it does not fit in with my spending and will rarely get used. I'm not short on cash so keeping the deposit there will not hurt me financially. I was thinking about closing it and letting the QS1 age, then applying for another unsecured card and combine later on.

Anonymous · ‎03-18-2016

Thank you. I think that is what I am going to do. I just wish they would have approved me right away instead of making me wait/get the secured card. But from what I've read on here, once you get the secured card most are approved for either the Platinum or the QS1 a month or two after.

Anonymous · ‎03-18-2016

just an FYI i have the secure cap one, the platinum and the QS1 so they do let you have more than one subprime. but you can product change pretty quickly to the venture and the QS and limits also raise quickly

Anonymous · ‎03-19-2016

@Anonymous wrote:
Thank you. I think that is what I am going to do. I just wish they would have approved me right away instead of making me wait/get the secured card. But from what I've read on here, once you get the secured card most are approved for either the Platinum or the QS1 a month or two after.

The deal with these CC's is to app the Plat and if approved app the QS1 immediately. You should get the 2 accts with 1 set of HP's. Once you get your 1st statement on the Plat go on live chat and as for an upgrade to the QS or Venture (depends on whether you want the cash back or travel rewards). After 60 days on both chat and ask for a CLI.

These things are what make the 2 CC's TOPS (IMO). Because they offer great rebuilding capability and will grow quickly.

Anonymous · ‎03-19-2016

It seems to vary. I have seen some people say they are allowed the secured, Platinum, and the QS1 but others say they are told they have too many after they app for the third one. I guess it depends on the credit profile.

@Anonymous wrote:
just an FYI i have the secure cap one, the platinum and the QS1 so they do let you have more than one subprime. but you can product change pretty quickly to the venture and the QS and limits also raise quickly

Anonymous · ‎03-19-2016

Yeah I had the secured then after about 8 months they gave me a CLI. So I applied for the qs1 and was approved. When I applied for the platinum it said 2 cards was my limit. So I closed the secured last week and will apply for the unsecured platinum soon. I figure why build YEARS of good history on a secured card that will NEVER graduate. So I ripped the band aid off quick.

Anonymous · ‎03-19-2016

@Anonymous wrote:
Yeah I had the secured then after about 8 months they gave me a CLI. So I applied for the qs1 and was approved. When I applied for the platinum it said 2 cards was my limit. So I closed the secured last week and will apply for the unsecured platinum soon. I figure why build YEARS of good history on a secured card that will NEVER graduate. So I ripped the band aid off quick.

This is exactly what I am experiencing too. I see some peole allowed all three (secured, plat and qs1). I tried and got denied with no pull (waiting on letter but I assume that is the reason). I'm going to close the secured and apply for the plat later so that they can all age and grow together. I will likely just move the deposit to my Discover since that one gets used a lot and they discourage frequent payments in a month.