Credit Card Forum
  1. #1
    Platinum Member
    Join Date
    Dec 2012
    Location
    Illinois
    Posts
    55

    Default Should I close my Cap One?

    Newbie here,

    Earlier this year (March '12) I opened my first credit card/credit line with Capital One secured card, put down a $49 deposit and received a $200 CL. Decent and I was excited. The annual fee of course was $39, but heck anyone giving me credit was amazing. (I was 19 at the time.)

    When I hit my 6 month mark, all good payments, they raised my CL to $300 and I applied for a cc through my bank, 5/3, and received a $300 CL. It has a lower 18% and no annual fee.

    With this card, and knowing that my credit score is an average 702, I was wondering if I should close my crummy Capital One 24% card and get my deposit back? I really don't want to pay another $39 annual fee when I know I can get a better deal with my current bank.

    Will it hurt my credit score to close it out, even if I wait til March, a little before my annual fee is due?
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  2. #2
    Centurion Member
    Join Date
    Oct 2012
    Location
    TX
    Posts
    204

    Default

    Keep it for a little while longer. While your credit score is fine, you still have very little credit history. If I was in your shoes, I would pay the $39, pass your one-year anniversary, apply for better cards, get them in my hands, and then think about closing the Capital One secured card. Your $300 5/3 Bank card is nice, but I wouldn't cut my credit line in half just to avoid a fee, and before I knew I looked good to other card issuers.
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  3. #3
    Centurion Member
    Join Date
    Dec 2011
    Location
    Texas
    Posts
    140

    Default

    I agree with Midori
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  4. Platinum Member
    Join Date
    Dec 2012
    Location
    Illinois
    Posts
    55

    Default

    Thanks guys.
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