I have $25 loaded onto it. I have only used the stealth card for trials online where I didn't want to put my bank debit card in. Otherwise I was considering just clothing it but I had a concern as to what it would look like shutting down a $1,500 revolving line of credit merely one month after opening it and then getting a secured line of credit. I'm totally clueless about the effects on Ages of credit and closing out an account on your own. I only have one inquiry in the past 2 years across the board and it's from a Capital One Secured that I just applied for and was approved and this happened after I opened the credit.ai account.
@butterpecan wrote:I have $25 loaded onto it. I have only used the stealth card for trials online where I didn't want to put my bank debit card in. Otherwise I was considering just clothing it but I had a concern as to what it would look like shutting down a $1,500 revolving line of credit merely one month after opening it and then getting a secured line of credit. I'm totally clueless about the effects on Ages of credit and closing out an account on your own. I only have one inquiry in the past 2 years across the board and it's from a Capital One Secured that I just applied for and was approved and this happened after I opened the credit.ai account.
With the exceptin of the reduction of your aggregate credit limit, closing the card will have virtually no impact. FWIW, I started with a CapOne secured card with a $1,000 limit right after my discharge; the limit proved to be insufficient for my purposes as I charge several times that per month and the latency between my payments and said payment posting meant the card couldn't be used for several days at a time.
After closing the CapOne card I opened a secured card with TDBank with a $5,000 limit and within 9 months the TD card graduated and I'd been approved for two more unsecured cards with a total limit of about $15,000.
@MT64 wrote:Even if you get a secured credit card, it's very unlikely you'll be anywhere close to a reported $1500 credit line.
I'm not sure I understand what you're saying; can you elaborate?
@MT64 Oh wow that is very exciting and encouraging. Congrats. I opened the cred.ai going on 2 weeks ago now and it's still not showing on my reports but I went ahead and tried the cap1 Platinum secured and got approved for that. I am rebuilding these are my 1st steps. I appreciate your input.
@MT64 wrote:
@Horseshoez wrote:
@MT64 wrote:Even if you get a secured credit card, it's very unlikely you'll be anywhere close to a reported $1500 credit line.
I'm not sure I understand what you're saying; can you elaborate?
With zero credit history, most secured credit cards that I've seen start you out with $200 - $500 limit.
Incorrect. I've seen secured cards for starting out with credit limits as high as $10,000 and $15,000.
@MT64 wrote:
@butterpecan wrote:I have $25 loaded onto it. I have only used the stealth card for trials online where I didn't want to put my bank debit card in. Otherwise I was considering just clothing it but I had a concern as to what it would look like shutting down a $1,500 revolving line of credit merely one month after opening it and then getting a secured line of credit. I'm totally clueless about the effects on Ages of credit and closing out an account on your own. I only have one inquiry in the past 2 years across the board and it's from a Capital One Secured that I just applied for and was approved and this happened after I opened the credit.ai account.
Even if you get a secured credit card, it's very unlikely you'll be anywhere close to a reported $1500 credit line. I'm not sure why you would open it only to consider closing it so soon after? But by the sounds of it you're trying to build your credit (going after a secured card) in which case, having and keeping this card would be good for you from a utilization standpoint alone, regardless of use really. Is this your only card?
Say you get a $300 - $500 secured card and even if you end up using most of the available credit on that alone, you'll have $1500 reported as not utilized which will be in your favor until you grow your card(s) and exceed what the Cred AI card offers.
Seeing as how you've already opened the account, I don't see the harm in keeping it open. Plus it's a cool card and as you mentioned, makes for a great stealth purchasing card. Having mine for almost a year now, it's been good to have and no plans of closing it down, no real reason to.
Good points, thank you and yes you're right I am building my credit from a low score with no open credit except this and a secured Capital One with like you said a $200 line of credit. I guess I'm just second-guessing my decision to have this since it's not a traditional card. In my mind I was thinking is this something I'm going to have to end up just shutting down because I don't see where anyone has it and their signature line when you read the stories of everyone rebuilding and showing steps that they've done cards that they've used etc so
I'm interested in this card, but only because it looks really cool and I want to take advantage of and experiment with the stealth card features. Don't need it for credit building or anything like that. Nor am I even applying for another card for at least another 18 months or so.
Last update: 5/10/2024
