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Keep Open Or Close Accounts? Next Step?

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rmduhon
Valued Contributor

Re: Keep Open Or Close Accounts? Next Step?

Capital One secured cards don't unsecure at least currently. Who knows in the future.
Message 11 of 19
Anonymous
Not applicable

Re: Keep Open Or Close Accounts? Next Step?

IMO you should cancel once you get a better card.

Message 12 of 19
Abelcrdn
Regular Contributor

Re: Keep Open Or Close Accounts? Next Step?

Got it, right now it's a 200 deposit with a $500. So 300 is unsecure, I'm just not sure if I should close it since it's my oldest account by 2 months.
12/23 Fico Score 8 TU-761 EX -747 EQ-734
Message 13 of 19
Anonymous
Not applicable

Re: Keep Open Or Close Accounts? Next Step?

It will not affecr your AAoA so you should be fine if you get approved for a card by NFCU or Chase

Message 14 of 19
Anonymous
Not applicable

Re: Keep Open Or Close Accounts? Next Step?


@Abelcrdn wrote:

I need some advice on weather i should open or cose some accounts. I just recently applied and got approved for Barclays Apple Rewards Visa $2,000, Barclay Mastercard Rewards $2,000. My question is should i close some of the ones that i am not using or let them just close on there own? The three that i want to close mainly are Surge,ExpressNext,Pier One. You guys have helped so much so any advice is appreciated. I do not have any negative on my reports.

 

1.)Capital One Platinum Sercure $500 - $200 of it is secured $300 unsecure, should i close and apply for a better one with them? No more increase but oldest account 

2.) US Bank Aero Mexico Secured $1,000 second oldest account

2.)Capital One QuickSilver $500

3.) Kohls $300 will not increase. 

4.)Express for Men $350 will not increase 

5.)Lane Bryant (Wife uses Smiley Wink ) $250 wont budge

6.) Torried (Auth User) Went from $250 to $450

7.)Pier One $350. Wont Budge on CLI

8.)FireStone was $800 Auto CL to $1,200 

9.) Walmart was $1,000 Recon $6,000 

10.) Lowes was $300 Recon $17k 

11.) Apple Rewards Visa $2,000

12.)Barclay Rewards MC $2,000 

13.) Surge $500

 

What are some thoughts on closing these three since i have replaced them with "better" cards. My concern is that my AAoA will go down since they were some of my first ones (not oldest) opened. 

 

CURRENT FICO SCORE 8 ARE EQ=686 TU=727 EX=697 These are not reflecting the most accurate CLI. Projected with those are  EQ=706 tu=752 EX=717

 

 

PLEASE LIST SUGGESTIONS !!! !THANK YOU!

 

 

 


Close these as well.. There is no reason to keep a secured account open past the point of your getting unsecured cards. NONE. Being your oldest account is irrelevant as you surely have other accounts that are no more than a few months younger. As soon as the QS1 account is six months old, you can apply for another Cap One account, I would suggest a Platinum card, even though you would probably easily qualify for a QS or Venture at this point. Six months from that app, apply for the Venture or QS.

 

If the QS1 card is more than 2 months old, request a CLI on it.

 

IMHO, you have way too many store accounts anyway. Close most of them as you work on opening a few more bank cards. Only keep the ones open that are absolutely useful to you in terms of being financially advantageous to use, such as an Amazon Prime card that gives you 5% back and free shipping on orders, or the Walmart card that gives you 1-3% back as a statement credit. If a store card does not give you any such perks, there is really no reason to keep it, as your regular bank cards that DO give perks can always be used in place of any of those store cards.

 

Dump the AU account as well - with your scores, its pretty much pointless to have it.

Message 15 of 19
Abelcrdn
Regular Contributor

Re: Keep Open Or Close Accounts? Next Step?

Doesn't USBank unsecure after 12months? I have had that card for 11 months.
12/23 Fico Score 8 TU-761 EX -747 EQ-734
Message 16 of 19
Anonymous
Not applicable

Re: Keep Open Or Close Accounts? Next Step?


@Abelcrdn wrote:
Doesn't USBank unsecure after 12months? I have had that card for 11 months.

I was told by US Bank two years ago, that they do not unsecure their secured accounts, but rather they close it and open a new account, which is no different than you opening a new account yourself (at ANY bank), and closing the secured account. Regardless, your scores are more than high enough to qualify for an unsecured account (from any number of banks) since you are clear of derogs.

 

But if they DO unsecure it in a month, thats great, but if they don't just app for unsecured, and close it. With 700+ scores and clean files, approval should not be a problem.

Message 17 of 19
rmduhon
Valued Contributor

Re: Keep Open Or Close Accounts? Next Step?

Just as a heads up, in case you haven't closed the Cap1 secured card, apparently they can now unsecure. Check out the Credit Card sub-forum for the post.
Message 18 of 19
Anonymous
Not applicable

Re: Keep Open Or Close Accounts? Next Step?


@Anonymous wrote:

I would keep it open until you get the approval for a NFCU card then close it if they won't unsecure to the no annual fee version.


@@Anonymous

How long after joining the league do you advise waiting to apply for the federal credit union card?

Message 19 of 19
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