Closing Capital one secure card

[AllZero]

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@joshk4u wrote:

Does it hurt to keep the cap one secure card open ?

Would love some insight on this topic ! Congrats on your rebuilders.  

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Share your profile. Then you can get feedback.

[Anonymous]

It takes about 3 months from the date you close your card to get your money back. I'm around the 2 month mark now and still waiting for my $49 dollars.

[Anonymous]

3 months?! wth?

is there an option on how you get reimbursed?

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@Anonymous wrote:

It takes about 3 months from the date you close your card to get your money back. I'm around the 2 month mark now and still waiting for my $49 dollars.

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[Anonymous]

You have to wait 2 statement cycles after closing the card before they send you a refund and today marks my closing date for my 2nd month. I will be shocked if I see a check in the next 2 weeks.

[Anonymous]

Another question, is someone can chime in. My capital one secure card has been open only for 1 1/2 years so the ding to my credit score won't be so bad as to closing a fairly older credit account 

[Puppetmaster]

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@joshk4u wrote:

Does it hurt to keep the cap one secure card open ?

Would love some insight on this topic ! Congrats on your rebuilders.  

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It depends upon various factors personal to you.  One of the first cards I opened to begin rebuilding credit was the Capital One secured card.  My $49 deposit was good for a $200 credit limit, which was helpful at that point.  After paying on time for a number of months, the credit limit was increased to $500.  As a practical matter, this card isn't really usefull to me anymore, other than for the $500 it adds to my available credit, and for for the one more month of one more card reporting on time every month (with a $0 balance).  But I'm not in need of the $49 deposit back, and am satisfied with keeping the open account while my $49 sits idle.  On the other hand, another secured card that I obtained at the beginning of my rebuild required a $200 deposit for a $200 credit limit, in addition to a $39 annual fee.  That account will be closed before the annual fee is billed.  Neither the $39 annual fee nor the $200 deposit are justified for this card now that my credit has been re-established, let alone both.  That card is just expensive clutter.