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New Contributor
NewBreed
Posts: 91
Registered: ‎04-27-2013

Is it time to cancel my Secured Card?

Hey guys,

 

I think its time to cancel my oldest credit card of about 2 years (which is my highest limit of 3000 as well). My secured card has done its job and i want all the money i fronted for the deposit which is probably around 2600. I understand it is my oldest account and it may effect my AAoA however i have everything i need now. I have an AmEx with NPSL.. i have another Cap 1 with about 1500 limit.. I have Chase Freedom with 2000 limit... Chase Slate with 2000 limit and last but not least Discover IT with 1000 limit... ill be canceling my highest limit card but I just dont see the need to have them keep holding onto my deposit when im approved for this spectacular card ranges. I dont need another card in my pocket.

 

What do u guys think... There is an annual fee but it isnt due until later this year. 

Cap One Cash Back UnSecured: 1.5K
Chase Freedom: 2k
Chase Slate: 2k
Discover IT: 1K.
AmEx Green: NPSL
Community Leader
Valued Contributor
myjourney
Posts: 23,641
Registered: ‎02-07-2013

Re: Is it time to cancel my Secured Card?


NewBreed wrote:

Hey guys,

 

I think its time to cancel my oldest credit card of about 2 years (which is my highest limit of 3000 as well). My secured card has done its job and i want all the money i fronted for the deposit which is probably around 2600. I understand it is my oldest account and it may effect my AAoA however i have everything i need now. I have an AmEx with NPSL.. i have another Cap 1 with about 1500 limit.. I have Chase Freedom with 2000 limit... Chase Slate with 2000 limit and last but not least Discover IT with 1000 limit... ill be canceling my highest limit card but I just dont see the need to have them keep holding onto my deposit when im approved for this spectacular card ranges. I dont need another card in my pocket.

 

What do u guys think... There is an annual fee but it isnt due until later this year. 


You have come a long way I guess it is that time to close since it has a AF

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it
Established Contributor
YahComb
Posts: 590
Registered: ‎03-10-2012

Re: Is it time to cancel my Secured Card?

i think its about time. your AAoA won't be immediately affected, the biggest issue for you is losing your biggest credit line, worth about 1/3 of your overall total credit line.

 

But then again it is real money thats holding that up, and you can always pay things down before they report to keep utilization low, or keep a good chunk of spending on the AMEX.

EQ-728(03/31/14) TU-761(03/19/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 7.5K | Disc It 9K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 2.67yr AAOA: 21.8 mo
Blogger
HiLine
Posts: 2,737
Registered: ‎10-19-2012

Re: Is it time to cancel my Secured Card?

[ Edited ]

If a secured card has remained this way for 2 years despite perfect payment history, chances are it will never graduate. Give it the ax! :smileyhappy:

New Contributor
NewBreed
Posts: 91
Registered: ‎04-27-2013

Re: Is it time to cancel my Secured Card?


YahComb wrote:

i think its about time. your AAoA won't be immediately affected, the biggest issue for you is losing your biggest credit line, worth about 1/3 of your overall total credit line.

 

But then again it is real money thats holding that up, and you can always pay things down before they report to keep utilization low, or keep a good chunk of spending on the AMEX.


Well i do spend a lot on my AMEX.... I always keep util low though.... every month all my cards report a 1 dollar balance LOL i pay it down but just leave a dollar to report... its great.. im not sure how much it is effecting my credit in a positive way though.... but i think its time to pull the trigger on this card i have no use for.

Cap One Cash Back UnSecured: 1.5K
Chase Freedom: 2k
Chase Slate: 2k
Discover IT: 1K.
AmEx Green: NPSL
Community Leader
Valued Contributor
myjourney
Posts: 23,641
Registered: ‎02-07-2013

Re: Is it time to cancel my Secured Card?

NewBreed its time to update your sig:smileywink:

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Is it time to cancel my Secured Card?


NewBreed wrote:

YahComb wrote:

i think its about time. your AAoA won't be immediately affected, the biggest issue for you is losing your biggest credit line, worth about 1/3 of your overall total credit line.

 

But then again it is real money thats holding that up, and you can always pay things down before they report to keep utilization low, or keep a good chunk of spending on the AMEX.


Well i do spend a lot on my AMEX.... I always keep util low though.... every month all my cards report a 1 dollar balance LOL i pay it down but just leave a dollar to report... its great.. im not sure how much it is effecting my credit in a positive way though.... but i think its time to pull the trigger on this card i have no use for.


Newbreed,

 

No one can give you any real advice without significantly more info than you have currently given.

 

We could use your current FICO score, utilization %, and other credit details.

 

Also, we could use the list of current cards, limits, balances.

 

With this info, we can give some considered advice.  Otherwise we are just guessing.

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