topic Closing Capital one secure card in Credit Cards

Closing Capital one secure card

Anonymous — Wed, 05 Feb 2020 23:20:49 GMT

Good evening guys

I need some advice, and you guys are the go to for info. Im on the journey of rebuilding my credit. My question is, should I keep my capital one secure card open when at this point they are not graduating card to secure at the moment. The cards that I actively use now are chase freedom, discover it, and was just approved for Amex cash magnet. Thanks for all the advice given.

Re: Closing Capital one secure card

AllZero — Wed, 05 Feb 2020 23:26:13 GMT

Yes. You got your 3 revolvers. Clear to close. Congrats!

Re: Closing Capital one secure card

Anonymous — Wed, 05 Feb 2020 23:40:04 GMT

Agreed with AllZero! You have 3 revolvers now, all from really good lenders. With that said, I don't think there's any use for a secured card with your lineup now. I think you'd be safe to close!

Re: Closing Capital one secure card

M_Smart007 — Wed, 05 Feb 2020 23:53:30 GMT

I'll give you a pre-congrats on closing it

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 00:27:00 GMT

@AllZero wrote:
Yes. You got your 3 revolvers. Clear to close. Congrats!

Thanks for the advice

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 00:27:20 GMT

@Anonymous wrote:
Agreed with AllZero! You have 3 revolvers now, all from really good lenders. With that said, I don't think there's any use for a secured card with your lineup now. I think you'd be safe to close!

Thank you I appreciate the advice

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 00:12:25 GMT

Thank you guys I appreciate the advice! I will be closing tomorrow. Might I add, my credit limit is $1300 so I want my money back Lol

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 00:14:36 GMT

Ready, set, close.

That's because you have some great cards that will grow nicely.

Congrats.

Re: Closing Capital one secure card

KJinNC — Thu, 06 Feb 2020 01:17:00 GMT

Yes, close. There's no harm in doing so. It's just tying up cash. It will stay on your CRs for about a decade, so you won't lose account age by closing it. JMO, good luck!

Re: Closing Capital one secure card

joshk4u — Thu, 06 Feb 2020 09:20:12 GMT

Does it hurt to keep the cap one secure card open ?

Would love some insight on this topic ! Congrats on your rebuilders.

Re: Closing Capital one secure card

AllZero — Thu, 06 Feb 2020 09:22:15 GMT

@joshk4u wrote:
Does it hurt to keep the cap one secure card open ?
Would love some insight on this topic ! Congrats on your rebuilders.

Share your profile. Then you can get feedback.

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 14:07:30 GMT

It takes about 3 months from the date you close your card to get your money back. I'm around the 2 month mark now and still waiting for my $49 dollars.

Re: Closing Capital one secure card

Anonymous — Thu, 06 Feb 2020 21:40:42 GMT

3 months?! wth?

is there an option on how you get reimbursed?

@Anonymous wrote:
It takes about 3 months from the date you close your card to get your money back. I'm around the 2 month mark now and still waiting for my $49 dollars.

Re: Closing Capital one secure card

Anonymous — Fri, 07 Feb 2020 18:31:22 GMT

You have to wait 2 statement cycles after closing the card before they send you a refund and today marks my closing date for my 2nd month. I will be shocked if I see a check in the next 2 weeks.

Re: Closing Capital one secure card

Anonymous — Sat, 08 Feb 2020 19:15:44 GMT

Another question, is someone can chime in. My capital one secure card has been open only for 1 1/2 years so the ding to my credit score won't be so bad as to closing a fairly older credit account

Re: Closing Capital one secure card

Puppetmaster — Sun, 09 Feb 2020 10:11:37 GMT

@joshk4u wrote:
Does it hurt to keep the cap one secure card open ?
Would love some insight on this topic ! Congrats on your rebuilders.

It depends upon various factors personal to you. One of the first cards I opened to begin rebuilding credit was the Capital One secured card. My $49 deposit was good for a $200 credit limit, which was helpful at that point. After paying on time for a number of months, the credit limit was increased to $500. As a practical matter, this card isn't really usefull to me anymore, other than for the $500 it adds to my available credit, and for for the one more month of one more card reporting on time every month (with a $0 balance). But I'm not in need of the $49 deposit back, and am satisfied with keeping the open account while my $49 sits idle. On the other hand, another secured card that I obtained at the beginning of my rebuild required a $200 deposit for a $200 credit limit, in addition to a $39 annual fee. That account will be closed before the annual fee is billed. Neither the $39 annual fee nor the $200 deposit are justified for this card now that my credit has been re-established, let alone both. That card is just expensive clutter.