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Closing Secured Capital One! What now?

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Anonymous
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Closing Secured Capital One! What now?

Should I double up on my ($750) security deposit I had with Cap One and send it to Discover? They've been offering me the Secured IT for months now.

Message 1 of 7
6 REPLIES 6
Anonymous
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Re: Closing Secured Capital One! What now?

With all the cards that you have in your signature, I don't see you needing a secured card, unless you just want to get in with Discover.

Message 2 of 7
Anonymous
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Re: Closing Secured Capital One! What now?


@Anonymouswrote:

With all the cards that you have in your signature, I don't see you needing a secured card, unless you just want to get in with Discover.


100%, yes, definitely. I have 13 collections that aren't going anywhere anytime soon, and I know Discover won't give me a chance as long as they're there. So, I figure, why not open a secured card and prove to them that I'm better than my medical history?

 

After all, I spent 38 months waiting for Capital One to graduate my secured card with them. Jerks. Just closed that card tonight. Despite the fact it was my very first credit card, I felt the best about that one. I had a fairly deep resentment against them for that.

Message 3 of 7
Anonymous
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Re: Closing Secured Capital One! What now?

I was gonna say the same about not needing another card (after seeing your signature), but after seeing your reasoning, if you really want to put it towards another card, I'd say go for it. I love my Discover card. Normally, after 7 statements, they consider CLI's.
Message 4 of 7
Anonymous
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Re: Closing Secured Capital One! What now?


@Anonymouswrote:
I was gonna say the same about not needing another card (after seeing your signature), but after seeing your reasoning, if you really want to put it towards another card, I'd say go for it. I love my Discover card. Normally, after 7 statements, they consider CLI's.

The way I see it, it could be up to 4 more years before I'm free and clear of my collections, and from the reading I've been doing, it could be even longer. I don't want to wait that long for a Discover! I love their massive cash back rewards and I spend in all of the rotating categories.

Message 5 of 7
Anonymous
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Re: Closing Secured Capital One! What now?

The graduation on Discover may not actually come up at 7 months. I opened the IT secured with a Fico of 630 and I am now at about 682 and they have yet to graduate me. I have no baddies or collections. I do however have a charge off from 2015 that maybe affecting graduation, although it has been settled. I spend well over $2,000 on it and PIF every month with a minimal balance left of 5% and still no love. I did do the MAX $2,500 too.

Since opening the IT, I have gotten the Uber Visa at $3,300 as well as AMEX BCE at $12,000.

So overall I'm not mad at Discover since I'm still racking up the cash back match and I feel this was a great stepping stone to my rebuild.

I would say try to settle a few collections with the $750 and just open the Discover with $300. You can always add more deposit as well to increase your credit line.

Best of luck.
Message 6 of 7
Anonymous
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Re: Closing Secured Capital One! What now?


@Anonymouswrote:
The graduation on Discover may not actually come up at 7 months. I opened the IT secured with a Fico of 630 and I am now at about 682 and they have yet to graduate me. I have no baddies or collections. I do however have a charge off from 2015 that maybe affecting graduation, although it has been settled. I spend well over $2,000 on it and PIF every month with a minimal balance left of 5% and still no love. I did do the MAX $2,500 too.

Since opening the IT, I have gotten the Uber Visa at $3,300 as well as AMEX BCE at $12,000.

So overall I'm not mad at Discover since I'm still racking up the cash back match and I feel this was a great stepping stone to my rebuild.

I would say try to settle a few collections with the $750 and just open the Discover with $300. You can always add more deposit as well to increase your credit line.

Best of luck.

Yeah, I have a tendency to post, and then search..

 

I'm thinking a secured card (no matter how bad I want a foot in the door) would be a step or two backwards for me at this point.

Message 7 of 7
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