Is it time to cancel my Cap One Secured card?

Techngro · ‎08-25-2014

Hey all, i've posted a few times here asking questions about rebuilding my credit. Here's one more.

I have been doing pretty well so far. I was just aproved for a Discover It card. Considering where I was a year ago, I feel very good about that. Now I have two unsecured credit cards (Merrick Bank and Discover) as well as a number of store cards from Amazon, Old Navy, Target, Walmart, and Nordstrom (don't worry, I use them sparingly).

My Cap One Secured card is the first card I got when I began my rebuild, and they raised my limit by $100 last year, but nothing since then. Also, Capital One has been sending me pre-approvals, and I applied using one, but was declined for some reason. I spoke to a rep and they told me to try again in a couple of months, but I didn't bother. Anyway, the limit on the Cap One card is only $350. My Merrick is limit 1.6K and the Discover is 4.5K. Is it worth it to keep the Cap One card? There is the yearly fee. And the limit is low, so I think it's probably not worth it anymore. How much would cancelling the card affect my score?

Thanks in advance for any advice.

baller4life · ‎08-25-2014

Close that sucka! You have outgrown it! Closed mine's last month. It served its purpose! Time to move on. It will remain on your report 10 yrs. So no affect to AAoA.

coldnmn · ‎08-25-2014

It served its purpose I would close it if I were you.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

1GaDawg85 · ‎08-25-2014

close it!

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

onepointatatime · ‎08-25-2014

In your case since you have that Discover card, I'd close that thing. I'm stuck with mine because I'm unable to get any significant unsecured credit, and so my secured Cap One is the only one I can actually use to pay for things like airplane tickets and hotels. Making mistakes many years ago with credit leads you into such annoying catch-22s years down the road!!

Sep 2013: mid 500s | Sep 2014: myfico: EX 539 | EQ 594 | TU 694 || My Rebuilding Journey
myfico, 12/3/2015: EX 666 | EQ 677 | TU 689 | AAoA : 3y | INQs (12/24) EX 11/13 | EQ 5/9 | TU 4/7
Cards: Chase Sapphire Pref. $6K | BoA Travel Rewards $1.6K | Cap1 QS Rewards $7.5K | Priceline $0.5K | Credit Union $2K | Total (5) Revolving CLs: $17.6K
Goal Score 2015: FICO08 800+

Techngro · ‎08-25-2014

Ok. Thanks for the responses guys. I will close it down. I'm gonna miss that little card.

xXIDaShizIXx · ‎08-25-2014

@onepointatatime wrote:
In your case since you have that Discover card, I'd close that thing. I'm stuck with mine because I'm unable to get any significant unsecured credit, and so my secured Cap One is the only one I can actually use to pay for things like airplane tickets and hotels. Making mistakes many years ago with credit leads you into such annoying catch-22s years down the road!!

I didn't make any mistakes, but I'm with you on the unsecured credit part! Definitely close it OP.

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

Jerry45 · ‎08-25-2014

Discover with a 4.5k limit is great. Close it. Once you get a few payments posted from Discover, you should be in the big time