AAoA Question (Secured Card Closure)

[icetrap06]

I have a Capital One Secured Card with 1k limit.  After a recent app spree at the end of last year I obtained a Discover - 6k, Citi - 4k, and Green -NPSL.  I also recieved an increase on my Cap One Platinum card from 500 to 1.5k.  At this point, I don't see a reason to keep the secured card except for aging purposes.  I could have sworn that I saw posts stating that even after closure the accounts continue to age for 10 years.  Is this true?  Are there any loopholes or stipulations I should be aware of?  Basically, I don't want closing the card to hurt my score.  If it's not going to hurt my score, I would love to get my 1k back.

[creditnocash]

the only way it will hurt your score is that it takes that 1k from the util. 

so if you have 10k of credit and now its 9k you have to report less then 900 dollars. 

and its true a closed account "in good standing" will report for 10 years before it falls off. 

[icetrap06]

Awesome..thanks!

The way I figure, before I was only reporting 1.5k.  Of my new cards only the 4k from Citi is reporting (Discover hasn't reported yet).  So even if I drop the 1k, by the time the 6k limit hits...my score should rebound.  Past report = 1.5k, Future reporting = 11.5k...I can't see that dropping my score...I just may not get as high as I would have with 12.5k.

[creditnocash]

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@icetrap06 wrote:

Awesome..thanks!

The way I figure, before I was only reporting 1.5k.  Of my new cards only the 4k from Citi is reporting (Discover hasn't reported yet).  So even if I drop the 1k, by the time the 6k limit hits...my score should rebound.  Past report = 1.5k, Future reporting = 11.5k...I can't see that dropping my score...I just may not get as high as I would have with 12.5k.

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the other thing to take into consideration is the new accounts ding and the inq dings though. 

after 1 year the inqs will have no effect though and 2 years they will fall off. 

most people say that the new account ding is usually plus or minus 6 months. 

[icetrap06]

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@creditnocash wrote:

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@icetrap06 wrote:

Awesome..thanks!

The way I figure, before I was only reporting 1.5k.  Of my new cards only the 4k from Citi is reporting (Discover hasn't reported yet).  So even if I drop the 1k, by the time the 6k limit hits...my score should rebound.  Past report = 1.5k, Future reporting = 11.5k...I can't see that dropping my score...I just may not get as high as I would have with 12.5k.

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the other thing to take into consideration is the new accounts ding and the inq dings though. 

after 1 year the inqs will have no effect though and 2 years they will fall off. 

most people say that the new account ding is usually plus or minus 6 months. 

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Good points...so maybe I should wait until that time passes then close the account.  I just can't see keeping 1k of my money tied up now that I have obtained prime cards.