Hi Everyone, I need some advice on what to do with my TD Bank secured card. Here are the facts;
TD Secured Card is reporting balance of 140.00 out of 600.00 limit. So that is keeping the scores a bit lower, but the actual balance is zero.
Recently approved for a Discover card with 2000.00 limit. Now showing up on reports yet.
Credit history is short. TD card for only about 9 months.
I just got off the phone with TD, they won't graduate the card. They said I could apply for a non-secured, however I'm afraid of closing out my account on this card since I was told closing out credit card accounts could hurt your score. Also, since the Discover is not showing yet, it would look like I have no credit lines. I'm sure the Discover will show soon tho.
I am just tired of having my 600.00 tied up in a secured card. Part of my problem is that I want to put a purchase of about 1,100 on my Discover card, because I have zero APR for 15 months. I have the money to pay for this purchase but want to take advantage of the zero APR. However I am worried about the ratio going so high. So I wanted to gradute my secured card with a higher limit, but like I said I am very worried about closing the account.
The other opition I was thinking was actually adding money to the secured card to increase the limit, to 1000.00 so my total credit limit for all cards would be 3000.00 and balance would be all on the Discover at about 1300.00. Still would put my ratio a bit high. The other opition would be to pay for the purchase in cash, but I would not be taking advantage of the 0% APR..
Any ideas would be great, thanks, Chris.
Reading this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190 will eliminate a lot of your concerns.
Thank you, I did find that in the mean time. I think I'll just leave it open till the Discover comes on, and then I will close it out in a few months. No big deal.