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Is there any benefit to keeping my Capital One secured card?

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frankjaeger
New Contributor

Is there any benefit to keeping my Capital One secured card?

I'm thirteen months post-bk and three months ago I got a $200 secured card and an auto loan refinance through Capital One. However, today they offered me a $3,000 unsecured platinum card and I accepted.

 

What would the benefit be to keeping this $200 secured card? Or should I just close it? It's only three months old though..

Message 1 of 6
5 REPLIES 5
Ficoproblems247
Valued Contributor

Re: Is there any benefit to keeping my Capital One secured card?

What other credit cards do you currently have other than Cap1?





FICO 8 Sep '23 EX 755 EQ 765 TU 739
TCL $199,800
Message 2 of 6
Horseshoez
Valued Contributor

Re: Is there any benefit to keeping my Capital One secured card?


@frankjaeger wrote:

I'm thirteen months post-bk and three months ago I got a $200 secured card and an auto loan refinance through Capital One. However, today they offered me a $3,000 unsecured platinum card and I accepted.

 

What would the benefit be to keeping this $200 secured card? Or should I just close it? It's only three months old though..


I closed my CapOne secured card last year after less than seven weeks; I didn't see any benefit to keeping it open.

I categorically refuse to do AZEO!
Message 3 of 6
frankjaeger
New Contributor

Re: Is there any benefit to keeping my Capital One secured card?


@Ficoproblems247 wrote:

What other credit cards do you currently have other than Cap1?


All my current cards and their limits:


Target Red Card - $300

Capital One Secured - $200

Capital One Platinum - $3,000

Mission Lane - $1,500

Merrick Bank - $2,200

 

Message 4 of 6
Ficoproblems247
Valued Contributor

Re: Is there any benefit to keeping my Capital One secured card?


@frankjaeger wrote:

@Ficoproblems247 wrote:

What other credit cards do you currently have other than Cap1?


All my current cards and their limits:


Target Red Card - $300

Capital One Secured - $200

Capital One Platinum - $3,000

Mission Lane - $1,500

Merrick Bank - $2,200

 


Nah, I say ditch it for sure. It did its job in helping you build your profile. The reason I asked about your other revolving accounts, is that if you had 3 or less including that secured card, it would probably be worth it to keep open. You have more than enough revolvers to build with at this point. 





FICO 8 Sep '23 EX 755 EQ 765 TU 739
TCL $199,800
Message 5 of 6
Ficoproblems247
Valued Contributor

Re: Is there any benefit to keeping my Capital One secured card?


@Horseshoez wrote:

@frankjaeger wrote:

I'm thirteen months post-bk and three months ago I got a $200 secured card and an auto loan refinance through Capital One. However, today they offered me a $3,000 unsecured platinum card and I accepted.

 

What would the benefit be to keeping this $200 secured card? Or should I just close it? It's only three months old though..


I closed my CapOne secured card last year after less than seven weeks; I didn't see any benefit to keeping it open.


Each situation is different. While you did not see a benefit in having it open, someone else may very well be relying on it to help hold their profile up as they rebuild. If you only had 3 revolvers and this was one of them, it would help every bit as much having this card in your wallet to build a solid, positive profile as any other card.





FICO 8 Sep '23 EX 755 EQ 765 TU 739
TCL $199,800
Message 6 of 6
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