How long to keep CapOne secured?

[Anonymous]

Just got the CapOne secured not too long ago and still waiting on my first statement to cut.

But I wanted to ask how long do you think I should keep the card for because it no longer Unsecures and I'll only get 1 CLI on it ever (or so I've heard). I plan on app'ing for their unsecured card in 6 months.

[baller4life]

I kept mines like 10 months. I would cancel it by the time your next af rolls around. It's just a stepping stone as you build your portfolio with better cards. Nothing to keep around.

[Anonymous]

There's no AF on it so should I keep it longer or just burn it once better cards roll around?

[baller4life]

No af? Since when? I would still ditch after a year.

[Anonymous]

Since now I guess?

https://www.capitalone.com/credit-cards/secured-mastercard/

Is there a downside to keeping it?

[Anonymous]

.

[baller4life]

Well I'll be. They have switched it up. Well you can keep it as long as you want. But secured cards are really meant for rebuilders. And not to be kept long term. But, since there is no af, there really isn't a downside. You'll know when the time is right. Once you have a thick portfolio and really don't have use for it anymore. 😉

[Anonymous]

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@Anonymous wrote:
Just got the CapOne secured not too long ago and still waiting on my first statement to cut.

But I wanted to ask how long do you think I should keep the card for because it no longer Unsecures and I'll only get 1 CLI on it ever (or so I've heard). I plan on app'ing for their unsecured card in 6 months.

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OP, I got my CapOne Secured MC in September 2010, over a couple of years I added deposits to get it to $1000. I literally just closed the card on Wednesday.  Everyone's situation is different. I had a lot (and I mean a lot) of negative on my CR's, took a lot of time for things to get to a point where I could dispute/pay for delete etc. IF you've got clean reports, for most people 1 year is enough. Once you've got about 12 months of good payment history on that card you should be able to get 1 or 2 unsecured cards. Like the QuickSilverOne Card from CapOne or a Discover IT Card. Maybe both. Try to get to 3 unsecured cards before closing it, so you have the 3 revolving lines needed to maximize your FICO 08 scores.

[Anonymous]

I was in the same position as cashcorp1. I opened my Cap1 secured in 2012... I just got rid of it earlier this year. At the time I was allowed to increase my CL by sending in more money towards my security deposit.

But I also had quite a few collections accounts I had to work on paying and getting off of my reports. Once I did this I just settled for using my two secured cc (the other was BoA which eventually became unsecured on its own after a year) This year I started reading MF forum and realized my profile was strong enough to qualify for better and insecured cards. Once I acquired better cards I got rid of the Cap1 secured and was more than happy to get my security deposit back.

[Aduke1122]

We kept ours for 8 mths then was approved for Quicksilver One . It all depends on your profile and scores .