Will closing a secured card affect me credit score?

[Desi_Hybrid]

Hi,

I have had my Cap One Secured credit card since 2011. I received one unsecured limit increase in 2014 however, it has never been graudated. I currently have one other Cap One card (Journey opened in 2014) but it has been restricted since 2017 due to me not being able to make payments while on maternity leave. This card was paid in full but remains open. Because Cap One doesn't allow you to have more than two cards opened at once I can't apply for another product and they will not graudate the secured card. So my question is do I close both and apply for a new card? If so, will it affect my average age of accounts? Or should I just leave it open since the secured card is my oldest card?

[Remedios]

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@Desi_Hybrid wrote:

Hi,

I have had my Cap One Secured credit card since 2011. I received one unsecured limit increase in 2014 however, it has never been graudated. I currently have one other Cap One card (Journey opened in 2014) but it has been restricted since 2017 due to me not being able to make payments while on maternity leave. This card was paid in full but remains open. Because Cap One doesn't allow you to have more than two cards opened at once I can't apply for another product and they will not graudate the secured card. So my question is do I close both and apply for a new card? If so, will it affect my average age of accounts? Or should I just leave it open since the secured card is my oldest card?

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Unless it affects your utilization, there will be no scoring change. As far as AAoA, it will stay on your CR for up to 10 years. 

So, other than secured cap one and journey card, do you have any other revolving accounts? 

What kind of negatives are on your CR? Fico scores?  Have you checked any prequals? 

[Anonymous]

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@Remedios wrote:

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@Desi_Hybrid wrote:

Hi,

I have had my Cap One Secured credit card since 2011. I received one unsecured limit increase in 2014 however, it has never been graudated. I currently have one other Cap One card (Journey opened in 2014) but it has been restricted since 2017 due to me not being able to make payments while on maternity leave. This card was paid in full but remains open. Because Cap One doesn't allow you to have more than two cards opened at once I can't apply for another product and they will not graudate the secured card. So my question is do I close both and apply for a new card? If so, will it affect my average age of accounts? Or should I just leave it open since the secured card is my oldest card?

---

Unless it affects your utilization, there will be no scoring change. As far as AAoA, it will stay on your CR for up to 10 years. 

So, other than secured cap one and journey card, do you have any other revolving accounts? 

What kind of negatives are on your CR? Fico scores?  Have you checked any prequals? 

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It would have to affect your utilzation though, since you are now deducting the limit of that card from your overall utilization, correct?

For example, I just closed my Credit1 card ($800 limit & I did not want to pay the renewal fee). It didn't post as closed until after I had pulled my reports for the month, but my EX score went -3 pts, my TU went -1 pts, & today my EQ went down -10 pts. I'm not really worried, as my balances will be lower when the next round of reports hit, so I should get those points back. Point being you may see a small fluctuation but not major.

[Desi_Hybrid]

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@Remedios wrote:

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@Desi_Hybrid wrote:

Hi,

I have had my Cap One Secured credit card since 2011. I received one unsecured limit increase in 2014 however, it has never been graudated. I currently have one other Cap One card (Journey opened in 2014) but it has been restricted since 2017 due to me not being able to make payments while on maternity leave. This card was paid in full but remains open. Because Cap One doesn't allow you to have more than two cards opened at once I can't apply for another product and they will not graudate the secured card. So my question is do I close both and apply for a new card? If so, will it affect my average age of accounts? Or should I just leave it open since the secured card is my oldest card?

---

Unless it affects your utilization, there will be no scoring change. As far as AAoA, it will stay on your CR for up to 10 years. 

So, other than secured cap one and journey card, do you have any other revolving accounts? 

What kind of negatives are on your CR? Fico scores?  Have you checked any prequals? 

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So, other than secured cap one and journey card, do you have any other revolving accounts? 

Yes a Discover IT and Bank of America Secured Card

What kind of negatives are on your CR? Fico scores?  Have you checked any prequals?

4 PIF chargeoffs (2017) from other credit cards that couldn't be paid while on Maternity leave (Amex, Macy's, J Crew, VS). I have nothing else on my credit report but student loans in good standing. My AAoA is 6.5 years. EQ-691 TU-714 EX-680. I haven't checked any prequals.

[Remedios]

I think you can safely close it, but also,I'd look and see if you have prequals for any cards that would fit your spending needs 

That way, if you find one, you can also give up on the restricted card unless Cap One can give you an idea on when the restriction will be lifted.