Time to Close Capital One Secured I think....

injustifiiable · ‎03-19-2014

I've been mulling this over for the past couple of days...mainly because my 2nd anniversary (and annual fee) is coming up on the 24th.

It's my second oldest revolving account (opened in March 2012) and it originally had a $200 limit after paying a $49 deposit. The limit was raised to $400 with a deposit and an unsecured CLI - the only one...lol.

It does have a $200 balance on it that I've been paying off over the past couple of months. I'm guessing my scores might be getting dinged because of the 50% utilization on it.

I do have a 0% BT offer with Barclays for 6 months. I was thinking about taking advantage of it because of the possibility of a CLI maybe. Even with the 3% fee it would only be like $6...not much at all. It would be worth it just not to be paying 22.9%! lol.

If there's anything else you think I should consider, let me know...thanks all!

Creditaddict · ‎03-19-2014

I would close it, you have some great cards now.

Involver · ‎03-19-2014

Email the EO, ask them to waive the AF for you. They just did it for me. My card is only at $300 but has in no way prevented me from getting much higher limits elsewhere so that's not a concern.

CenturyChild · ‎03-19-2014

I just closed mine not long ago

But i had another account at the same time so my "Oldest Open Account" didnt change.

If you want to keep it a bit longer, Private message CapOne through Facebook. When they call explain you want the fee waived.

Not sure if they will on the secured, but I had great success on a QS card through that channel.