Time to Close Cap 1 Secured

Anonymous · ‎12-07-2015

Just sent in my payment to balance it out to zero, then on Thursday will close my secured account. Had planned to keeping it open til February, but now there's no need to. Over the weekend got approved for Venture and QS, so my secured card has served its purpose. Really appreciative to Cap 1 for giving me a chance and opening up the door to other approvals. Kinda feeling sad about it....like losing a friend.

Anonymous · ‎12-07-2015

Light some candles, play some music, create a special moment while you cut it up/shred it in the trash.

Then throw on the lights, and gaze in full glory of the cards you have achieved and recieved.

Anonymous · ‎12-07-2015

@Anonymous wrote:
Light some candles, play some music, create a special moment while you cut it up/shred it in the trash.

Then throw on the lights, and gaze in full glory of the cards you have achieved and recieved.

Thanks buyaobuyao. All I need is a bottle of red wine and I'm good to go.

olehammer · ‎12-07-2015

Amazing! Well done.

gizmotchy · ‎12-07-2015

@Anonymous wrote:
Just sent in my payment to balance it out to zero, then on Thursday will close my secured account. Had planned to keeping it open til February, but now there's no need to. Over the weekend got approved for Venture and QS, so my secured card has served its purpose. Really appreciative to Cap 1 for giving me a chance and opening up the door to other approvals. Kinda feeling sad about it....like losing a friend.

One thing to keep in mind is that closing a card can result in a hit to your score. If there's no annual fee for the secured card, and you have no dire need of the initial deposit, there may be some benefit to keeping the account open for a while and sock-drawering the card, if it is substantially older than your other cards. However, if there is an annual fee (not sure about the cap one secured card) definately kill it.

Beginning Scores 5/10/2014: EX 604, EQ 587, TU 658 Current 11/9/2015: EQ 665 TU 665 (FAKO) EX 659 (FAKO)

Caitt · ‎12-07-2015

@gizmotchy i have a secured card thought Capital One also and haven't been charged an annual fee (since 2012). I know I can get approved for the same cards Platinum and Quicksilver, so it'll be beneficial to keep the secured card open rather than close it? My deposit was only $49 (not too heartbreaking)

Anonymous · ‎12-07-2015

@olehammer wrote:
Amazing! Well done.

Thank you. Being on myFico was the best thing that has happened to me. I've learned so much.

Anonymous · ‎12-07-2015

@gizmotchy wrote:
@Anonymous wrote:
Just sent in my payment to balance it out to zero, then on Thursday will close my secured account. Had planned to keeping it open til February, but now there's no need to. Over the weekend got approved for Venture and QS, so my secured card has served its purpose. Really appreciative to Cap 1 for giving me a chance and opening up the door to other approvals. Kinda feeling sad about it....like losing a friend.
One thing to keep in mind is that closing a card can result in a hit to your score. If there's no annual fee for the secured card, and you have no dire need of the initial deposit, there may be some benefit to keeping the account open for a while and sock-drawering the card, if it is substantially older than your other cards. However, if there is an annual fee (not sure about the cap one secured card) definately kill it.

Thanks for you reply. It isn't my oldest card, but it was my first bank card. I don't plan to apply for anything else for a while as I need to age my accounts. There are 4 cards I want to add in the future and I need to start making room for them and will close a couple and consolidate the Capital One cards in 6 months and work on CLIs on the bank cards.

Anonymous · ‎12-07-2015

@Caitt wrote:
@gizmotchy i have a secured card thought Capital One also and haven't been charged an annual fee (since 2012). I know I can get approved for the same cards Platinum and Quicksilver, so it'll be beneficial to keep the secured card open rather than close it? My deposit was only $49 (not too heartbreaking)

Getting approved for the Venture, QS, and Cabelas precipitated my decision to close the secured card as I know now I will qualify for other cards. I need for my other bank cards to age and grow. My next goal is to reach $10k on at least a couple of the bank cards as I have good limits on my store cards.