Cancellation of secured card

[mkhan6349]

Hello,

I have two secured cards one from Capital One issued in 2011 with $200 limit and one PNC issued last year with $350 limit. I initally opened these accounts to build my credit but now I don't have any use for them as I have established enough credit and have cards with $6000+ limits. I want to know if closing these secured cards will have bad affect on my credit report?

Thank you,

Muhammad

[manwoot]

Long story short, they will continue to report for 10 years.

For more information and a more indepth explanation, check out this thread:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

[IamB2]

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@mkhan6349 wrote:

Hello,

I have two secured cards one from Capital One issued in 2011 with $200 limit and one PNC issued last year with $350 limit. I initally opened these accounts to build my credit but now I don't have any use for them as I have established enough credit and have cards with $6000+ limits. I want to know if closing these secured cards will have bad affect on my credit report?

Thank you,

Muhammad

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In the short term, it should not affect it in any way. There is a very comprehensive guide on how to close your accounts on these forums..

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Read that post and you will learn how to do it the right way which will lessen any impact it may have.