02-08-2017 09:57 PM
02-08-2017 10:04 PM
I am on my journey of rebuilding my credit. I opened 2 Capital One secured cards over 2 years ago, 1 Discover secured card last summer and recently 1 Self Lender small loan. Discover has just informed me that they will be returning my deposit since my account has remained in good standing. Discover also offers cash back and Capital offers zilch. I want to cancel the 2 Capital One cards- I can't even get a credit line increase with them. Is this a bad idea?
Kinda - before cancelling, take a trip through the Capital One Prequalifier and see if they'll just issue a new unsecured card to your now-better profile. Then cancel.
Cap One is a great lender, but they have a nasty habit of keeping cards in the same bucket you opened them in - forever...so a significant change in your credit requires a new card before they'll treat you like your profile deserves
02-09-2017 04:07 AM
02-09-2017 06:14 AM
Go and do the cap one prequal. You very likely can get a Quick Silver with rewards and no annual fee. And yes, close the two secured cards. No, your AAoA won't be affected.
What are your FICO scores?
02-09-2017 11:21 PM
I didn't get approved through the Capital One prequalification. I guess I'll just hang on to the 2 cards.
I'd recommend closing one of them, actually. I recall a while back Cap One had a policy of only allowing a maximum of 2 subprime cards per person...it may be the case that they simply won't offer another since you already have 2
02-09-2017 11:49 PM
02-10-2017 12:23 AM
I don't think so - especially if the one you close is not your oldest account...that said, eventually you are going to want to close both of these becasue they won't grow, so...best to worry less about short-term score impacts and more about your long-term plans