Should I Close Capital One MasterCard?

SenatorsFan wrote: ↑ I'm currently in a consumer proposal, and about 6 months I got a secured Capital One MasterCard and put a $1,500 security deposit down. Earlier this month, I got a secured Collabria Visa through my credit union in which the security funds were put into locked account that accumulates interest. I also get cash back rewards on the Visa and pay no annual fee. I was told that in 1-year, my file will be reviewed and the security funds could be released back to me and the Visa becoming unsecured.

I've read negative things about Capital One such as interest not accumulating on the security funds, the card never becoming unsecured, not to mention paying an annual fee and not getting any rewards.

I'm trying to rebuild my credit. Since the Capital One card is relatively new, does anybody think I could cancel it and recover enough from the hit? My pros list for cancelling the Capital One card is longer than the cons but I'd be happy to hear your thoughts and opinions.

coolintheshade wrote: ↑ You actually obtained credit while in a Consumer Proposal?
I was under the impression one couldn’t do that?

coolintheshade wrote: ↑ You actually obtained credit while in a Consumer Proposal?
I was under the impression one couldn’t do that?

abhinarula89 wrote: ↑ You can obtain credit under CP but most places will avoid giving you unless you have collateral, hence the security funds. Bankruptcy has some restrictions but not CP.

SenatorsFan wrote: ↑ You can obtain a secured credit card while in a consumer proposal. My trustee recommended I get a secured card 1-year into my proposal.

coolintheshade wrote: ↑ I guess I’m probably thinking bankruptcy, where you have to surrender all your credit facilities, even the ones that aren’t being included in the bankruptcy.
So if you had any credit cards that had zero balance, and weren’t being included in the CP, would you have been able to keep them, or do you have to surrender/close them off before the CP can happen?