- Centurion Member
- Posts: 125
- Joined: Wed Dec 05, 2012 12:47 pm
- Location: Iowa
I know lots of people here are down on Capital One, but it seems they are one of the few places who will help people with rebuilding credit. Once upon a time in a land far far away, I was denied a couple of secured cards finding Capital One to be the only place that would give me a card. A few months later, I got in with US Bank and now their card has graduated to an unsecured card with a $500 limit. I boosted my limit with Capital One to $1,500. They did give me a small $300 CLI but the rest is my own money.
I've tried for a few other cards, but keep getting denials. For some reason, Capital One just pre-approved me for a newcomer's card. I was born here in the US so I would expect an instant denial, but they do have a Platinum card with a $19 AF which wouldn't be too hard to swallow. What I'm getting at, when rebuilding credit, it seems first you get crappy secured cards then in a couple of years if you are lucky you might be able to get better secured cards. I'd like to close my Cap1 secured card so I can get my money back and put it someplace that makes sense, but what are the chances Cap1 would give me anyplace close to the $1,500 I have on the secured card? What are the chances of getting a $300 limit? If I know I could get a $1,500 CL it might be worth it.
How bad would I hurt my credit if I close my Cap1 card now? I'm skipping all over with my thoughts because I really need my money back from the secured card and my first though was if I could get the newcomer's card which has a $0 AF, I could have a card for when I close the secured card so I still have a line of credit reporting. My thought there is even if they only give me $500, I wouldn't be in a hurry to close it even if I don't really use it. With the cash rewards on the other hand and the $39 AF, I'd be opening it with the plan of closing it in a year to avoid the AF.
I've also considered trying for the Barclay card for average credit and I might be able to get it on a recon from the information I've been given, but everyone I talk to says they would wait until I can get a better Barclay product.
I know it's sad, but I had to spend over a year working up to the point where I could get a BofA secured card and in order to be able to afford it, I'll need to cancel the Cap1 card and get my money back. I can't say that I really like Cap1 and their high end cards don't really excite me, I hear the Venture card isn't too bad, but I don't fly. The only reason I would app with them again is so I could have a credit line open when I close the secured card, but that's the only reason.
What would you do? I'd be happy with just the USBank card, but after that the focus is to build a higher credit score and get my limits up. It's nice to be able to have a card when on the road, but when you don't have it, you don't have it.