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I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.
Should I close this account before the AF hits in April?
@Viper786 wrote:I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.
Should I close this account before the AF hits in April?
Absolutely, I would close it and have a scissor meets card matchmaking party.
I'd close it. The chase freedom is a fantastic go to card
I'll join the choir and say close it. Just make sure you keep your utilization low so that the reduction in your total credit limit does not dramatically raise you util
@Viper786 wrote:I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.
Should I close this account before the AF hits in April?
I'd close it but make sure you get the full 12 months of reporting.
@LS2982 wrote:
@Viper786 wrote:I have a capital one secured card with a 200 limit that I opened in April in 2011. I was expecting to to graduate into an unsecured card by now. My EQ Fico is 660, I currently have an unsecured Capital One with a $500 limit, Chase Freedom with $1500 CL, Amex Zync with NPSL, and an Amazon store card with a $900 CL.
Should I close this account before the AF hits in April?
I'd close it but make sure you get the full 12 months of reporting.
Thanks for all the input everyone! How important is it to get 12 months of reporting? If I got the card on 4/16/11, should I cancel it around 4/1/12 to avoid the AF and still get 12 months of reporting??
I don't think that it really makes much difference if you close it before 12 months ~ it will still show on your reports as a positive closed account for ten years from the time you close it. Just make sure that you don't get stuck with the AF if you wait too long.
With the Freedom and Zync you should def be ok to go ahead and close it.
@Smerri1029 wrote:With the Freedom and Zync you should def be ok to go ahead and close it.
+1
It's a low limit card that will never graduate. You have better ones already. It'll count towards your AAOA for the next decade even if you close it, and that's about the only thing it'll do for you anyway.