topic Re: Applied and CapOne in Credit Cards

Applied and CapOne

brindle26 — Sat, 01 Jun 2013 13:56:18 GMT

Applied was gotten in Aug of 2012 and CapOne in Nov. Both are secured cards. I'm fed up with them and want to cancel. Will this dramatically effect my scores which are in the mid 600's?

Re: Applied and CapOne

parakleet — Sat, 01 Jun 2013 14:03:29 GMT

It depends on your credit profile. Are these your only cards? It may affect your util rate if you cancel but since the Applied isn't very old and it will stay on for 10 yrs anyways, it won't affect your aaoa. If these are your only cards, I would try to get another card to replace this one and then cancel. Others on the forum have great suggestions when it comes to secure cards. But with mid 600's, I bet you could qualify for CUs. Or you could try going for a card with the shopping card trick. Just do a search and there are tons of posts on how and what cards you can get.

Re: Applied and CapOne

brindle26 — Sat, 01 Jun 2013 14:36:39 GMT

My sig shows the cards I have. 8.86% utility is 8.86%. which is where I keep it at regardless of my total credit limit.I realize that it would lower my total credit limit. Should that be a concern with low scores, young aoaa and 8 HP's in the last 6 months? I'd lose two junk TL's, but what if my wife added me to her new CapOne rewards card?

Re: Applied and CapOne

Burned2manybridgesB4 — Sat, 01 Jun 2013 14:43:45 GMT

Do some research, before drastic actions....

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Re: Applied and CapOne

Countingpennies — Sat, 01 Jun 2013 14:51:40 GMT

I would apply for your own CapOne Rewards card. Just make sure it's the MC, not Visa; the Visas are for excellent credit. I think you have a good shot at it.

Re: Applied and CapOne

brindle26 — Sat, 01 Jun 2013 14:54:46 GMT

They already denied me because of to many inq's.

Re: Applied and CapOne

Burned2manybridgesB4 — Sat, 01 Jun 2013 15:34:43 GMT

How many HP's are you showing across all three CRAs in the past two years?

Re: Applied and CapOne

brindle26 — Sat, 01 Jun 2013 16:01:07 GMT

eight

What I want to do is get my $600.00 back and put some in my AMEX savings and some in my DCU savings. I'm thinking at my age 68 that I'd rather build a relationship with DCU & Amex than piddle around with these two sub-prime rebuilder go nowhere cards.