I have a recently opened Capital One Platinum card with a $300 deposit/$300 limit. I have it set to pay my Netflix bill every month, and then be paid using autopay, although I'll probably manually pay before autopay kicks in. I have also used it for a few small charges here and there.
1 - Does this card graduate? I have seen conflicting info about this. If it does, I assume to the unsecured Platinum, or do you get a choice?
2 - If/when it graduates, does the account keep the same age, or does it open as a new account?
3 - Any advice for how I can maximize my situation with regard to this card? How to graduate faster, what choices to make once it does graduate.
4 - Does having this secured card prevent me from applying for or receiving a different, unsecured Capital One card until this card is graduated?
I also have Discover secured, Citi secured, Primor Green Dot secured, and Amazon Store Card unsecured, so, I don't need any other credit cards for now. Also have a Self Lender$500 loan and My Jeweler Club $5k membership.
Well, considering that I have four credit cards (or five if you count the Amazon Store Card), I would close this Cap 1 card at the drop of a hat, if I thought it would help me in some way. At the same time, keeping it open doesn't cost me anything, other than tying up $300. I guess my question then becomes, does keeping this card open help build a relationship with C1, or does having it open block me from getting other C1 products? Or put another way, is there a reason for me to keep it or close it? Thanks!
Thanks - I realize this is a dumb question, but just to make sure.
Let's say I closed this card tomorrow, and then, let's say in 6-12 months, I apply for some other C1 card. Are they going to say "he closed that Platinum card too quickly" and reject me? Or are they going to say "he paid that Platinum card on time" and approve me? Or are they going to not care?
And alternately, if I keep it open, and apply for (say) a Venture card at some point, are they going to say "he has a secured card - there must be a reason for that" and reject me? Or are they going to say "he has a positive history with his secured card" and approve me? Or are they going to not care?
I know I'm probably splitting hairs, or beating a dead horse, or pick the most appropriate expression. Just wondering if there is a reason to either close or not close that card in this case. Thanks!