When to close Cap1?

[Anonymous]

Hello there, I'm new to the forums but have already learned tons and made significant imiprovements to my scores. Since spring I've had a secured Cap1 with a $200 limit, but recently opened a SDFCU secured card with a $500 deposit as well as applied for and been approved for unsecured Cap1 QS1 and Platinum with $500 limits. I've also recently applied for an Amazon store card, and was approved for $800.  I'm starting to feel as though the unsecured Cap1 will get dusty in my wallet.  I'd like something with a higher limit for traveling and such, which is why I'm considering just adding more onto my deposit at SDFCU.

I have a few scenarios I'm trying to figure out in my head in order to boost scores into the high 600s by the end of the year.

1) Close Cap1 secured and focus on the other three cards.
2) Leave things alone and just keep shuffling purchases on all five cards.
3) Either close Cap1 or leave it open + add more money to the deposit on the secured SDFCU.

Basically, I'm trying to find the right balance of utilization + open credit lines in order to maximize my score.  My utilization is always <10% and I've also been paying balances weekly.

[NRB525]

If there is no cost to maintain the $200 secured CapOne, or it won't see a fee for a while, since you have it less than a year, I'd suggest leaving it open.

You can add to the deposit at SDFCU, that's a good idea to be able to use the features of that card.

At this point, though, you've only got 4 relatively low CL real credit cards, 2 of those are secured, so you want to keep those active while you are building up your file.

I'm only guessing here, but I'd suggest your target should be about June 2016, to apply for another card with a good limit, such as a Chase card or Discover, or a SDFCU unsecured card, and when you get that next card, then look at rolling up the CapOne $200 card.

Good luck!

[Anonymous]

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@Anonymous wrote:

Hello there, I'm new to the forums but have already learned tons and made significant imiprovements to my scores. Since spring I've had a secured Cap1 with a $200 limit, but recently opened a SDFCU secured card with a $500 deposit as well as applied for and been approved for unsecured Cap1 QS1 and Platinum with $500 limits. I've also recently applied for an Amazon store card, and was approved for $800.  I'm starting to feel as though the unsecured Cap1 will get dusty in my wallet.  I'd like something with a higher limit for traveling and such, which is why I'm considering just adding more onto my deposit at SDFCU.

I have a few scenarios I'm trying to figure out in my head in order to boost scores into the high 600s by the end of the year.

1) Close Cap1 secured and focus on the other three cards.
2) Leave things alone and just keep shuffling purchases on all five cards.
3) Either close Cap1 or leave it open + add more money to the deposit on the secured SDFCU.

Basically, I'm trying to find the right balance of utilization + open credit lines in order to maximize my score.  My utilization is always <10% and I've also been paying balances weekly.

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Hi Jenny.

Welcome to the forums.  First of all, what are you scores?  Is there a specific goal that you are trying to achieve with  your score?  Take myself as an example.  My goal is to be over 700 by next spring as I want to qualify for a mortgage.  SDFCU is a good bank to be with.  I have both a checking and savings with them.  Originally put down a deposit when I was looking to get another secured card, but I got 2 unsecured accounts before that happened.  Either option you outlined sounds reasonable.  Now in my case, I have a secured Cap1 and a secured Discover Card and I considered closing Cap1 this fall, but I've decided to leave it open till it hits the 1 year mark.  I know that even with closing it, it will report for 10 years, but since I took 3 HPs for it, I'll leave it open a little longer.  You should see CLI on the Cap 1 cards soon by going through the credit steps.  The secured card has even given a 1 time limit increase of $300 after the 6th statement.  I would keep it and buy something small on it and pay that off to continue to show good payment history and rotate the other cards.

[Anonymous]

Hi, thanks for responding!

Current scores are:

EQ 634

TU 622

Ex 619

I have a boost coming up within the next two weeks when 4 PFDs fall off.  Ultimately, I'm looking at a possible car loan this spring and then a mortgage the beginning half of 2017.  I'm really only comfortable with cash in my hand, so having to play the credit game is an adjustment for me.

[Anonymous]

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@Anonymous wrote:

Hello there, I'm new to the forums but have already learned tons and made significant imiprovements to my scores. Since spring I've had a secured Cap1 with a $200 limit, but recently opened a SDFCU secured card with a $500 deposit as well as applied for and been approved for unsecured Cap1 QS1 and Platinum with $500 limits. I've also recently applied for an Amazon store card, and was approved for $800.  I'm starting to feel as though the unsecured Cap1 will get dusty in my wallet.  I'd like something with a higher limit for traveling and such, which is why I'm considering just adding more onto my deposit at SDFCU.

I have a few scenarios I'm trying to figure out in my head in order to boost scores into the high 600s by the end of the year.

1) Close Cap1 secured and focus on the other three cards.
2) Leave things alone and just keep shuffling purchases on all five cards.
3) Either close Cap1 or leave it open + add more money to the deposit on the secured SDFCU.

Basically, I'm trying to find the right balance of utilization + open credit lines in order to maximize my score.  My utilization is always <10% and I've also been paying balances weekly.

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I have a secured card with 800 limit and a QS1 with a 1100 limit. I tried to apply for another QS1 so I could close my secured and was denied for having too many CO cards. I called and they said you can only have 2 subprime cards. Did you apply for the QS1 and Platinum on the same day?

[Anonymous]

I did, within hours of each other. Instant approval for $500 on both.

[Anonymous]

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@Anonymous wrote:
I did, within hours of each other. Instant approval for $500 on both.

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Seems to be a loophole when that happens. My sister had a Platinum and applied for QS1 twice and another platinum back to back and was approved for all 3. 

[Anonymous]

Can I ask how long you've had the secured card and if it's all deposit or CLIs?

[Anonymous]

I opened secured 99 for 200 in Nov 2013, added 300 in Jan then got 300 at 6 months for credit steps.