Should I Close WF and Capital One Secured Cards???

[raydmercer2345]

Hi Everyone!

I opened a Wells Fargo Secured ($300) and Capital One Secured ($200) about 2 years ago when I starting rebulding. After about a year WF changed it from to an unsecured but the limit is still at $300. Should I try to do a PC with WF? Or just close the account? Capital One has raised the limit to $750 but it is still considered a secured card and will not do a consumer initiated CLI. I now have 2 diners club cards totaling 50k, 2 Amex totaling 3k, 2 Barclays totaling 7.5k, two NCFU totaling 20k, 2 Chase totaling 10k, Discover it 1k.

These were my two oldest cards and afraid if I them it will really hurt my AOAA.....What to do? What to do?

[SunriseEarth]

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@raydmercer2345 wrote:

Hi Everyone!

I opened a Wells Fargo Secured ($300) and Capital One Secured ($200) about 2 years ago when I starting rebulding. After about a year WF changed it from to an unsecured but the limit is still at $300. Should I try to do a PC with WF? Or just close the account? Capital One has raised the limit to $750 but it is still considered a secured card and will not do a consumer initiated CLI. I now have 2 diners club cards totaling 50k, 2 Amex totaling 3k, 2 Barclays totaling 7.5k, two NCFU totaling 20k, 2 Chase totaling 10k, Discover it 1k.

These were my two oldest cards and afraid if I them it will really hurt my AOAA.....What to do? What to do?

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Closed accounts typically report for ~10 years, so you won't see any immediate drops to AAoA (closed accounts are factored into AAoA).   Closing can impact your UTIL, but with those CLs compared to your other CLs, I'm guessing that would be negligible.     I would probably close the Cap One and see if WF can get you into a better product.   If not, you could either SD it or close it.  

[raydmercer2345]

Thanks for the reply! Are the any major negatives of keeping the open? Are they looked at negatively when applying for new credit?

[B335is]

I doubt there's any difference if you choose to keep them open, but with your scores and other cards I would close them.  I think WF is difficult with PC, but never hurts to ask.  My $200 Target Redcard doesn't seem to hold me back.

[Anonymous]

Unless you can identify a WF card you really want, and they let you PC to it without any difficulty, I'd just close it.

And close the Cap One, too, unless you can PC to another card you find useful (very, very unlikely, AFAIK).

If the cards were much older, or if you were about to get a mortgage and needed to maximize your current FICOs, it could be more complicated.

I say just close them and never pay an AF again unless you're getting great rewards.