An application fee of $125 and a monthly fee of $9.95??? That has to be one of the worst cards I’ve heard of, if not the worst. The Matrix card sounds awful too. And I thought Credit One was a bad deal, but these other two sound even worse. For sure…
The Capital One secured is a good card to rebuild, but It will never unsecure. If you get lucky and all your stars align, you’ll get a $100 CL increase, but that’s it. I’ve had mine for two years and I’m getting ready to close it in the following months. I think it has served its purpose and I’m ready to move on.
Why would you get these crappy cards? BOA and Citi offer fully secured cards (as well as a few other banks) and you don’t have to pay monthly fees or high annual fees. Even if you got denied for the secured cards I just mentioned, you could’ve kept only the Capital One card, then wait a year and try to apply for unsecured cards.
Yes, I think you are crazy. Why don’t you use that money you’re paying in application and monthly fees to up your Capital One credit limit? You’ll eventually get your deposit back and the higher limit will look good on your report. I think having one or two decent cards with higher limits is much better than having 4 or 5 crappy cards with low limits.
How long have you had these cards for?