Cancelling a secured creditcard..good idea?

[esq05]

So heres the story:
I got my first creditcard with Capital One, secured MC. Its gonna be a year in April, and well... I dont wanna pay another $60 annual fee. I have 3 other credit cards, 2 MC(PC and MBNA) and 1 VISA(TD).

Is it worth keeping the capital one for another year, so they can review it? I have checked my credit history and they seem to report every month or so, so I think I should keep it.... but is it worth the 60$ again...

I mean, i got 3 other credit cards and i only use 2 of them.... should be good enough to keep building my credit history?

ANy advice would be helpful..

thanks..

[aequitas]

i would cancel the Capital One card and get your security back. You have enough cards now to build and maintain a credit history.

[esq05]

Thanks for the second opinion.
Im totally going to cancel this card, and your input is appreciated.

My only question is that, capital one usually reports every 1-2 months, prolly because thats the whole nature of the credit card(heard some cc companies do it yearly or whtnot..) ...is it like that for all credit cards?

I mean, I always pay my bills on time and all that... I just thinking PC and MBNA are really easy to get and TDVISA is a student one.... which leaves capital one..

so basically canceling this would not hurt my credit history and well... isnt gonna improve it even if i do keep it?

[dmxlite]

Thanks for the second opinion.
Im totally going to cancel this card, and your input is appreciated.

My only question is that, capital one usually reports every 1-2 months, prolly because thats the whole nature of the credit card(heard some cc companies do it yearly or whtnot..) ...is it like that for all credit cards?

Yes, but sometimes they look in your credit file to see if they should send you offers, not update it.


I mean, I always pay my bills on time and all that... I just thinking PC and MBNA are really easy to get and TDVISA is a student one.... which leaves capital one..

so basically canceling this would not hurt my credit history and well... isnt gonna improve it even if i do keep it?

Whether it hurts or not, I'm not sure. Do you really want to pay $60 annually to increase it by a little bit? It's only been a year, and in the long term, the cards you keep will probably do you more good. Is there any benefits to your Cap One card? PC is a start, but once you start applying for others, unless you get good benefits, $60/year is not worth it for a basic card.

[esq05]

thanks guys for the responses.

i called them up to cancel, and well, in the end i kept it. they waived my $59 annual fee, but I dont get my security back yet, until a possible review later on which occurs 1year after issuance. Its always good to have a backup card anyways, esp. for online purchases.


I guess they are right about their commercials eh?

[boyoflondon]

Threatening to cancel always does the trick of getting rid of the annual fee ;)

[dolphie]

i cancelled mine no problems as soon as i was able to get a 'real' card, and got my deposit back. no problems building history or getting credit since.
It's nice to see you got the annual fee waived though :) If it's like mine, they're paying you interest on your deposit anyways. it could be in worse places :)

[esq05]

i cancelled mine no problems as soon as i was able to get a 'real' card, and got my deposit back. no problems building history or getting credit since.
It's nice to see you got the annual fee waived though :) If it's like mine, they're paying you interest on your deposit anyways. it could be in worse places :)

I havent seen any interest credited to my account yet, but its only $200... 4% interest, roughly 8-9$/ year .. so blah, but yea, got the fee waived, so its all good for another year.

I just find it nice to be with one company as long as I can, with my phone its fido (might change soon, hehe) and CC its capital one, so meh