What to do with tiny limit secured Cap One card

[Anonymous]

One of my first rebuild cards, was a Cap One secured.. It has a 200 dollar limit, which I dont beleive will ever grow. I Just got a CLI on my quicksilver card to 1500, and I have several other cards.. I really dont use use tht secured card at all. I try every couple of months to pull it out of its home in my sock drawer and use it for gas or something and then pay it off when the statement comes. But do I need to keep it at all? 

If it will eventually grow that is one thing, but if it will just stay at the 200 limit it really no longer serves any purpose for me.. My FICO's are still only mid 650's so I am still rebuilding but I have other cards with limits over 1000, so looking for some solid advice for this card.

Thanks

[Anonymous]

Most people will get one increase of 300 (often 9 days after the 6th statement) but that's about it. I've never heard of any other increase.

[NJ_Patriot]

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@Anonymous wrote:

One of my first rebuild cards, was a Cap One secured.. It has a 200 dollar limit, which I dont beleive will ever grow. I Just got a CLI on my quicksilver card to 1500, and I have several other cards.. I really dont use use tht secured card at all. I try every couple of months to pull it out of its home in my sock drawer and use it for gas or something and then pay it off when the statement comes. But do I need to keep it at all? 

If it will eventually grow that is one thing, but if it will just stay at the 200 limit it really no longer serves any purpose for me.. My FICO's are still only mid 650's so I am still rebuilding but I have other cards with limits over 1000, so looking for some solid advice for this card.

Thanks

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I have the same card with the very same limit. I also just got a Barclay's reward MC & Cap1 Quick silver card as well (both have a $500). I'm wondering the same thing. Either way, I think it helps to have it open for a while. Considering it adds to your AAoA... So even though you may not be actively using it it still somewhat benefits you. Even if it's a small percentage!

[Anonymous]

Just wanted to point out that if you close the card in good standing your AAoA won't take a hit because the account will stay on your reports for another 10 years

[Anonymous]

As long as you have other cards closing the secured card will not hurt your sores or average age of accounts as it will continue to show on your credit report for ten years. For maximizing FICO score you want to have three credit cards with only one reporting a balance of less than ten percent of it's credit limit and one installment loan but if you are not looking to apply for something right now it is not that important. I don't see any problems for you if you want to close the secured card.

[Anonymous]

I think you will be more than eligible for unsecure with Cap1. Try their pre-qualification site and see if you can get a non-secured one. My score was lower than yours and I was instant approve for $1,000. But if you dont want the new credit, what everyone else said lol close the CAP1 get your $200 in 10 years I'm sure you'll be in better position.

[Anonymous]

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@Anonymous wrote:

I think you will be more than eligible for unsecure with Cap1. Try their pre-qualification site and see if you can get a non-secured one. My score was lower than yours and I was instant approve for $1,000. But if you dont want the new credit, what everyone else said lol close the CAP1 get your $200 in 10 years I'm sure you'll be in better position.

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Just bear in mind, if you've applied for a Cap one card in the six months prior to closing the secured card, you're apparently unable to reapply for a replacement unsecured card. Happened to me two weeks ago. I applied and was approved for a Plat (now a QS) three months ago, and I'm instantly denied when I app for a new unsecured card, with the reason being a "recent or pending application." 

A CSR said for some people that could be three months, and I'm just past three months, so I might try to reapply today

[Anonymous]

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@Anonymous wrote:

One of my first rebuild cards, was a Cap One secured.. It has a 200 dollar limit, which I dont beleive will ever grow. I Just got a CLI on my quicksilver card to 1500, and I have several other cards.. I really dont use use tht secured card at all. I try every couple of months to pull it out of its home in my sock drawer and use it for gas or something and then pay it off when the statement comes. But do I need to keep it at all? 

If it will eventually grow that is one thing, but if it will just stay at the 200 limit it really no longer serves any purpose for me.. My FICO's are still only mid 650's so I am still rebuilding but I have other cards with limits over 1000, so looking for some solid advice for this card.

Thanks

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No, you do not need to keep it open once you have established unsecured accounts. Close it.

[RonM21]

As Norman said, close it at the point of having other unsecured cards. There comes a time when the secured card has done its job and has run its course.

[Anonymous]

I had to close mine because the secured card never graduates to unsecured