Should I close Cap 1 secured ?

[Shadowfactor]

Called up Credit One to close that account. They offered me my annual fee back to not close the account at this time.

They are supposed to be mailing me a check for my annual fee. Once I get that check, I will wait 30 days after I cash it then close that card.

Tomorrow morning. I will try calling Cap 1. Tried tonight but the wait to talk to someone was 45 minutes. I hate that about capital one.

[Anonymous]

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@Shadowfactor wrote:

Hello,

I was wondering if it would make a big difference to my report if I closed a card

I planned on closing my Capital One secured card sometime in the near future since it will never graduate and its such a low limit.

Its 3 months old with a limit of $201. I'd be closing it to get my deposit back basically. I dont really need the money. I want to be done with secured cards. My discover will graduate in Jan 2018

I have a collection account with Capital One ( 2015) for $670. I sent a PFD letter to the collection agency. Waiting to hear back.

Questions:

Will closing it now at 3 months make a huge difference versus closing at 6 months when I would be eligable for a new cap 1 account ?( doubt I even want one but I might since I do travel alot for work and they have a cash back no Forex fee card.) Basically will it hurt my chances of getting a capital one card in the future ?

Will closing it hurt my report/scores ?

My report details:

FICO 8 as of 11/29/2017

EX: 657

EQ:667

TU:669

Card accounts:

Capital 1 AU $9K- 2.2 years

Credit one $450 - 5 months

Discover Secured $200 - 5 months

US Bank $4K - 3 months

Amex $2K -1 month ( not reporting yet)

Amex AU $22K- 3 Months

BoA $6k- 1 month ( not reporting yet)

Amex PRG - 2 weeks ( Not reporting yet)

Closed Accounts :

Chase  CC from 2009

US Bank Secured CC from April 2017 (closed when I got a Flexperks card)

Collection Accounts:

2 from 2012 ( falling off in Jan 2018)

1 from 2015 ( $670) With Capital one for a previous Charge off. ( Sent PFD letter, waiting to hear back)

Thanks for the help!

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As far as I know all capital one secured cards do graduate now, lol now you've got me a little worried but I'm fairly sure I've got that right, I know you get an automatic CLI to $500 after your 5th statement cuts and then I believe they start reviewing accounts for graduation to unsecured at 11 months

On the other hand I believe it can be really hard with them to get the resulting unsecured card to grow with you, I know I've heard the phrase 'capital one buckets and glass ceilings' thrown around before here, I think if you search for that you might come up with some more info on the phenomenon but from what I remember I think the gist is that they'll 'bucket' your card as sub prime or a starter card and refuse to budge on any significant CLIs but then if you apply for a new card from them they'll give you a pretty decent SL - way more than anything you requested and were subsequently denied on a CLI for the original card

So you may want to close it anyway, although really if you don't need the money right away since there's no AF you could always let it hang around just to age and bide your time till you decide on something better

[Anonymous]

don't waste your time with capital one they won't do anythiung for you than make you put thousands on that card believing it will grow. it won't 2 years from now you'll be like 1200 thats the best they'll do once you're in that bucket list. close that asap as well as credit one. try getting in with amex to replace those two please don't let them waste your time and money with capital one. You could use that time building with amex and discover and you'll see much better results.  mind you am speaking from first hand experience .

take care and be smart