Secured Credit Card: Hold on or Let it go?

[Anonymous]

Hi, I'm new to the forums, and this would be my first post.

I just had some questions about my secured credit card, and as self-explanatory as the title of this post is, I was just wondering if I should keep it or close it?

I opened this secured credit card with Fifth Third Bank last August of 2013, with a mere $300 limit. It was my first source of credit, but since then, I'd like to say I've come a long way. In October of 2013, I opened a store credit card, Express Next A-List Credit Card, with a current limit of $850. In late April of 2014, I was approved for the Capital One Journey Visa with a current limit of $1000, but I'm anticipating a CLI within the next month or two. Recently, I was approved for a Discover IT for Students with a $2,500 limit. And now, I'm confidently waiting for word from my Chase Slate application. I'll be gardening for some months now, with hopes of attaining my first AmEx within the first couple of months of 2015.

But for now, I guess my only concern is with my Secured credit card. I've already paid for the annual fee for this next succeeding months, so should I just leave it open until I would be charged with the next annual fee (August 2015)? The only problem I see closing the card is that it's my first and oldest card, so it'l shorten my AAoA, by a few months.

Any and all feedback is much appreciated! Thanks in advance!

[heyarrnold]

The account will still show up on your reports for 10 years. So no adverse effects on your AAoA. By the time the account falls off of your credit report, your other accounts will have aged. You've outgrown the secured CC. Leave it behind, and keep moving forward. 

[newhis]

Maybe you can get your AF back if you paid in the last 30 days or less, and cancel the card.

Most people want to get into amex as soon as possible, because each aditional card will show as open the same year as the first one. People with amex cards from the 90s that open a new one today, get card with 90s date even when is new. Only amex do this. So if this is your first amex, try to get it this year.