Closing Secured Cap One Advice

[Anonymous]

I've been browisng the forums for a while now, while in the process of building my credit score and finally decided to join. A quick thanks for all the threads that have helped me.

Quick brief of my credit card history/accounts. I have on my CR an AMEX (auth user) CL of $10k thats 2 1/2 yrs old, a Cap One Secured $750 thats 3 years old, and a Cap One Platnium $1,750 1yr 2mo's. I also have a few student loans that have ages of 8yrs and 6yrs. I've built my credit up a little and decided to app for a Discover It and a Chase Freedom. Approved for both with a $4,500 and a $5k limit.

How long should I wait before I close out my Cap One secured card, as I probably will limit it's use now that I have cards with a rewards/cash back program.

Thanks!

Also, plan on going to the "garden" for a while now that I've finall been approved for some better cards.

[Anonymous]

You really shouldn't be closing the Capital One card?  You could contact Cap One and attempt to do a product change(pc).  You could change the secured card into the QS card with no annual fee.  However, you should not close that account.  As I understand, doing so would lower your AAoA.  If anything, I'd just sock drawer the card if you get turned down.  

[coldnmn]

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@Anonymous wrote:

You really shouldn't be closing the Capital One card?  You could contact Cap One and attempt to do a product change(pc).  You could change the secured card into the QS card with no annual fee.  However, you should not close that account.  As I understand, doing so would lower your AAoA.  If anything, I'd just sock drawer the card if you get turned down.  

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Cap1 wont unsecure as far as I know. Closing it the secured card will report as a positive TL for ten years. In my opinion it served its purpose close it get your money back and continue your credit journey.