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Question about secured card and AAOA

TheCollector1
Regular Contributor

Question about secured card and AAOA

My very first credit card was a cap1 secured card. The new secured cards offer no AF mine however was obtained when there was a $29 AF on their secured cards. I now have 7 CC 6 unsecured none with AF and my secured. My secured is my oldest account at about 3yr 4mo which puts my AAOA at 2yr 2mo. My question is how bad would it hurt to drop the secured after all of these years that has a maxed out CL of $600. Doing so should drop my AAOA to about 1yr 1mo with my second oldest CC sitting at 1yr 8mo (had a lot of rebuilding to die before I secured this second card). Should I close it or keep it and just pay the AF forever to keep AAOA up?
Cards I currently have and their CL.
Cap1 Quicksilver $2,100 | Amex BCE $15,000 | Discover It $14,000 | Discover It Chrome $6,000 | Chase Freedom $1,500 | Citi DC $1,000 | PenFed PCR $6,000 | NFCU $13,500 | NFCU(CLOC) $15,000 | PenFed(PLOC) $2,000 | DCU Platinum $10,000 | VS $1,250 | Marvel Mastercard $2,000 | Citizens Bank $2,300 | Lowes $20,000 | Home Depot $1,250 | Gamestop $500 | Target $800 | PayPal Extras $5,000 | PayPal Credit $3,000
Scores as of 4/24/19
(FICO 8)
TU: 727 INQ: 11

EQ: 696 INQ: 17

EX: 696 INQ: 15


AoOA 4yr 2mo
AAoA 1 yr
Gardening until Sept 1st 2019
Business Credit
Amex Amazon Prime Business $20,000
Message 1 of 11
10 REPLIES 10
BrutalBodyShots
Super Contributor

Re: Question about secured card and AAOA

A few points:

 

1 - Closing an account does not drop your AAoA.  All accounts on your credit report, both open and closed will impact your AAoA equally.  Usually closed accounts fall off in about 10 years, so at that time your AAoA would take the drop from that account no longer being factored in.  Closing your account today will have zero impact on your age of accounts factors.

 

2 - If a card you are considering closing has any balance, be it $600 or only $6, closing it will take that account to 100% maxed-out utilization, as the balance will be going against a credit limit of $0.  This can adversely impact your score and in some cases can do so severely.

 

3 - Since this is your oldest CC account by a couple of years, I'd suggest keeping it open.  Paying an AF though of course sucks, so I'd go with a "have your cake and eat it too" approach and contact Capital One and ask them to waive the AF forever.  I'd recommend going through the Executive Office (email the CEO) rather than regular CS for this request.  Simply tell them that you like the card and want to keep it, but are well aware that CO offers no-AF secured cards similar to yours now and that you'd like to be on that page.  I think you could have success here.  Or, perhaps they can unsecure the card for you, which could possibly eliminate the AF.  I'm pretty confident that if you inquired about this that you'd come away with the AF being waived.  The squeaky wheel gets the oil.

Message 2 of 11
TheCollector1
Regular Contributor

Re: Question about secured card and AAOA

Thank you for the info. If my email is unsuccessful the next logical approach would be to close the card as it has no ability for future growth. This card carrys a $0 balance because it gives no rewards and all of my other cards give me some type of reward.
Cards I currently have and their CL.
Cap1 Quicksilver $2,100 | Amex BCE $15,000 | Discover It $14,000 | Discover It Chrome $6,000 | Chase Freedom $1,500 | Citi DC $1,000 | PenFed PCR $6,000 | NFCU $13,500 | NFCU(CLOC) $15,000 | PenFed(PLOC) $2,000 | DCU Platinum $10,000 | VS $1,250 | Marvel Mastercard $2,000 | Citizens Bank $2,300 | Lowes $20,000 | Home Depot $1,250 | Gamestop $500 | Target $800 | PayPal Extras $5,000 | PayPal Credit $3,000
Scores as of 4/24/19
(FICO 8)
TU: 727 INQ: 11

EQ: 696 INQ: 17

EX: 696 INQ: 15


AoOA 4yr 2mo
AAoA 1 yr
Gardening until Sept 1st 2019
Business Credit
Amex Amazon Prime Business $20,000
Message 3 of 11
kshurika
Frequent Contributor

Re: Question about secured card and AAOA

I'm with BBS. I have a secured Platinum (first card) with a laughable 599 CL. Fortunately, no AF. I keep it in the sock drawer and every once in awhile dust it off to buy myself a Mounds bar. (That
combination of dark chocolate and coconut is tasty!) Get that AF removed first, then go for graduation (which I'm almost sure you won't get, cuz I've tried a lot of times). It won't hurt you for a long time if you decide to cancel it, but, without the AF, it won't hurt you anyway, so keep it around.
Message 4 of 11
TheCollector1
Regular Contributor

Re: Question about secured card and AAOA

Thanks for the info everyone. I emailed the EO waiting for a response and will post update once I receive a response.
Cards I currently have and their CL.
Cap1 Quicksilver $2,100 | Amex BCE $15,000 | Discover It $14,000 | Discover It Chrome $6,000 | Chase Freedom $1,500 | Citi DC $1,000 | PenFed PCR $6,000 | NFCU $13,500 | NFCU(CLOC) $15,000 | PenFed(PLOC) $2,000 | DCU Platinum $10,000 | VS $1,250 | Marvel Mastercard $2,000 | Citizens Bank $2,300 | Lowes $20,000 | Home Depot $1,250 | Gamestop $500 | Target $800 | PayPal Extras $5,000 | PayPal Credit $3,000
Scores as of 4/24/19
(FICO 8)
TU: 727 INQ: 11

EQ: 696 INQ: 17

EX: 696 INQ: 15


AoOA 4yr 2mo
AAoA 1 yr
Gardening until Sept 1st 2019
Business Credit
Amex Amazon Prime Business $20,000
Message 5 of 11
BrutalBodyShots
Super Contributor

Re: Question about secured card and AAOA

Nice job getting that email out.  I'm looking forward to hearing back from you regarding their response.

Message 6 of 11
TheCollector1
Regular Contributor

Re: Question about secured card and AAOA

Update: Its been over a week and still no word from Cap1 EO. Does the EO normally take longer than a week to respond or should I trying email again?
Cards I currently have and their CL.
Cap1 Quicksilver $2,100 | Amex BCE $15,000 | Discover It $14,000 | Discover It Chrome $6,000 | Chase Freedom $1,500 | Citi DC $1,000 | PenFed PCR $6,000 | NFCU $13,500 | NFCU(CLOC) $15,000 | PenFed(PLOC) $2,000 | DCU Platinum $10,000 | VS $1,250 | Marvel Mastercard $2,000 | Citizens Bank $2,300 | Lowes $20,000 | Home Depot $1,250 | Gamestop $500 | Target $800 | PayPal Extras $5,000 | PayPal Credit $3,000
Scores as of 4/24/19
(FICO 8)
TU: 727 INQ: 11

EQ: 696 INQ: 17

EX: 696 INQ: 15


AoOA 4yr 2mo
AAoA 1 yr
Gardening until Sept 1st 2019
Business Credit
Amex Amazon Prime Business $20,000
Message 7 of 11
BrutalBodyShots
Super Contributor

Re: Question about secured card and AAOA

I'd send it again.  From my experience the CO EO (really any EO for that matter) usually gets back to you within 2-3 business days.  It also may not be a bad idea to print out a copy of your email in letter form and mail one out snail mail to the CEO.  Perhaps the person handling the emails is slacking, but whoever grabs the snail mail may be a bit more on their game.

Message 8 of 11
TheCollector1
Regular Contributor

Re: Question about secured card and AAOA

Thanks @Brutal I'll try that and see if I it gets me anywhere and update with results.
Cards I currently have and their CL.
Cap1 Quicksilver $2,100 | Amex BCE $15,000 | Discover It $14,000 | Discover It Chrome $6,000 | Chase Freedom $1,500 | Citi DC $1,000 | PenFed PCR $6,000 | NFCU $13,500 | NFCU(CLOC) $15,000 | PenFed(PLOC) $2,000 | DCU Platinum $10,000 | VS $1,250 | Marvel Mastercard $2,000 | Citizens Bank $2,300 | Lowes $20,000 | Home Depot $1,250 | Gamestop $500 | Target $800 | PayPal Extras $5,000 | PayPal Credit $3,000
Scores as of 4/24/19
(FICO 8)
TU: 727 INQ: 11

EQ: 696 INQ: 17

EX: 696 INQ: 15


AoOA 4yr 2mo
AAoA 1 yr
Gardening until Sept 1st 2019
Business Credit
Amex Amazon Prime Business $20,000
Message 9 of 11
BrutalBodyShots
Super Contributor

Re: Question about secured card and AAOA

Cool, I look forward to it.  Good luck!

 

I'm not sure if you've tried any of the Cap One numbers from the backdoor thread, but if interested you can find them here:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/td-p/408066

Message 10 of 11
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