- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
I agree with you doing whatever is best for you. That's how I operate. And even the FICO fanatics do it, despite their fervent devotion to "gardening" they are stepping out of the precious garden all the time for things. So do whatever is best for you regardless of what people may say - their advice is worth exactly what you paid for it.
Having said that, I'd be sure I actually got these better cards BEFORE you close the secured account. Once you do, by all means close it and get your money back.
Hard to say how much it will effect your score, it depends on how old it is. It's obviously your oldest revolving tradeline so the new inquiries and accounts could drop your score a bit just from that, and closing the secured will probably drop it a bit more. But if you hang in there your score will go up as the new accounts age. Unfortunately one of them is Cap One and we all know how well that will ever grow with you. So you're still in the boat of really needing to get a better card at some point. But it's a marathon not a sprint.
Anyway I just realized you already have 2 cap one cards, so you can't go for another before closing the secured.
I don't know, do you REALLY want another card with those guys? You know it will never grow. It's simply a means to an end - to getting better cards with a better lender. It has no future.
I guess if I was you, and I really needed the money, I'd close the secured card, and just let the two you have age for 6 months to a year and check your scores at that time, and maybe you can venture into primeville then.
I'm still not sure why you haven't considered a GE backed card - they will grow with you unlike Cap One and it's one hard pull instead of 3 for a puny limit that will NEVER EVER increase. That's what helped me get over the hump to 5k is a GE backed card. A Cap One card likely never will. Up to you though.