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@akayak11 wrote:NormanFH-
Thank You for that feedback! I have a $750 secured account with Cap 1 I plan on closing. I opened it with $300 and they gave me the additional dollars. Odd, considering they no longer "graduate" the cards. I've even tried consolidating the secured with my Quicksilver without success.
Thanks again for the information.
Kay
Once you close the Cap One secured account, you can open another unsecured Cap One account.
As others have mentioned, closing an account that was in good standing will allow it to still count in your AAoA for ten years.
The part I would be concerned about is covering the UTI you would be losing if a 10k account is closed.
If you can cover it with other cards or do without it, you will be fine.
HTH
ETA: I am in favor of secured CCs and loans when needed. My scores were in the 470 range when I started rebuilding in 2009 and I didnt even get offers for the infamous subprime CCs. I got a secured CC from USAA because they denied a regular CC and I wanted to get in with them. After six months or so, I had some subprime cards and about a year later, I started getting regular CCs. Earlier this year, I was denied a B of A Visa CC but offered the 99/500 secured and I took it, again because I wanted in with them, even though my scores were well above 650. The 99/500 was auto graduated after six months and I closed the original secured CC with USAA after they approved me for a regular CC. Secured CCs definitely have a purpose and can help you rebuild.