I would keep it open a little longer until you are able to replace it with unsecured cards. It may take a little time, keep gardening those cards well.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
I'd recommend that as well. If you or someone you are related to has access to Navy Federal, their credit cards are great. Even the secured cards have rewards, and they graduate after 12-13 months.
@Anonymous wrote:Hi all,
First off, just wanted to say thank you to everyone here for being an awesome community. I have been a long time lurker and have used this site immensely over time to gain some knowledge here and there, but now I need some help.Here is what I'm working with:
FICO scores as of today:
Equifax- 593
TU- 577
Experian- 586
2 recently paid charge offs from credit cards with Citi and Cap1 back in my college days set to fall off in 2017. One judgement for the capital one card, and a collection account for the same cap1 card that was paid off.
Last September, I was approved for a Capital One secured card, put down $500 for it, and have an $800 limit as of today. I also was just approved for capital one quicksilver with a 1K credit limit at the beginning of April of this year.
Most of my scores recently dropped a few points due to some applications I put in, which ended with me being approved for the Quicksilver card. My question is, where can I find my AAoA within myfico? Am i missing something?
I am considering closing out the capital one secured card because 1. they are holding $500 from me interest free, 2. there is an annual fee and no rewards, and 3. I was just approved for their unsecured quicksilver card, which I am sure they will up the CL within a year. What risk am I running by closing that besides potentially changing my utilization? I have read that even closed cards remain on your credit reports for 10 years and contribute to average age of accounts. Is this correct? My secured cap1 card has 100% on-time payments by the way. Would you guys recommend I keep it open just due to the fact that it is 7 months of good credit history? Does anyone in here have experience with capital one regarding calling to close an account and them graduating a secured card to a better one? Thanks in advance for all the help.
Whatever you decide to do with it, Capital One will not graduate a secured card to an unsecured one. Many have tried and failed!!