- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
You should only be worried if you plan to carry a balance - if you PIF it's not an issue. So since you will pay it off it really doesn't matter.
I would actually apply for say Discover now if you are going to. They seem to like, from what I've read, the idea of being your "first" and only prime card and if you are the sort who might carry a balance they may be disposed to give you a decent limit off the bat.
I would want to add one more "prime" type card if you can. That would give you two even after cancelling Cap One. Then use those and PIF and take care of them for 6 months to a year, see where you are at that time, and go for a couple more.
I'm not sure how long ago that collection was, if it's recent, don't go for Discover. If Chase approved you, it must be an older collection, but I've read Discover isn't favorable to them (neither is Chase for that matter but you got in there) and Discover doesn't recon unlike Chase so that one is kind of iffy if you want to apply for it. I say if you don't get another card, keep the Cap One until you do. If you don't get another card now wait 6 months then try again until you do then dump Cap One. Make sure you have two of them open to help your score as much as you can because the scoring prefers two cards over one.