Capital One Secured

[Anonymous]

I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

[Anonymous]

I would keep Capital One until it ages a little bit more. 

[heyarrnold]

If you close the account, it will remain on your credit report for 10 years. So it will still be part of your AAoA for the next 10 years. 

Cap One secured was also my first CC. But I closed it 6 months later after I had acquired a Discover It card. 

[dobirdsmommy]

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@Anonymous wrote:
I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

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I kept mine for 3 years. Just closed it last month 

[core]

In your case I'd close the Capital One now and the Credit One card too.  It will not affect your AAoA until 10 years from now, as has been pointed out.  And the difference between your Capital One and VS is only 5 months.  10 years from now that 5 months, and those two cards, will be unimportant.  It might be different if the Cap One was much older -- fortunately you're not in that position.   Close it now, because the longer you hold onto it the harder the decision becomes.

[Anonymous]

OP congrats on the venture!! I have the secured and I'm rebuilding myself, so I was wondering, were you pre-qualified on the website? Also what were your scores? And limit? Lol just wanted to know as I would love to have one of their prime cards

[Anonymous]

i started with the cap one secured i used it like crazy every month but payed it off but like $10 before statement cuts i checked the prequaify site evey month and i finaly got the cap one QS1 with a $500 limit after my forth statement thiis is my first ever unsecured credit card i have no credit history and i have a CO and Collection 

[Anonymous]

There is no reason to keep Cap One secure card open. You should close that card without even thinking. It will remain on your report for 10 years which counts positively in your fico score. As someone stated you should close your Credit One card also. For your QS1 if Capital One gives you a decent increase then you should call EO department to get the fee waived or upgrade to Quicksilver card if not close it before annual fee bills.

[Anonymous]

Ugh credit one I shredded that pre-approved mail as soon as I got it. Interest from the moment you swipe your card and high AF for a tiny limit? No thanks

[Cookie2120987]

P

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@Anonymous wrote:
I can't thank this forum enough for all the information I received here that helped me greatly while rebuilding. Before I started really rebuilding my credit in 9/2014 I opened a secured Capital One card in 4/2014. I had to put the whole $200 down. Next month will be my 1 year mark with that card and the AF of $29 will be due. Since then I have a gotten quite a few unsecured cards including a Cap One QS1 for $300 (still in credit steps my 6th statement will cut 4/7/15) and a Cap One Venture just opened last month! So cap one has been great to me!

My Cap One secured card is currently my oldest open card, my second is Credit one that was opened in 8/2014 and then my 3rd is VS, opened 9/2014. I want to close out my Credit One soon (just waiting till the last payment to post). I also was thinking about closing my capital one secured card now as well since the AF is due next month but like I said it's my oldest open card and with me closing out credit one (which is my 2nd oldest open account) im not sure if that's a good idea right now and wanted to see what you guys thought. Would closing out 2 of my oldest open accounts right now be a bad idea? I would love to not have to pay the AF on my secured card next month but if its better that I keep it open I will. I'm just not sure if I should close Capital One now (before the AF is due) but hold on to Credit one (and not use it) till that AF is due then close it or keep my secured card for another year and close out Credit one asap OR just close them both now.

My secured card has helped me so much and I am so thankful to Capital One for giving me that chance but I think it's time to move on from my secured card and Credit one. Like I said I have 2 other Cap one cards so they will always have a place in my wallet! Thanks everyone in advance.

As stated the card will stay on your report for ten years, personally the twenty nine dollars a year isn't bothering me that much but the fact that they refuse to product change or even give a credit increase is ridiculous, they will not budge, and if you try to get your deposit refunded they tell you that you have to close your account. While capitol one has given me a good start and given me several thousand in credit lines there ideals with the secured cards is basically you start there eventually apply for new cards with them.

in the end  it probably isn't going to hurt or help you to close it but if you have paid for the annual fee this year you might as well finish it out and than cancel