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New Contributor
Ozix
Posts: 58
Registered: ‎07-12-2013

Closed Applied Bank Secured!

[ Edited ]

Hey all,

Having a little battle with insomnia, and it's winning. Anyway was looking over my reports and was a little troubled when I saw my Applied Bank Secured card wasn't reporting to all 3 bureaus. Did a little research and turns out they only report to 2 out of the 3. I think the Applied Bank card has served it's purpose, it's Secured with a $1000 balance into one of their Savings Accounts. I'd keep it open but after finding out its not reporting to all 3, the previously ignored $9.95 "monthly maintenance fee" seemed worth it. Well in my grumpiness from not being able to sleep, I've decided to call them up in the morning and close the account.

It's one of my older cards, but not the oldest, I know it'll hurt my AAoA but again since its only reporting to 2/3 agencies, I'm not too worried. Plus I've been offered unsecured accounts with Merrick, Cap 1 and 1st Premier (ugh I know).

I also recently opened a savings account with NFCU with a huge balance of $5 :smileywink: to start an account with them. I'm debating doing a Secured card with them in the hopes it'll establish good customer history and either graduate to unsecured or get me an in on a nicer card, eventually a Visa Signature (way down the road, but a nice goal to work toward).

Has anyone had any expierences (good/bad) with closing down Applied? I have a balance with them now, but when I call tomorrow I'll PIF before closing. I figure that'll be way better than just having them take the balance out of the security deposit... I read in a thread it only takes a week or so to get the deposit back too which isn't bad at all.

Alright thanks for reading and sorry if there's any typos, on my phone so as to not wake the wifey

Oz



Starting Score: June 2013: EQ 573 EXP 541 TU 585
Current Score: Nov 2013: EQ 582 EXP 584 TU 615
Moderator
09Lexie
Posts: 24,378
Registered: ‎09-13-2012

Re: Closing Applied Bank Secured... Maybe switching it to NFCU Secured

Closing Applied will not hurt your AAOA. Closed TLs can stay on your cr for up to 10 years. Once it stops reporting, it will hurt your CS.
It will affect your util.
New Contributor
Ozix
Posts: 58
Registered: ‎07-12-2013

Re: Closing Applied Bank Secured... Maybe switching it to NFCU Secured

Took the kids to the zoo yesterday and didn't get a chance to call in, anyone else have any input?



Starting Score: June 2013: EQ 573 EXP 541 TU 585
Current Score: Nov 2013: EQ 582 EXP 584 TU 615
New Contributor
Ozix
Posts: 58
Registered: ‎07-12-2013

UPDATE - All closed, super easy :)

Alrighty, well finally got a chance to call it, wasn't hard at all.  Called the number on the back of the card, navigated through the automated phone system.  When I finally got to a human being, he asked what I wanted to do and I stated close the account.  He asked why and I said I had been offerred unsecured credit cards with cash back/rewards options.  He seemed genuiely excited for me and said congratulations lol.  The customer service rep said the card has a balance, so the security deposit will be applied and the remaining amount will be transferred back to my checking account within 10 business days.  Again super easy to cancel, I was happy to know I didn't have to pay them, then wait for that money I just paid them to come back to me lol.

 

According to myFico my oldest account was opended 12 Years, 11 Months ago and my AAoA is 6 years and that's with a bunch of new cards.

 

It feels good to move beyond secured cards, although to be honest I joined NFCU a couple days ago (HP just for signing up) and when I did I signed up for one of their Secured cards (since I was declined for an Unsecured card).  The only reason I'm doing another secured is helping build up my history with NFCU and eventually one day get a fancy Visa Siggy card with them :smileyhappy:

 

I'll post an update when the funds hit my checking account.

 

Thanks,

Oz



Starting Score: June 2013: EQ 573 EXP 541 TU 585
Current Score: Nov 2013: EQ 582 EXP 584 TU 615

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