Re: Close Secured and try for another?

Anonymous · ‎02-23-2016

I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?

Anonymous · ‎02-23-2016

I don't know your entire situation but assuming your secured card was your first closing it might cost you some points because it will mess with your average age of accounts. I would probably just let it sit, when your scores grow a bit apply strategically for new cards. If you have a family member who is a member of Navy Federal you should join also, if someone in your immediate family is on active duty, reserves or retired ask them to join so you can piggy back. I had my dad join (retired) so I could get in and it was the best thing I could do in my rebuilding process.

Anonymous · ‎02-23-2016

@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?

It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.

Anonymous · ‎02-23-2016

@Anonymous wrote:
I don't know your entire situation but assuming your secured card was your first closing it might cost you some points because it will mess with your average age of accounts. I would probably just let it sit, when your scores grow a bit apply strategically for new cards. If you have a family member who is a member of Navy Federal you should join also, if someone in your immediate family is on active duty, reserves or retired ask them to join so you can piggy back. I had my dad join (retired) so I could get in and it was the best thing I could do in my rebuilding process.

The Secured card is about a year old. I apped for the QS about 3 months later. They're only about 3 months apart.

Anonymous · ‎02-23-2016

@Anonymous wrote:
@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?
It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.

The Platinum card looking one is the secured card. I apped for Plainum some months ago and was denied - too many Captail One accounts - according to Cap 1.
The Secured card is about a year old, the QS card i only about 3 months younger than the Secured one.

CH-7-Mission-Accomplished · ‎02-23-2016

@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?

You want to make sure you have at least three credit cards reporting, so open four before you close one. I would try to get this card closed before you have to pay another annual fee, but not until you have four cards.

You could apply and likely get an unsecured Cap 1 card now, but having the secured with them would prevent you from getting a second card in the same session with the same triple pull. But you could likely get approved for the unsecured with them if you got a secured. Also try Barclay's for their Apple financing or Barclay rewards cards. You can also add one or two store cards (but no more) to get to your three cards open.

Anonymous · ‎02-23-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?
It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.
The Platinum card looking one is the secured card. I apped for Plainum some months ago and was denied - too many Captail One accounts - according to Cap 1.
The Secured card is about a year old, the QS card i only about 3 months younger than the Secured one.

Okay, to be sure we're talking the same language. I think you have the regular QS and not a QS1, am I correct?

CH-7 makes some valid points. You should go back to the pre-qual site and check what pops up.

In any case your secured card is a dead end card. You can't PC it or upgrade it so you need to dump it.

Look on some of the cards CH-7 suggested and google their name and Pre qualify or pre approval. You should have some luck now that your scores aren't that bad... IF nothing shows up then go back the Cap1 and get the Plat and QS1. The may be sub-prime cards but they grow very quickly and can be upgraded with little to no effort.

Anonymous · ‎02-23-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?
It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.
The Platinum card looking one is the secured card. I apped for Plainum some months ago and was denied - too many Captail One accounts - according to Cap 1.
The Secured card is about a year old, the QS card i only about 3 months younger than the Secured one.
Okay, to be sure we're talking the same language. I think you have the regular QS and not a QS1, am I correct?

CH-7 makes some valid points. You should go back to the pre-qual site and check what pops up.

In any case your secured card is a dead end card. You can't PC it or upgrade it so you need to dump it.

Look on some of the cards CH-7 suggested and google their name and Pre qualify or pre approval. You should have some luck now that your scores aren't that bad... IF nothing shows up then go back the Cap1 and get the Plat and QS1. The may be sub-prime cards but they grow very quickly and can be upgraded with little to no effort.

So my card just says "QuickSilver" on it. When I go to pay it on the site it says Platinum Mastercard.

The Secured card also says "Platinum Mastercard"

so.. I'm not exactly sure

Anonymous · ‎02-23-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?
It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.
The Platinum card looking one is the secured card. I apped for Plainum some months ago and was denied - too many Captail One accounts - according to Cap 1.
The Secured card is about a year old, the QS card i only about 3 months younger than the Secured one.
Okay, to be sure we're talking the same language. I think you have the regular QS and not a QS1, am I correct?

CH-7 makes some valid points. You should go back to the pre-qual site and check what pops up.

In any case your secured card is a dead end card. You can't PC it or upgrade it so you need to dump it.

Look on some of the cards CH-7 suggested and google their name and Pre qualify or pre approval. You should have some luck now that your scores aren't that bad... IF nothing shows up then go back the Cap1 and get the Plat and QS1. The may be sub-prime cards but they grow very quickly and can be upgraded with little to no effort.

So my card just says "QuickSilver" on it. When I go to pay it on the site it says Platinum Mastercard.

The Secured card also says "Platinum Mastercard"

so.. I'm not exactly sure

Yep, that is a very weird thing about Cap1. Both of my accts said Platinum so I had to change one nickname (it's one of the acct settings available) so I could keep them straight till I knew the last 4 digits of each card.

If the front of your card says QuickSilver and doesn't have the word "One" underneath it then you have a regular QS card.

At any rate, your question about closing the secured card is a definative yes! But after you bolster your wallet with one or more of the other options that have been offered in this thread.

CH-7-Mission-Accomplished · ‎02-23-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm in a bit of a pickle here.

My Capital One secured card is no longer eligable for deposits as Cap 1 removed this program. So I'm forever stuck with this card at a $500 limit.

Do I close this card and try for a different one? If so - which one?

I've recently (like 2 weeks ago) had 4 inquires added to my credit for my auto loan. So I'm not sure if I should let my credit "cool" down for a bit before trying for a Credit card?
Or maybe pay on my auto loan for a few months and let my scores raise?

My scores have yet to update for the zero balances on my credit cards versus the 99% Utilization since the last month. I expect my scores to take a bit of a hop. At least that's the hope.

Any ideas?
It looks like you have teh QS1 & Platinum cards in your siggy. How old are they if yes? You may experience a minor drop if you close the secured acct but it will stay as a positive TL on your reports for 10yrs so loosing it would not be a big deal in the lonng run.
The Platinum card looking one is the secured card. I apped for Plainum some months ago and was denied - too many Captail One accounts - according to Cap 1.
The Secured card is about a year old, the QS card i only about 3 months younger than the Secured one.
Okay, to be sure we're talking the same language. I think you have the regular QS and not a QS1, am I correct?

CH-7 makes some valid points. You should go back to the pre-qual site and check what pops up.

In any case your secured card is a dead end card. You can't PC it or upgrade it so you need to dump it.

Look on some of the cards CH-7 suggested and google their name and Pre qualify or pre approval. You should have some luck now that your scores aren't that bad... IF nothing shows up then go back the Cap1 and get the Plat and QS1. The may be sub-prime cards but they grow very quickly and can be upgraded with little to no effort.

So my card just says "QuickSilver" on it. When I go to pay it on the site it says Platinum Mastercard.

The Secured card also says "Platinum Mastercard"

so.. I'm not exactly sure

Does your Quicksilver have an annual fee? If yes, it is a QS1.

You can only have two Cap 1 starter cards, so if you have a Platinum (secured of unsecured) and a QS1, you are maxed out.

You can have multiple regular Quicksilvers, Ventures and Venture Ones. At least five.

The problem with closing your secured before you have 3 other cards is that once that closure reports, your FICO score will drop (possibly a lot) which will jeopardize you getting the other unsecured cards. It's kind of a Catch-22.

You can apply for the regular Quicksilver now and if approved, apply for another one of their cards. It's the same pull. Or if you apply for a QS1 and you are not eligible, they won't even pull your credit, so maybe start there. Does that make sense?

Apply for QS1. If they say not eligible, they won't pull your credit.

You could then apply for a regular Quicksilver if you want to take the triple pull now.

Close Secured and try for another?

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Close Secured and try for another?