vjane89 wrote:I am going to cancel my secured Capital One credit card at the end of this month. Yes, I know it will have a negative impact on my credit score, but I hate paying the yearly fee.
It will only affect your credit score negatively if it affects your utilization.
vjane89 wrote:A few days ago I decided to apply for a Discover cc and was denied due to "serious delinquency." I assume they are referring to my $7 fee from years ago because I pay my other cc's in full every month…I never carry a balance.
anything when you can know
for sure. You were denied credit, you have the right to check your credit report for free to see why. I've had other people's accounts on my report before. I've also had "unreturned library books" on my credit report before.
vjane89 wrote:Here is my question: Should I attempt to apply for another credit card before I cancel my Capital One card and risk getting denied for another card, or should I just stick with what I have (which will only be the Chase Freedom card after I cancel Capital One)? If you think I should just keep my one credit card for now, how long should I wait until I apply for another one?
I wouldn't apply for any cards until you see what's on your report. If it's just the $7 charge, I would try to get it taken off the report.
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450