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Established Contributor
Posts: 742
Registered: ‎10-02-2007
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How Long To Keep Card Open To Make It Count...

So I opened a Citi Secured Card in Oct of this year with a 2k CL

 

After some thought, i might not want to tie up 2k until the CD matures which won't be until April of 2014

 

If I decide to close the account, with a zero balance, what is the shortest amount of time I should leave it open to have a posative effect on my CR

 

 

Thanks!

 

 

 

Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: How Long To Keep Card Open To Make It Count...

people generally say a year,and i would have to agree


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 1,919
Registered: ‎11-17-2012
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Re: How Long To Keep Card Open To Make It Count...

I do agree with a year as being the best. However, I would say the minimum would be 6 months, apply for an unsecured card and be approved, THEN close out the secured!

 

Best of luck Smiley Happy

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Established Contributor
Posts: 742
Registered: ‎10-02-2007
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Re: How Long To Keep Card Open To Make It Count...

well I already have a citi unsecured card (was secured, then became unsecured)...but my limit is 200.00 and has been since 2009...they wont raise it...so opened another secured card, but now thinking, I might want the 2000.00 cash and pay the card off...

 

 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: How Long To Keep Card Open To Make It Count...

Closing a CC (credit cards) does not lower your FICO scores in and of itself. When deciding to close a CC there are two important things to consider. In the short-term, closing a CC can have an adverse affect on your UTIL percentage calculations and this in itself can definitely lower your scores. In the long-term, a closed CC in good standing (nothing derogatory reporting) with a $0 balance will generally be deleted from your CRs (credit reports) after 10 years. Once this account is deleted, you lose the history and age and this might lower your scores.

For More information on how closing credit cards can impact your FICO score, please check out the following link: Closing Credit Cards.


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Valued Contributor
Posts: 1,919
Registered: ‎11-17-2012
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Re: How Long To Keep Card Open To Make It Count...

I would still wait until you can get a bigger limit from a creditor who is good with CLI Smiley Happy then you won't have to worry about secured cards any longer! But if you feel like you really need that money back, just keep paying your unsecured $200 and maybe apply for a store card to help with building!

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $14.5k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 755 EQ 717 TU 746 VantageScore 3.0: EX 738 EQ 743 TU 745 Credit Sesame (EX) 745 Credit.com (EX) 794 CapOne (TU) 787
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