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donkeyshark

When should I cancel my secured card?

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Hi CBers, I currently have a secured card and I'm wanting to know if I should cancel it now or if I should wait... Here is the info which I believe may be relevant:

 

I currently have:

680 credit score with EX (which is the CRA my CU uses)

1 CapitalOne CC with a $1000 LOC

1 CapitalOne Secured Card with a $500 limit

1 Amazon store card with an $800 LOC

 

I'm paying these cards off in full every month.

 

I have a credit union account and an auto loan through them and am wanting to open a new CC through my local CU. I'm wondering if I should cancel my secured card now and apply for the new CC afterwards, or if I should hold onto that secured card until AFTER I've been approved for my new CC through my CU. I'm concerned that if I cancel my secured card then I'll have a lower available credit limit on my reports and I'll only have 1 CC instead of 2 CCs. However, there's a tradeoff here in keeping my secured card open since having a secured card on my profile is bad for my score too...

 

My goal is to qualify for the best card I can and for the highest amount they'll give me. I'm wanting to know if cancelling my secured card before or after I apply will give me the best chance.

 

Thanks!!

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You have a thin file, so I wouldn't cancel anything until you have more accounts open and some more age. Others may disagree, but that's what I would do.

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When it's time to start canceling cards and culling the fat, you'll know.

 

Now is not that time.

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I would wait until you have at least 5 cards that are 6 mo(12 better) old

 

Sent from my SPH-L900 using Tapatalk

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I'm paying these cards off in full every month... you might want to let one cc report a bal of 1-2% then pay by the due date for max scoring purposes

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If you have extra money, you should really max out the deposit on that secured card. That may lead to larger approvals in the near future.

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Don't cancel them. Let them graduate and become unsecured.

Does cap one even do that? Never heard of it.

 

correct CAP1 WILL NOT graduate your secured card

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