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Closing a secured Card.

Regular Contributor

Closing a secured Card.

When is the best time to close a secured card? My secured card with cap1 is 351 w/ 35 Af, should I close it now or just keep it and keep using it. Although my credit is new I am having a second thought. Any advice?

Zions -2500
Dillards-1800
Chase-2200
Amex TE- 4500
BCE- 4400
Discover-8750
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 1 of 13
12 REPLIES
Super Contributor

Re: Closing a secured Card.


newbiewife wrote:
When is the best time to close a secured card? My secured card with cap1 is 351 w/ 35 Af, should I close it now or just keep it and keep using it. Although my credit is new I am having a second thought. Any advice?

Zions -2500
Dillards-1800
Chase-2200
Amex TE- 4500
BCE- 4400
Discover-8750

What are you doing out of the garden...Lol joking

Wait until your 3X CLI is complete and then make your choice but either way your not losing much UTL wise. How old is the card?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 13
Regular Contributor

Re: Closing a secured Card.

Geee not that old 10 months old. Hehehehe.... don't worry myjourney I'm not doing anything silly! Smiley Tongue
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 3 of 13
Super Contributor

Re: Closing a secured Card.


newbiewife wrote:
Geee not that old 10 months old. Hehehehe.... don't worry myjourney I'm not doing anything silly! Smiley Tongue

So the AF is coming up? 

Shut it down then you're in great shape with great cards now and as for the highlighted area....good Lol

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 13
Regular Contributor

Re: Closing a secured Card.

Yes AF is coming up I don't mind the AF, its just the thought of if I keep it for many years then suddenly shut down then I lost long history. I'm still waiting for 3xCLI. Heheheheh Heart
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 5 of 13
Super Contributor

Re: Closing a secured Card.


newbiewife wrote:
Yes AF is coming up I don't mind the AF, its just the thought of if I keep it for many years then suddenly shut down then I lost long history. I'm still waiting for 3xCLI. Heheheheh Heart

Since all your accounts are new your not losing anything but maybe a few months of AAoA

And the positive TL will still report for 10 years so if your going to do it now is the best time IMO

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 13
Regular Contributor

Re: Closing a secured Card.

Okie dokie myjourney. Thanks! See yah in the garden Smiley LOL
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 7 of 13
Super Contributor

Re: Closing a secured Card.


newbiewife wrote:
Okie dokie myjourney. Thanks! See yah in the garden Smiley LOL

Smiley Very Happy 

Don't forget the party tonight

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 13
Moderator Emeritus

Re: Closing a secured Card.

You've got some pretty nice cards to take its place now.  It may be time to cut the cord.  Smiley Wink

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 9 of 13
Regular Contributor

Re: Closing a secured Card.

Party? We have party in the garden????

@shogun- thanks I think that's what I'm going to do.:smiley:
Heart trying to reach 800! Heart
Gardening till 12/14 Smiley Tongue
Message 10 of 13