topic Re: Capital One Secured in Credit Cards

Capital One Secured

Anonymous — Thu, 05 Mar 2015 19:08:38 GMT

I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

Re: Capital One Secured

Anonymous — Thu, 05 Mar 2015 20:33:24 GMT

I would keep Capital One until it ages a little bit more.

Re: Capital One Secured

heyarrnold — Thu, 05 Mar 2015 20:41:45 GMT

If you close the account, it will remain on your credit report for 10 years. So it will still be part of your AAoA for the next 10 years.

Cap One secured was also my first CC. But I closed it 6 months later after I had acquired a Discover It card.

Re: Capital One Secured

dobirdsmommy — Thu, 05 Mar 2015 21:18:34 GMT

@Anonymous wrote:
I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

I kept mine for 3 years. Just closed it last month

Re: Capital One Secured

core — Fri, 06 Mar 2015 06:24:18 GMT

In your case I'd close the Capital One now and the Credit One card too. It will not affect your AAoA until 10 years from now, as has been pointed out. And the difference between your Capital One and VS is only 5 months. 10 years from now that 5 months, and those two cards, will be unimportant. It might be different if the Cap One was much older -- fortunately you're not in that position. Close it now, because the longer you hold onto it the harder the decision becomes.

Re: Capital One Secured

Anonymous — Fri, 06 Mar 2015 06:41:27 GMT

OP congrats on the venture!! I have the secured and I'm rebuilding myself, so I was wondering, were you pre-qualified on the website? Also what were your scores? And limit? Lol just wanted to know as I would love to have one of their prime cards

Re: Capital One Secured

Anonymous — Fri, 06 Mar 2015 07:02:49 GMT

i started with the cap one secured i used it like crazy every month but payed it off but like $10 before statement cuts i checked the prequaify site evey month and i finaly got the cap one QS1 with a $500 limit after my forth statement thiis is my first ever unsecured credit card i have no credit history and i have a CO and Collection

Re: Capital One Secured

Anonymous — Fri, 06 Mar 2015 07:23:15 GMT

There is no reason to keep Cap One secure card open. You should close that card without even thinking. It will remain on your report for 10 years which counts positively in your fico score. As someone stated you should close your Credit One card also. For your QS1 if Capital One gives you a decent increase then you should call EO department to get the fee waived or upgrade to Quicksilver card if not close it before annual fee bills.

Re: Capital One Secured

Anonymous — Fri, 06 Mar 2015 07:21:28 GMT

Ugh credit one I shredded that pre-approved mail as soon as I got it. Interest from the moment you swipe your card and high AF for a tiny limit? No thanks

Re: Capital One Secured

Cookie2120987 — Fri, 06 Mar 2015 09:30:30 GMT

P
@Anonymous wrote:
I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

As stated the card will stay on your report for ten years, personally the twenty nine dollars a year isn't bothering me that much but the fact that they refuse to product change or even give a credit increase is ridiculous, they will not budge, and if you try to get your deposit refunded they tell you that you have to close your account. While capitol one has given me a good start and given me several thousand in credit lines there ideals with the secured cards is basically you start there eventually apply for new cards with them.

in the end it probably isn't going to hurt or help you to close it but if you have paid for the annual fee this year you might as well finish it out and than cancel

Re: Capital One Secured

Anonymous — Fri, 06 Mar 2015 13:11:48 GMT

Thank you everyone so much. I'm going to close them both and listen to the great advice about my QS1 so thank you everyone so much again

As far as my Venture I never showed a pre-qualification for it. I never showed I was preapproved for any of my capital one cards. In October when I applied for my QS1 I didn't show any preapprovals at all but I applied anyways. I was denied but I recon'ed with the EO and they approved me with a $300 CL. At this time I had my secured card for 6 months.

When I seen the Venture frenzy I really wanted to try. I wanted a travel card and another larger limit (My NFCU card is at 12.5K) plus the spend bonus was nice. I tried the pre-qual site but once again nothing came up. I was scared to apply because of what happened with the QS1 and not have a pre-qual then but I tried anyways and it came back with a instant approval for 5K (I don't have much history at all plus (2) 5 year old collections on each of my reports. At this time I had my Secured card for about 10 months and my QS1 for 4 months. My scores were TU 656 EX 666 EQ 640 and my oldest card at the time was 10 months. I sometimes wish I would of waited to get my scores up a little more before applying but it's now my 2nd highest limit. The rest of my cards (including store cards are between $300-$900) and now I have a Venture at 5K and my NFCU card at 12.5K so I guess I really can't complain at all

I also have a Cap One 360 account so I have quite a few account with Cap one lol thanks everyone so much again!!

Re: Capital One Secured

dobirdsmommy — Fri, 06 Mar 2015 14:15:15 GMT

@Anonymous wrote:
Thank you everyone so much. I'm going to close them both and listen to the great advice about my QS1 so thank you everyone so much again

As far as my Venture I never showed a pre-qualification for it. I never showed I was preapproved for any of my capital one cards. In October when I applied for my QS1 I didn't show any preapprovals at all but I applied anyways. I was denied but I recon'ed with the EO and they approved me with a $300 CL. At this time I had my secured card for 6 months.

When I seen the Venture frenzy I really wanted to try. I wanted a travel card and another larger limit (My NFCU card is at 12.5K) plus the spend bonus was nice. I tried the pre-qual site but once again nothing came up. I was scared to apply because of what happened with the QS1 and not have a pre-qual then but I tried anyways and it came back with a instant approval for 5K (I don't have much history at all plus (2) 5 year old collections on each of my reports. At this time I had my Secured card for about 10 months and my QS1 for 4 months. My scores were TU 656 EX 666 EQ 640 and my oldest card at the time was 10 months. I sometimes wish I would of waited to get my scores up a little more before applying but it's now my 2nd highest limit. The rest of my cards (including store cards are between $300-$900) and now I have a Venture at 5K and my NFCU card at 12.5K so I guess I really can't complain at all

I also have a Cap One 360 account so I have quite a few account with Cap one lol thanks everyone so much again!!

YMMV but 2 weeks after I closed my partially secured card I did have the prequal for the Venture. I really do feel that Partially secured card does hold you back from other cards