topic Re: Should I close this card? in Credit Cards

Should I close this card?

Viper786 — Sun, 26 Feb 2012 18:59:18 GMT

I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?

Re: Should I close this card?

pizzadude — Sun, 26 Feb 2012 19:41:25 GMT

I think you would be fine to close it to keep from paying an AF unless you need the CL to help your utilization. Since you have several other open cards you should be fine.

Re: Should I close this card?

webhopper — Sun, 26 Feb 2012 20:05:53 GMT

@Viper786 wrote:
I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?

Absolutely, I would close it and have a scissor meets card matchmaking party.

Re: Should I close this card?

Guava — Sun, 26 Feb 2012 20:31:10 GMT

I'd close it. The chase freedom is a fantastic go to card

Re: Should I close this card?

aussiesareforever — Sun, 26 Feb 2012 20:42:22 GMT

I'll join the choir and say close it. Just make sure you keep your utilization low so that the reduction in your total credit limit does not dramatically raise you util

Re: Should I close this card?

LS2982 — Sun, 26 Feb 2012 22:22:38 GMT

@Viper786 wrote:
I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?

I'd close it but make sure you get the full 12 months of reporting.

Re: Should I close this card?

Viper786 — Mon, 27 Feb 2012 02:55:19 GMT

@LS2982 wrote:
@Viper786 wrote:
I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?
I'd close it but make sure you get the full 12 months of reporting.

Thanks for all the input everyone! How important is it to get 12 months of reporting? If I got the card on 4/16/11, should I cancel it around 4/1/12 to avoid the AF and still get 12 months of reporting??

Re: Should I close this card?

pizzadude — Mon, 27 Feb 2012 03:00:33 GMT

I don't think that it really makes much difference if you close it before 12 months ~ it will still show on your reports as a positive closed account for ten years from the time you close it. Just make sure that you don't get stuck with the AF if you wait too long.

Re: Should I close this card?

Smerri1029 — Mon, 27 Feb 2012 03:01:26 GMT

With the Freedom and Zync you should def be ok to go ahead and close it.

Re: Should I close this card?

Anonymous — Mon, 27 Feb 2012 04:21:54 GMT

@Smerri1029 wrote:
With the Freedom and Zync you should def be ok to go ahead and close it.

+1

It's a low limit card that will never graduate. You have better ones already. It'll count towards your AAOA for the next decade even if you close it, and that's about the only thing it'll do for you anyway.

Re: Should I close this card?

Anonymous — Mon, 27 Feb 2012 04:36:26 GMT

@Viper786 wrote:
@LS2982 wrote:
@Viper786 wrote:
I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?
I'd close it but make sure you get the full 12 months of reporting.
Thanks for all the input everyone! How important is it to get 12 months of reporting? If I got the card on 4/16/11, should I cancel it around 4/1/12 to avoid the AF and still get 12 months of reporting??

You have some time after the AF hits the account to close it and get the fee back. I think they told me either 30 or 60 days. Don't expect the money back very quick however, they say 60 days, and it took longer for me.

Re: Should I close this card?

pipeguy — Mon, 27 Feb 2012 04:46:10 GMT

If you think about why you opened this card in the first place, as a low limit secured card, it was to establish a positive tradeline. Why? so that you could get better cards that didn't need to be "secured". I'd say its more than served and out grown its' purpose. Close it yesterday, forget about anything other than you get your deposit back and you won't pay the next AF. Give your current tradelines a year or so to mature (2 years is better) and you can get anything you need in the future. The secured card was not a foundation to your credit history, more like training wheels you no longer need.

Re: Should I close this card?

LS2982 — Mon, 27 Feb 2012 10:49:10 GMT

@Viper786 wrote:
@LS2982 wrote:
@Viper786 wrote:
I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.

Should I close this account before the AF hits in April?
I'd close it but make sure you get the full 12 months of reporting.
Thanks for all the input everyone! How important is it to get 12 months of reporting? If I got the card on 4/16/11, should I cancel it around 4/1/12 to avoid the AF and still get 12 months of reporting??

I think it is important because it shows 12 months of good history on all of your CR's. You did what you had to do with subprime and it's time to move up!