Need help with this decision

[Anonymous]

So USAA was great for the last year building credit with their $300 secured card. Now I am very close to the 700 club with NFCU at $8K and Barclay's $1K. USAA will not unsecure ever according to their customer service. I'm thinking I could use the $300 security deposit to pay holiday bills. Would it harm me in any way to close this account? It is my oldest revolving acct at 14 months, but why do I really need it any longer?

NFCU just CLI'd me to $8k from $6k. I have gone from 648 to 685 in the last 2 months.(Barclay's FICO). USAA FAKO is 706. I also just opted back in to start playing with the Chase Pre-Qual site so that I can shoot for the CSP in the Spring but the opt in has not taken effect yet.

[SunriseEarth]

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@Anonymous wrote:

So USAA was great for the last year building credit with their $300 secured card. Now I am very close to the 700 club with NFCU at $8K and Barclay's $1K. USAA will not unsecure ever according to their customer service. I'm thinking I could use the $300 security deposit to pay holiday bills. Would it harm me in any way to close this account? It is my oldest revolving acct at 14 months, but why do I really need it any longer?

NFCU just CLI'd me to $8k from $6k. I have gone from 648 to 685 in the last 2 months.(Barclay's FICO). USAA FAKO is 706. I also just opted back in to start playing with the Chase Pre-Qual site so that I can shoot for the CSP in the Spring but the opt in has not taken effect yet.

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You may want to read the "Closing Cards" thread in the sticky threads.   Closed accounts typically remain on your CRs for ~10 years and are factored into your AAoA for the duration of their reporting.  It doesn't sound like $300 would affect your UTIL much, so I think if you no longer need the account, you should consider closing it.  

[Chris679]

Close it and get your money back, it has served its purpose.

[Anonymous]

Yes, as you reported USAA does not unsecure their "secured" card. As was posted, it is a good time to move on knowing you will still receive the good reporting on the card (ten years).

[coldnmn]

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

[msbia]

OP, yep you can close it, but if you're interested I'm pretty sure you can get an unsecured with USAA by now too with a nice starting limit. I had my $500 secured for 3 months when they approved me for an unsecured card with a $7k starting limit. At any rate, great job with your credit building.

[Anonymous]

I think the money you put into the CD as collateral is locked up til the 2 year mark. So you can close the card but it won't free up the CD money until it hits the maturity date, I believe. I have a secured card with USAA as well.