Should I close CapitalOne Secured due to AF

[chrishillson]

I got a Capital One secured card almost a year ago when it still had an AF. I called them a few months ago when I became aware they stopped doing AF but they told me my account still has it and there's nothing they could do at that time. Does anyone think I will be charged the AF this year and is there any way to avoid it?

 

My goals are to get a good rewards card next year, and to finance buying out a lease a relative signed for me when it ends in 2018 (or buy/lease a BMW 328d on my own) so keeping that in mind would the best thing to do is keep the Cap1 open despite the AF? My credit reports currently show:

 

Good

Amex Platinum since 2007

Capital One secured 2000 CL since 3/2015

Merrick Bank 2000 CL since 1/2016

Omaha Bank 2200 CL 2/2016

2 closed/paid cards ~2009 -- one is at grantor's request not sure if that's bad? Shows paid and no lates

1 auto loan paid off 2007 -- last two payments were late but doesn't show up anymore

 

Bad

5 collections or CO from 2010

1 paid federal tax lien that is pending a withdrawal.

 

 

Amex EX FICO Score 8: 624

Cap1 TU score: 645

CK TU: 705

 

[hawaiigirl]

Call back and ask for a fee waiver again . Also, to take some of the pain away, ask them to change it to a rewards card. I've read that they will add a 1.5% cash back feature. If they won't do it, send a PM on their facebook page.

[bigpoppa09]

They won't change a secured card period only 2 options close or leave open

[IndyPoolPlayer]

You're paying $450 per year for an Amex Platinum and you're concerned about the AF on a CrapOne?

[Kat58]

You're paying $450 per year for an Amex Platinum and you're concerned about the AF on a CapOne?

This^^^

 

[bigpoppa09]

HEY KAT

[Kat58]

HEY KAT

 

[rpina1]

I have had my secured AF credited back. Just threaten to cancel and they will do the "courtesy".

[ZeRo_C0oL]

Leave it open at least until you hit the second anniversary IMO... either pay the AF, or call and ask if they can waive the fee to avoid you closing it. Don't threaten to cancel. Don't ask to cancel... Talk to them like human beings and pray that you get a nice rep.

[hegemony]

Leave it open at least until you hit the second anniversary IMO... either pay the AF, or call and ask if they can waive the fee to avoid you closing it. Don't threaten to cancel. Don't ask to cancel... Talk to them like human beings and pray that you get a nice rep.

^this

 

remember that not all crap1 accounts are created equal.

[ZeRo_C0oL]

I have had my secured AF credited back. Just threaten to cancel and they will do the "courtesy".

 

IMO, that's not good advice... If you threaten to cancel and didn't really mean it, you're liable to end up with your account actually being closed. I would imagine it depends on who you're talking to, but I don't think they're all going to try to go out of their way to talk you out of closing an account that means zilch to them. You might get "Well, let me talk to my supervisor and see if I'm able to waive your annual fee. Would that change your mind?" or "Okay, Mr/Mrs. ____," your account is now closed. Anything else?"

 

I've learned not to make empty threats unless you're really indifferent as to which way the call goes. You get better results actually talking to people like old friends as best you can.

[haydeno]

Seems like you would have a good shot at normal capital one card, could do quick silver one then if approved try venture then close secured at year

[JDK83]

I had my secured cap one card for 2 years.

 

At the end of the second year, I emailed the EO. I told them how much I would like the keep the card open, but could not justify paying an annual fee for a card I no longer need. I pointed out my perfect payment history and excellent credit.

 

They permanently removed the annual fee from my account and refunded the annual fee I had paid 12 months prior.

 

No gurantees, but it is worth a try.

[dcowboy08]

Leave it open at least until you hit the second anniversary IMO... either pay the AF, or call and ask if they can waive the fee to avoid you closing it. Don't threaten to cancel. Don't ask to cancel... Talk to them like human beings and pray that you get a nice rep.

I felt compassion for a moment there... just a moment. Thanks Zero, you made me all warm and fuzzy. Seriously. Thanks.

[dvd]

I got a Capital One secured card almost a year ago when it still had an AF. I called them a few months ago when I became aware they stopped doing AF but they told me my account still has it and there's nothing they could do at that time. Does anyone think I will be charged the AF this year and is there any way to avoid it?

 

My goals are to get a good rewards card next year, and to finance buying out a lease a relative signed for me when it ends in 2018 (or buy/lease a BMW 328d on my own) so keeping that in mind would the best thing to do is keep the Cap1 open despite the AF? My credit reports currently show:

 

Good

Amex Platinum since 2007

Capital One secured 2000 CL since 3/2015

Merrick Bank 2000 CL since 1/2016

Omaha Bank 2200 CL 2/2016

2 closed/paid cards ~2009 -- one is at grantor's request not sure if that's bad? Shows paid and no lates

1 auto loan paid off 2007 -- last two payments were late but doesn't show up anymore

 

Bad

5 collections or CO from 2010

1 paid federal tax lien that is pending a withdrawal.

 

 

Amex EX FICO Score 8: 624

Cap1 TU score: 645

CK TU: 705

 

 

I would call some of the backdoor numbers or e-mail EO/facebook message. There have been alot of folks that got their secured card annual fee waived. If you still cant get it waived I would leave it open until you get other cards.

[chrishillson]

Thanks for all the advice. I called and they credited the AF as a "one time courtesy"

[Brandon1008]

Close secured cards when you dont need them.

 

Secured cards are temporary.

 

You need to aim for better cards/banks and not focus on recouping a AF.

 

One of my best repair moments was closing my secured card (and getting back the deposit!!!)

[illusemycreditcard]

It's not unlikely that they'll continue to credit it yearly until you contact the EO to get it waived.

 

Maybe in a year or two they'll realize they should be graduating these.

[NorCalR1]

Keep a secured card until you rebuild to the point of getting unsecured cards, and it looks like your already there. You got the waiver this time, so when it comes up again next year, ask for another AF waiver. If they say no, get rid of it. No need to pay it anymore.

[chrishillson]

Close secured cards when you dont need them.

 

Secured cards are temporary.

 

You need to aim for better cards/banks and not focus on recouping a AF.

 

One of my best repair moments was closing my secured card (and getting back the deposit!!!)

 

I don't need the money. I'd rather they keep the deposit longer if the AAOA helps my score, unless they keep charing an AF for the privilege of giving them an interest free loan.

[Brandon1008]

AAOA is for closed accounts also.

 

Keep the secured card and let them keep your money, that's your call.

 

If youre asking if keeping it open will help your score? No

 

Will closing it hurt your score? No