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approved for a unsecure card, should I cancel my secure card that’s in the mail already????

Smarte06
New Member

approved for a unsecure card, should I cancel my secure card that’s in the mail already????

Hi everyone,
Should I cancel my capital one secure card $500 that I have yet to receive (mailed out) if I just got approved for a 20k unsecured card that will drive in 3 days (they expedited it) ???
Story:
So, I’ve been reading these post for a few months now and so far all of your tips have been helping increase my credit knowledge.
I with a credit score of Experian Fico of 581 in June 2017,and I’ve worked my way up to a 609 (as of today) A lot of disputing old collection accounts and going from a 50-60% Utilization ratio to a 20% now. My boyfriend also added me as an authorized user to his chase freedom card back in October, but it’s only showing up on Transunion. Opening up the discover card gave me a 12 point boost with Experian.

Current cards:
Navy federal secure card- $404 owed out of a $1700CL (3 years 0 late payments)
Discover secure card (just got it last month already reported, THEY DID NOT DO A HARDPULL) 0% usage, $300CL - (just increased limit to $500 by adding more deposits)
Freedom card -Authorized user- $108 reported out of a $3100 CL. (Increased 2 weeks ago to $6200) only reporting on Transunion.

Pending cards:
Lord and Taylor’s $750CL - (surprisingly I got approved -1 week ago) will not report until January but started using it.
Capital one secure card $500CL (deposited $350) -this card took almost 2 months to get, it’s mailed and it has not arrived yet.
Navy Federal N rewards -Applied online 3 days ago and was shocked!! Approved for $20K and it’s already on its way.

Current scores: ex:609 Eq: 605 tU: 620

Current baddies:
as of July $2500 collection from sprint (reporting in all 3 bureaus)
$308 portfolio recovery (only on Experian, it was removed from both EQ and Transunion) from 2012
$700 portfolio recovery (only on Experian, removed from EQ and Transunion from 2012)

A lot of late payments (30-60 past due) with Exeter Finance, I’ve been current for the past 6 months (no late payments since)
Owed $18k from a 20k loan 25% interest rate, I’ve had the car for 3 years already of $535 payments. ——driving me crazy, tried to refinance a few times and my car is worth only 10K, it’s been imposible

Closes accounts:
Students loan 1k paid
Honda Finance 2011 - paid off

Charge offs:
Amex 2012 with a 1k balance
premier card 2012 with a $900 balance
Gateway one $27k 2012

Student loans: current- no delinquencies.

Being that I just got approved for a regular credit card with a 20k credit limit, should I cancel the capital one secure card and get my $350 back?
I wanted to build a new relationship with capital one since, both portfolio collections are from them.

Current inquiries:
2 Experian
1 equifax
1 transunion

Any other tips on how I can continue to rebuild?
Message 1 of 3
2 REPLIES 2
Adkins
Mega Contributor

Re: approved for a unsecure card, should I cancel my secure card that’s in the mail already????

NFCU is really good to rebuilders, congratulations! 

 

I wanted to build a new relationship with capital one since, both portfolio collections are from them.

 

I would keep the card, for this reason, even though it's a tiny limit. Use it and wait at least a year. If it hasn't graduated, apply for another capital one card and close the secured upon approval of the new card. Everything thing else in your portfolio just needs to age. Come join us in the garden! Try a good will campaign on your lates, read up on the 'saturation technique' here in the forum. As your credit improves, you might be able to get a personal loan to use to pay off the remaining car loan balance. 

Last HP 09-14-2020



Message 2 of 3
Smarte06
New Member

Re: approved for a unsecure card, should I cancel my secure card that’s in the mail already????

Thank you!
Message 3 of 3
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