topic Re: Old Capital One secured card with a tiny limit in Credit Cards

Old Capital One secured card with a tiny limit

Anonymous — Thu, 12 May 2016 19:51:58 GMT

I have a Cap 1 secured card that is about 6 years old. The limit is pathetic, around $300. I've only kept it because of its age. I now have Discover, Barclay, Amex & Synchrony cards with $2000 + limits and even a QS1 with a $1000 limit. This card is my 2nd oldest open account. Cap 1 has told me there's pretty much nothing they can do with this card to improve it, and the rep all but told me to close it. Will closing it do much damage to my AAoA?

Re: Old Capital One secured card with a tiny limit

jacetx — Thu, 12 May 2016 20:05:34 GMT

Closing cards will not affect AAoA since the account remains for 10 years on your reports after closing. The only time that closing a card has a negative impact is when it affects your utilization.

Re: Old Capital One secured card with a tiny limit

Anonymous — Thu, 12 May 2016 20:10:02 GMT

It's off to the rubbish bin with this card then. Thanks!

Re: Old Capital One secured card with a tiny limit

Anonymous — Thu, 12 May 2016 20:22:03 GMT

Thanks for asking this. I have the exact same issue right now and was trying to figure out what to do with this darn thing.

Re: Old Capital One secured card with a tiny limit

Anonymous — Thu, 12 May 2016 21:55:03 GMT

@Anonymous wrote:
Thanks for asking this. I have the exact same issue right now and was trying to figure out what to do with this darn thing.

You'd think they would offer SOME kind of incentive to keep/use this thing. I even asked the rep, 'What is my incentive to keep this?' and he literally said, 'There's really nothing'.

Re: Old Capital One secured card with a tiny limit

Anonymous — Fri, 13 May 2016 05:42:04 GMT

It's just pretty much a card to help rebuild and get into capital one. I remember when I was rebuilding started with that card with a limit of 200 went to 500 after that I was able to open cards with capital one chase Barclay Amex. Discover still doesn't like me even though my score between 685-698

Re: Old Capital One secured card with a tiny limit

exCYter — Fri, 13 May 2016 06:04:08 GMT

@jace8602 wrote:
Closing cards will not affect AAoA since the account remains for 10 years on your reports after closing. The only time that closing a card has a negative impact is when it affects your utilization.

Or when changing it messes with your credit mix in a way scoring deems negative. When I cancelled mine I took a big hit and that is the only thing I can figure.

Re: Old Capital One secured card with a tiny limit

Anonymous — Fri, 13 May 2016 10:54:48 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks for asking this. I have the exact same issue right now and was trying to figure out what to do with this darn thing.
You'd think they would offer SOME kind of incentive to keep/use this thing. I even asked the rep, 'What is my incentive to keep this?' and he literally said, 'There's really nothing'.

LOL. Well then, there's that!

Re: Old Capital One secured card with a tiny limit

Anonymous — Sat, 14 May 2016 01:17:35 GMT

@exCYter wrote:
@jace8602 wrote:
Closing cards will not affect AAoA since the account remains for 10 years on your reports after closing. The only time that closing a card has a negative impact is when it affects your utilization.

Or when changing it messes with your credit mix in a way scoring deems negative. When I cancelled mine I took a big hit and that is the only thing I can figure.

Out of curiosity, did you have a pretty thin file at the time?

Re: Old Capital One secured card with a tiny limit

Creditplz — Sat, 14 May 2016 01:39:56 GMT

I closed mine a year after I got it, once the rebuilding process is over it has done its job and closing it won't hurt your score.

Re: Old Capital One secured card with a tiny limit

nycplayboy78 — Sat, 14 May 2016 01:55:32 GMT

Move that $300 to your QS1 card you can do it online....EASY!!!!

Re: Old Capital One secured card with a tiny limit

dragontears — Sat, 14 May 2016 01:59:05 GMT

Last I heard you can not transfer limits from the secure card to any other card.

I closed my secure card after having it for 2 years and it cause no change to my score

Re: Old Capital One secured card with a tiny limit

Anonymous — Thu, 19 May 2016 14:11:29 GMT

@nycplayboy78 wrote:
Move that $300 to your QS1 card you can do it online....EASY!!!!

You can't combine secured card limits with any other cards. That was the first thing I asked when I called them.