Should I close my Cap1 Secured?

Anonymous · ‎01-08-2016

In need of some desperate help!

I have been working on my credit for just over a year now having gotten my Capital One secured card in October of 2014. $200 deposit, $200 limit.

I began with a 519 give or take a few pts. am now at:

Experian: 576

Equifax: 577

TransUnion: 583

1 unpaid collection for $694(Walmart closed June 2011)

2 paid collections (Have been paid for 1yr)

1 Public Record, hospital bill, also paid, last payment Feb. 2014.

After my first card I opened a Creditone card in feb of 2015 for $600.

June 2015 opened QS1 card for $500 now at $1500.

October 2015 Victorias Secret card $500.

Revolving credit right now is at about 50%, working on bringing it down, I used them for the holidays.

I also have a CO with Macy's for $310(not in collections) (closed Oct 2011)

BOfA for $326, same as above. (closed Feb 2012)

My first question, do I close the Cap1 secured and open a Td secured which gradutes after 7months?

Second, should I pay off BofA, Macys and Walmart?

Third, what is the main reason I can't pass the 600 mark?

It is extremely frustrating having worked on this for so long, all my open cards have been paid on time every month, haven't missed a payment. I've paid off debts and it seems as though nothing can give me that push. HELP!

Thanks in advance

Anonymous · ‎01-08-2016

Your score is probably gonna continue to be pretty low until the number of collections and charge-offs go away, but paying your cards down to below 30% of their lines will give you a nice bump, I bet.

Why do you want to close the CapOne secured before opening a new one with a different bank? I know that's $200 tied up in that card, but it's not much and the card is good for reporting your good behavior. I've had one for almost a year now, and it's helped me a lot. You might as well keep it at least until you're able to qualify for a better CapOne card (like a regular QuickSilver), then you can close that and app for the new one.

One more thought: Have you ever gotten a credit limit increase on that secured CapOne? If not, request one, you might get an unsecured increase.

Anonymous · ‎01-08-2016

I want to close the Cap1 because I've had it for over a year and haven't gotten an increase. Not really about the money, that's not an issue at the moment. More about just having a low limit card that I feel has only cracked the door open. I've requested increases online but always recieve a letter in the mail stating that they wont give me one, or it's not eligible. Don't remember which one at the moment.

Anonymous · ‎01-08-2016

@Anonymous wrote:
In need of some desperate help!

I have been working on my credit for just over a year now having gotten my Capital One secured card in October of 2014. $200 deposit, $200 limit.

I began with a 519 give or take a few pts. am now at:
Experian: 576
Equifax: 577
TransUnion: 583

1 unpaid collection for $694(Walmart closed June 2011)
2 paid collections (Have been paid for 1yr)
1 Public Record, hospital bill, also paid, last payment Feb. 2014.

After my first card I opened a Creditone card in feb of 2015 for $600.
June 2015 opened QS1 card for $500 now at $1500.
October 2015 Victorias Secret card $500.

Revolving credit right now is at about 50%, working on bringing it down, I used them for the holidays.

I also have a CO with Macy's for $310(not in collections) (closed Oct 2011)
BOfA for $326, same as above. (closed Feb 2012)

My first question, do I close the Cap1 secured and open a Td secured which gradutes after 7months?
Second, should I pay off BofA, Macys and Walmart?
Third, what is the main reason I can't pass the 600 mark?

It is extremely frustrating having worked on this for so long, all my open cards have been paid on time every month, haven't missed a payment. I've paid off debts and it seems as though nothing can give me that push. HELP!

Thanks in advance

1. Close it and open a Cap One unsecured Platinum.

2. Yes.

3. UTI, and the unpaid CO accounts.

Anonymous · ‎01-08-2016

Thanks for the advice, unfortunately I tried for a Platinum and I wasn't approved.

Anonymous · ‎01-08-2016

@Anonymous wrote:
Thanks for the advice, unfortunately I tried for a Platinum and I wasn't approved.

Because you had two open cards already. Thats normally an automatic denial, without a hard pull.