CapOne Secured cancel it?

[fixit502]

I have a Capone I opened aug 2011 secured card with a limit of 200. I've been thinking about closing it so I don't have to pay the annual fee anymore since I have my other high limit cards. Will I be able to recover from closing the account in a few months?

[Demonico]

If the limit is that much lower, that isn't really worth keeping. The question would be is that your oldest trade line? If not then closing it won't make a significant impact. If it is then how old is the next oldest, if that isn't a big difference then I wouldn't worry about it.

[fixit502]

I opened some store cards right after that so we are talking less than a year for the next trade line.

[baysail2]

I agree with Demonico, from what I've read you would definitely want to keep it open if it's your oldest account.

[creditmmax]

I'd just keep it open for the age of the account. IMO

[jonson]

If you do close it, max it out to $3,000 first so that a $3,000 limit reports.

 

I applied for mine in December 2010, which was right before they upped the annual fee from $24 to $29. I've debated about what I will do with it in the future, and I kinda feel that since the annual fee is so low, I may just keep it for a while. I mean, is a few dollars a year going to break the bank?

[fixit502]

The limit is at $200 so I don't think I'll be maxing it out to $3000...

 

And yes, the annual fee is small, I just don't feel it's worth it anymore and wasn't sure how much it would change things if I closed it.

[eatcookies]

Fixit, I believe jonson meant to increase the limit to $3K before closing it.

[jonson]

Fixit, I believe jonson meant to increase the limit to $3K before closing it.

 

Yes, that's what I meant.

 

Increase to $3,000, wait for it to report, close the card... a check comes to you in the mail a few weeks later.

[Demonico]

You could always increase the limit, then give it a few months and see if you can get them to graduate it. Assuming Cap One does that. I'm not sure since I've not had a secured card with them.

[jonson]

You could always increase the limit, then give it a few months and see if you can get them to graduate it. Assuming Cap One does that. I'm not sure since I've not had a secured card with them.

 

That definitely won't happen.

[ronsetoe]

I closed mine after 11 months because of the fee, I also closed all cards that have a fee. I did not take that big of a hit on my score because my AAOA is at 1.9 years because in the past year I have obtained around 17 new MC/Visa and store cards. You have some fine cards and limits, so if it were me, I would close it. My scores are very similar to yours BTW. good luck

[fixit502]

thanks for all the advice. I will most likey close it after I get my new car.