Card Conversion

[Anonymous]

I've contacted my card provider today, Citi, on converting my current credit card to Double Cash. However, I've been told that they're unable to take this request since my card is secured and is used merely to build credit. If I'd like to jump over to any of their other cards, I would have to sign a new application and, once I'm approved, cancel my secured card.

I understand how bad it could be to close down a credit card account like this, but it sounds like my only option, as I don't want to pay yearly fees for a card I won't be using any longer. What do we all think; would it be a good idea to go with this?

[Anonymous]

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@Anonymous wrote:

I've contacted my card provider today, Citi, on converting my current credit card to Double Cash. However, I've been told that they're unable to take this request since my card is secured and is used merely to build credit. If I'd like to jump over to any of their other cards, I would have to sign a new application and, once I'm approved, cancel my secured card.

I understand how bad it could be to close down a credit card account like this, but it sounds like my only option, as I don't want to pay yearly fees for a card I won't be using any longer. What do we all think; would it be a good idea to go with this?

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If you're approved for a new card, closing down the secured card, while not completely necessary, won't hurt you.  Do you have any other credit cards besides the Citi secured one? Ideally, for scoring purposes, you want 3 revolving credit accounts.

[Mantis350]

First of all, welcome to the forums!  What is in your credit mix at the moment?  Please list your accounts and any baddies you may have.  Do you know where your scores are sitting right now?  How many inqs do you have?

[Mantis350]

I looked over at your other post and if I were you, I would not waste a HP on trying to get approved for a Citi DC card.  Stick with what you have now and maybe try the SCT (if you REALLY want to) to get some more util padding.  Hate to be a bubble buster but I just don't want to see you waste a HP on trying to get approved for the DC.