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Established Member
Watio
Posts: 41
Registered: ‎01-01-2014
0

Cap One secured card closed

So I had a cap 1 secured card for almost a year with a limit of 300 and no increases. I have 3 other unsecured cards with limits: 2500-500-500

Capital one waived 30 bucks on the annual fee last week if I kept my account open so I took it. Then I called back today cause I was annoyed they did another "bi annual review" and I wasn't eligible for an increase. So.. I closed the account lol. Would my score take a drop in any other ways besides a slight utilization %? I read somewhere that FICO also averages your credit limits? I dunno how accurate that is.. So I may potentially see a slight boost or no? Thanks.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Cap One secured card closed

The only consideration here is utilization. Once the card reports $0 and closed, then it is forever removed from util. That will increase your overall util if you are carrying any balances on your other CCs and could potentially decrease your FICO. Certainly that can be corrected by paying down your other cards if the balances aren't in check. For max results, pay all CCs to $0 except for one and get the remaining to report less than 9% of the CL.

 

FICO looks at both individual and overall util. The CLs aren't averaged in the eyes of FICO. For overall util they are added up, along with the sum of the balances and divided into that to create a percentage.

Established Member
Watio
Posts: 41
Registered: ‎01-01-2014
0

Re: Cap One secured card closed

Kk so as the account was never late i shouldn't really see any drops and if any, it wouldn't take long to get the points back right.
Frequent Contributor
lavencedora
Posts: 305
Registered: ‎11-04-2013
0

Re: Cap One secured card closed

Small utilization hit &, if it's older than other cards ... maybe a hit on AAoA. I think that you are right, any loss will be recovered quickly. Congrats for closing it! They are refusing my CLI on a $300 un-secured card & it is driving me crazy. Plus, they are jerks about Goodwills. I'm thinking I'll move on from Cap One when the opportunity arrises, which should happen soon (expect the only "current" baddie, which is false, to be removed).


Starting Score: TU 490 on 11/2012
Current Score: From 5/2014:TU 651 (lender pull), EQ 686 (myFICO), from 6/15/2014 EX 690 (myFICO)
Goal Score: 700+


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Established Member
Watio
Posts: 41
Registered: ‎01-01-2014
0

Re: Cap One secured card closed

Lol. Yea, I decided why should I pay a fee when the fee is 20% of the limit? Anyhow I got half the fee paid for lol then closed the account anyway a week later. I hope tey don't take back their 30$ adjustment haha. They may take it off my deposit but whatever. Not gonna hold my breath as it takes 60+ days to get the cheque.
Frequent Contributor
lavencedora
Posts: 305
Registered: ‎11-04-2013
0

Re: Cap One secured card closed

Good choice. Hope they don't take back the adjustment, either ... but whatever. You've got better cards, you'll eventually get most or all of your deposit back, and it's goodbye Capital One. :-)


Starting Score: TU 490 on 11/2012
Current Score: From 5/2014:TU 651 (lender pull), EQ 686 (myFICO), from 6/15/2014 EX 690 (myFICO)
Goal Score: 700+


Take the myFICO Fitness Challenge
Established Member
Watio
Posts: 41
Registered: ‎01-01-2014
0

Re: Cap One secured card closed

Tbh, I dunno why I applied for a secured card to begin with, I already had 2 unsecured but my report was a bit "rough" so I think the year with cap one helped in ways lol. Good riddance
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Cap One secured card closed

AAoA wouldn't change since closed accounts still factor into that.


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