cancel
Showing results for 
Search instead for 
Did you mean: 

Time to Shut Down My Cap1 Secured Card?

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 Score: EQ: 638, TU: 633, EX: 656

Cap1 Secured: $500 | Cap1 QS: $5.3K | Express: $2.5K | Gamestop: $2.6K | Cap 1 Spark Select: $3.3K | Barclaycard Apple Rewards: $7.1K | Amazon Store: $1.5K | Discover IT: $1K | Best Buy Visa: $1K | Barclay Rewards $2K | Walmart $800
Message 1 of 9
8 REPLIES 8
NormanFH
Super Contributor

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.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 2 of 9
kaykay65
Valued Contributor

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. 


Gardening till December 2019
AMEX BCP| AMEX ED| BBVA NBA AMEX| Venture| QS| BoA Cash Rewards| Barclays Rewards MC
Message 3 of 9
NormanFH
Super Contributor

Re: Time to Shut Down My Cap1 Secured Card?


@kaykay65 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.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
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.





Starting Score: 489
Current Score: 724
Goal Score: 740


Take the myFICO Fitness Challenge
Message 5 of 9
kaykay65
Valued Contributor

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. 


Gardening till December 2019
AMEX BCP| AMEX ED| BBVA NBA AMEX| Venture| QS| BoA Cash Rewards| Barclays Rewards MC
Message 6 of 9
NormanFH
Super Contributor

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.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 7 of 9
NormanFH
Super Contributor

Re: Time to Shut Down My Cap1 Secured Card?


@kaykay65 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.

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 8 of 9
kaykay65
Valued Contributor

Re: Time to Shut Down My Cap1 Secured Card?


@NormanFH wrote:

@kaykay65 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. 


Gardening till December 2019
AMEX BCP| AMEX ED| BBVA NBA AMEX| Venture| QS| BoA Cash Rewards| Barclays Rewards MC
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.