Closing secured cards?

[Anonymous]

Hi All,

I have recently been approved for 3 new unsecured credit cards. I have a capital one secured card with a $200 credit line, should  close this card? Capital One just approved me for the Quicksilver One, thinking about applying for the Unsecured Platinum as well.  Any advice is greatly appreciated.

Thank You!

[Anonymous]

If I were you, I would close the Capital One secured card. It has served its purpose.

I would keep the BOA secured card though, because it will eventually graduate to an unsecured card, unlike Capital One's secured card.

After that, hit the garden, and watch your scores climb over time.

Let your tradelines age and you will see the fruits of your efforts with responsible use of your credit.

Best of luck!

[takeshi74]

Your call to make.  The info in this thread, linked in the Helpful Threads sticky still applies:

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

General advice is at least 2-3 cards for scoring purposes.  You also have to account for the subjective matters: your needs/wants/preferences/priorities/goals.  If you want recommendations you really need to clarify as much as possible.  Otherwise people will just suggest what they would do which may or may not be relevant to you.

[Josh611]

I wouldn't apply for the platinum if I were you. You really have no use for it as you won't even earn any rewards and you already have cards that you can earn some with now. It would be a wasted account IMO.