Reply
Member
Posts: 5
Registered: ‎08-28-2009
0

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.
Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
0

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. 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Should I close my Cortrust Secured MC?

[ Edited ]

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

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Member
Posts: 5
Registered: ‎08-28-2009
0

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?

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.