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Should I close my Cortrust Secured MC?

Member

Should I close my Cortrust Secured MC?

Here is my dilemma...I have a secured MC with Cortrust bank and my yearly renewal($50.00) is coming up on the 4th. I have my balance down to $76.00 with a CL of $350.00. I also pay $7.00 a month for maintance and have a 18.9% interest rate. Should I close the account? It's my oldest account and have had it for 3 years now.
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Super Contributor

Re: Should I close my Cortrust Secured MC?


grlracerr wrote:
Here is my dilemma...I have a secured MC with Cortrust bank and my yearly renewal($50.00) is coming up on the 4th. I have my balance down to $76.00 with a CL of $350.00. I also pay $7.00 a month for maintance and have a 18.9% interest rate. Should I close the account? It's my oldest account and have had it for 3 years now.

No-  As you stated...its your oldest account.  If you have another prime card that's 1 year younger than your oldest card you can close it.  Regardless, close or not, the account will still report for up to 10 years. 

Message 2 of 4
Moderator Emerita

Re: Should I close my Cortrust Secured MC?


grlracerr wrote:
Here is my dilemma...I have a secured MC with Cortrust bank and my yearly renewal($50.00) is coming up on the 4th. I have my balance down to $76.00 with a CL of $350.00. I also pay $7.00 a month for maintance and have a 18.9% interest rate. Should I close the account? It's my oldest account and have had it for 3 years now.

 

Hi grlracerr!

 

What other cards do you have? If you have other credit lines I'd say PIF and close it. If it's served its purpose in establishing or rebuilding your credit, then there's little value in paying fees just for the sake of paying fees. A $50 AF and $7 monthly maintainance is $134. If you can do better, the cost of this card is not financially advantageous. It will continue to report for up to 10 years after you close it (if you decide to).

Message Edited by LilMirth on 11-03-2009 03:42 PM

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Message 3 of 4
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Member

Re: Should I close my Cortrust Secured MC?

I have a Sears MC ($126 bal/$300 cl) ,  Jcpenny (0.00 bal), Walmart ($46.00 bal/$400cl), Belk ($70 bal/ $650 cl),  Dillards (0.00) , Salute (closed $190 cl) & of course the Cortrust Mc ($76.00 bal/$350 cl).

My concen is that most of my cards are store cards, I applied for a Visa @ my CU but was told I had to much revolving debt...so do I pay all the cards off and wait for my score to go up and then try to apply?

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