Secured card, to close or not to close?

[Creditplz]

I opened a Secured card with U.S bank about 7 months ago when I was rebuilding, approved with a 485 Experian.. Now my EX is 726 as of today, I just got approved for a 13.3k NFCU Flagship VS yesterday, and feel like this card is no longer needed, it served its purpose quite well! Should I close it or not?. Secured Savings CL is $600. I just recently closed Capital One Secured and am considering closing this one too.. Anyone think it's a bad idea? Or maybe a good one?.

[grillandwinemaster]

It's essentially your least account. However, it's only older than your NFCU card by 7 months. In ten years when your US Bank falls off, it won't matter much. Like you said, it has done it's job. Time to move forward. CLOSE IT!

[brother7]

Yes, it has served its rebuilding purpose BUT while open, it still serves another purpose... an open credit line. I suggest working towards having 3 open credit lines and when you open your 4th credit line, you can close the Capital One Secured and kiss the secured world goodbye once and for all.

The reason is to avoid having a "thin file". Just my 2 cents.

[Anonymous]

Your scores have outgrown the card. If you close it now, it won't have the potential to be your oldest reporting line later. I suggest cutting it now and "re build" using the NFCU Flagship. If you plan to open another card soon, let the closed account report 1st.

I did this with the Cap One Secured and my initial SL's shot up at least 50% after. And my scores were about where yours are when I did.

[Anonymous]

I may be the odd one out.  If the NFCU will be the only card after closing the secured card then I suggest you leave it open until you have other cards lined-up.  

[Creditplz]

Good morning everyone! And oh no I have a BofA Cash Rewards, Discover, Neiman Marcus, Nordstrom,and now NFCU! Also do I leave a balance on it? I have a $27 balance on it and I know they refund the security deposit into the account anyways, so I'm not sure if I leave it with a Balance of pay it off.

[Anonymous]

---

@Creditplz wrote:
Good morning everyone! And oh no I have a BofA Cash Rewards, Discover, Neiman Marcus, Nordstrom,and now NFCU! Also do I leave a balance on it? I have a $27 balance on it and I know they refund the security deposit into the account anyways, so I'm not sure if I leave it with a Balance of pay it off.

---

Eh, then close away....  Congrats on the approval.

[NRB525]

---

@Creditplz wrote:
Good morning everyone! And oh no I have a BofA Cash Rewards, Discover, Neiman Marcus, Nordstrom,and now NFCU! Also do I leave a balance on it? I have a $27 balance on it and I know they refund the security deposit into the account anyways, so I'm not sure if I leave it with a Balance of pay it off.

---

You've got 7 months of history now with US Bank. Have you talked with them about whether you can get a Cash+ card from them? US Bank is a relationship bank. The time you've spent with them, they've been watching your progress and would like to continue to provide you CC. They call me on a regular basis to check in and see if there's anything else I need.

[Creditplz]

I called in and got transferred like 4 times, UW said no to graduating the Secured card, stated needs 12 months. She also said the CL was more then likely not to exceed $1,000 and would become a platinum. I've called twice in the last 2 months? Same answer both times, even after I tell them about a 240 score jump.

[Anonymous]

---

@NRB525 wrote:

---

@Creditplz wrote:
Good morning everyone! And oh no I have a BofA Cash Rewards, Discover, Neiman Marcus, Nordstrom,and now NFCU! Also do I leave a balance on it? I have a $27 balance on it and I know they refund the security deposit into the account anyways, so I'm not sure if I leave it with a Balance of pay it off.

---

You've got 7 months of history now with US Bank. Have you talked with them about whether you can get a Cash+ card from them? US Bank is a relationship bank. The time you've spent with them, they've been watching your progress and would like to continue to provide you CC. They call me on a regular basis to check in and see if there's anything else I need.

---

I to believe in relationships with solid financial instituions....too mant times, ppl burn bridges in haste ( the card has DONE, it's job....really? it's been 6 or 7 statements, for Pete's sake) IMO that's like saying well it's been 6-7 months it's TIME to get married 'if' you love me enough....it's NOT that simple and what's the rush?

A few more months and the account will be a year old, who knows internally what that may mean to the 'relationship' with said partner, keeping the bridge open doesn't kill anything and just may lead to other offers or opportunities not known about at this moment....

If it were a ish bank or vendor I might see it differently but with decent organizations, what's the rush they aren't gonna disappear with the litle deposit and 'may' grately reward the loyalty.......these vendors lend, refi offer all types of stuff, so why poke 'em in the eye for no upside, when there 'may' be more goodies to come by.

I can see avoiding a AF, going into a 2nd year if the vendor won't play ball but closing an account under a year for no good reason IMO is ants-in-the-pants silliness, when closing it offers ZERO upside and keeping it may bring about future upside....who knows what 'exclusive' offer may be around the pike, with nothing to lose by cut bait?