Re: Closing CapOne Secured Card After 2 Years - What Card to Get?
11-16-2012 07:52 PM
My CapOne Secured Card will turn two years old January 2013. The card has served its purpose and I'll be closing it before the AF kicks in, but now I'm wondering whether I should apply for another CapOne card or try a different bank entirely. I don't like the idea of staying with CapOne and would like to move on to bigger and better cards, but I'm afraid that becasue of my past I might be turned down by other banks. I've been working really hard to rebuild my credit for the past two years after being careless with credit during my college years and looking forward to get a home loan in the not so far future.
Just a little bit of my credit background. My Fico scores are in the 650's, apart from the CapOne secured card ($3000 CL) I have an unsecured BOA Cash Rewards card ($3500, a secured card that graduated last week), a PayPal Smart Connect ($800) and an ALLY auto loan I've been paying for the last 8 months. I do not have any lates for the past two years since I started rebuilding with the Capital One secured card.
The cons. I have a Citi Paid Charge Off from 2008, a BOA card with 90 days late that was closed in 2009. I am self employed.
I would like another card so I can at least have two credit cards after I close Cap One. I know that I have a good chance of being approved for a CapOne unsecured card but would like to stay away from them if possible. Citi will probably deny me from the bad past history I have with them. What other cards do you guys recommend for my situation? Being self employed defintely makes it even harder for me to be approved. I have trouble even being approved for store cards, though recently I've had better luck.
Thanks in advance for your time.
I had a Capital One secured card for 14 months ($2200 deposit) and applied for unsecured. I got a NoHassle Cash back with $3000 CL and $500 credit step at six months. The big CL and good history on the card was a major factor, they said. That was a really big success at the time for me, and it took over a year to match that success.
IMO, it is kind of a waste, to not take advantage of the good history you build with Capital One, or anyone else you have a secured card with. Since Capital One also has prime cards, I don't see any reason to give up on them (unless you have some bad experience with them). .