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Time to Shut Down My Cap1 Secured Card?

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Duke84
Regular Contributor

Time to Shut Down My Cap1 Secured Card?

So, my secured Cap1 card has helped me out considerably, but now, I feel that it is time for a better "average" card. I'm grateful for Cap1 extending me credit fresh out of BK7, but having a card that won't graduate does me no good. I've already paid the annual fee on this card, so should I just leave it open until next August or close it now and try for a Cap1 Platinum?

 

I'm aware that there is a limit to how many "average" cards one can have. I also have a Spark Classic card for my small business. Does this card add to the count or no?

Starting Score: EQ: 537, TU: 488, EX: 558 (8/2014)
Current F8 Score: EQ: 733, TU: 734, EX: 709 (4/2023)

Current Cards:


Store Cards:
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@Duke84 wrote:

So, my secured Cap1 card has helped me out considerably, but now, I feel that it is time for a better "average" card. I'm grateful for Cap1 extending me credit fresh out of BK7, but having a card that won't graduate does me no good. I've already paid the annual fee on this card, so should I just leave it open until next August or close it now and try for a Cap1 Platinum?

 

I'm aware that there is a limit to how many "average" cards one can have. I also have a Spark Classic card for my small business. Does this card add to the count or no?


I believe all cards issued by Cap One add to the count.

Message 2 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@Duke84 wrote:

So, my secured Cap1 card has helped me out considerably, but now, I feel that it is time for a better "average" card. I'm grateful for Cap1 extending me credit fresh out of BK7, but having a card that won't graduate does me no good. I've already paid the annual fee on this card, so should I just leave it open until next August or close it now and try for a Cap1 Platinum?

 

I'm aware that there is a limit to how many "average" cards one can have. I also have a Spark Classic card for my small business. Does this card add to the count or no?


Congrats Duke.

 

Not quite there myself.  Maybe beginning of next year.  I believe that Cap1 allows for two subprime cards (Secured/Platinum/QS1) and 3 others.  Not sure about the business card, but if you were approved, then we can assume it fits into the regular category.  You would need to close the Secured card to app for the Platinum.  I think the account has to be completely closed for them to consider the app. 

Message 3 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@Anonymous wrote:

@Duke84 wrote:

So, my secured Cap1 card has helped me out considerably, but now, I feel that it is time for a better "average" card. I'm grateful for Cap1 extending me credit fresh out of BK7, but having a card that won't graduate does me no good. I've already paid the annual fee on this card, so should I just leave it open until next August or close it now and try for a Cap1 Platinum?

 

I'm aware that there is a limit to how many "average" cards one can have. I also have a Spark Classic card for my small business. Does this card add to the count or no?


Congrats Duke.

 

Not quite there myself.  Maybe beginning of next year.  I believe that Cap1 allows for two subprime cards (Secured/Platinum/QS1) and 3 others.  Not sure about the business card, but if you were approved, then we can assume it fits into the regular category.  You would need to close the Secured card to app for the Platinum.  I think the account has to be completely closed for them to consider the app. 


While many interpret it that way, and thats what people generally end up with, its not precisely how it works. It is dependant on what you are APPLYING FOR. If you are applying for a card in the "average credit" category, its an auto denial if you already have two accounts of ANY KIND. If you are applying for an "excellent credit" category card, then five existing accounts is the limit. The one card that does NOT fit this pattern is the Spark Classic for Business card. It is shown as "for average credit" but its limit is five existing accounts.

You'll find this information in the "important disclosures" box at the bottom of the online applications.

Message 4 of 9
crrredit
Established Contributor

Re: Time to Shut Down My Cap1 Secured Card?

I feel like I should close mine, too, but I am hesitant. I put in $99 to get a $200 limit, then added $500. Then they gave me a $300 unsecured increase. So I have a $1K credit line and $599 tied up in it. I did get a $1K QS1 a couple months ago, so maybe I could replace the entire $1K credit line by apping for a second Cap One unsecured card.

Message 5 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@crrredit wrote:

I feel like I should close mine, too, but I am hesitant. I put in $99 to get a $200 limit, then added $500. Then they gave me a $300 unsecured increase. So I have a $1K credit line and $599 tied up in it. I did get a $1K QS1 a couple months ago, so maybe I could replace the entire $1K credit line by apping for a second Cap One unsecured card.


I have the same amount tied up in my secured card too   I'm waiting a year cause my AAoA is 8 months.  I have a ton of cards aging in January and February, so I can wait till then.  Congrats on the $1k QS1.  The only other cards I would like to have is the BCE and something with SDFCU since they have the 6.9 EMV card, so I can be patient.  Hope it works out for you. 

Message 6 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@crrredit wrote:

I feel like I should close mine, too, but I am hesitant. I put in $99 to get a $200 limit, then added $500. Then they gave me a $300 unsecured increase. So I have a $1K credit line and $599 tied up in it. I did get a $1K QS1 a couple months ago, so maybe I could replace the entire $1K credit line by apping for a second Cap One unsecured card.


If they gave you a QS1 with 1K SL, I would definitely recommend closing the secured account and opening a second, no AF platinum account.

Message 7 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@Anonymous wrote:

@crrredit wrote:

I feel like I should close mine, too, but I am hesitant. I put in $99 to get a $200 limit, then added $500. Then they gave me a $300 unsecured increase. So I have a $1K credit line and $599 tied up in it. I did get a $1K QS1 a couple months ago, so maybe I could replace the entire $1K credit line by apping for a second Cap One unsecured card.


I have the same amount tied up in my secured card too   I'm waiting a year cause my AAoA is 8 months.  I have a ton of cards aging in January and February, so I can wait till then.  Congrats on the $1k QS1.  The only other cards I would like to have is the BCE and something with SDFCU since they have the 6.9 EMV card, so I can be patient.  Hope it works out for you. 


AAoA is not a conceren when closing an account. It will not effect AAoA until 10 years after closing.

Message 8 of 9
Anonymous
Not applicable

Re: Time to Shut Down My Cap1 Secured Card?


@Anonymous wrote:

@Anonymous wrote:

@crrredit wrote:

I feel like I should close mine, too, but I am hesitant. I put in $99 to get a $200 limit, then added $500. Then they gave me a $300 unsecured increase. So I have a $1K credit line and $599 tied up in it. I did get a $1K QS1 a couple months ago, so maybe I could replace the entire $1K credit line by apping for a second Cap One unsecured card.


I have the same amount tied up in my secured card too   I'm waiting a year cause my AAoA is 8 months.  I have a ton of cards aging in January and February, so I can wait till then.  Congrats on the $1k QS1.  The only other cards I would like to have is the BCE and something with SDFCU since they have the 6.9 EMV card, so I can be patient.  Hope it works out for you. 


AAoA is not a conceren when closing an account. It will not effect AAoA until 10 years after closing.


Thanks for the info.  I'm trying to let all my new accounts age.  My car loan is 27 months old and Kohl's is 22 months old.  Everthing else is less than a year old.  Amex, Barclays, and Sam's Club are the last accounts I was approved for and they are 3 months old.  Gotta lot of things to work on.  Thanks for all you do for us on the forum. 

Message 9 of 9
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