topic Should I cancel my Cap One Secured? in Rebuilding Your Credit

Should I cancel my Cap One Secured?

Anonymous — Thu, 13 Jun 2019 00:38:43 GMT

I applied and was approved last night for the unsecured CO platinum card. So, I was wondering if I should go ahead and cancel my secured CO card to get my deposit back. I have a few cards which I will list below. Any advice is appreciated.

Capital One Secured ($200 CL) - Opened March 2019

Indigo Unsecured ($300 CL) - Opened May 2019

Discover Secured ($200 CL - Authorized User) - Opened March 2019

Amazon Credit Builder ($100 CL) - Opened March 2019

The new card is a Capital One platinum, unsecured - $300 CL

Re: Should I cancel my Cap One Secured?

Zolomon — Thu, 13 Jun 2019 01:25:18 GMT

I would keep it. You'll get your deposit back in due time and you'll have an extra credit line to request increases on. Win, win.

Re: Should I cancel my Cap One Secured?

Remedios — Thu, 13 Jun 2019 01:51:32 GMT

Capital One is not unsecuring cards at this time, but there are no fees associated with it, so I'd keep it for the time being

If you're looking at closing, that Indigo one seems like a prime candidate

Re: Should I cancel my Cap One Secured?

Anonymous — Thu, 13 Jun 2019 08:02:50 GMT

I would wait for it to hit 1 year. Then see what your credit situation is like.

The card I would really be looking at side eye is Indigo. Its recent so don't cancel but they have high fees, no rewards and an annual fee. Hopefully you got the $0 annual fee one and not the $75-$99 annual fee card.

Re: Should I cancel my Cap One Secured?

Anonymous — Thu, 13 Jun 2019 10:35:41 GMT

I have the one with the annual fee, sadly.

I plan on canceling it around January.

Re: Should I cancel my Cap One Secured?

DIYcredit — Thu, 13 Jun 2019 13:10:41 GMT

You should cancel the co secured cc.You are an au the other indigo cc which is a plus.Use the co platinum and installment loan to make monthly on time payments.Keep utilization on cc 1-6%.You should make an overall goal to have thee cc's,but make good use of this time and open cc's wisely in the future. Open cc's that are beneficial to you in the long term.GOOD LUCK...