To cancel my secured card, or not?

[jeffm4688]

So,

little history about myself. I'm 23 with strong income(90K), earliest I had credit was late 2009 when i turned 18 and got a cap 1 card. I worked at BBY in 2010 and got a HSBC card too. In 2012 I defaulted on those (no such thing as a good reason but did have an explainable one) and on verizon for $1700 and t-mobile for $700. I opened 2 student loans for $5500 in 2009 and one for $2000 in 2012. Balances on those are around 5500 total currently with perfect payment history. I also had an auto loan I opened in 2010 and paid off completely in 2012 with no lates ever.

After I defaulted I didn't touch credit at all for two years, as I didn't have income and thought it was better to just leave it at the time, although I probably should of established a secured card rather shortly after that.

A year ago I got my first USAA secured card to start rebuilding, started it off at $2000 and increased to $3000 in 2 $500 incriments.

a little less than 6 months later I got a gamestop($350) and jcrew card($250), 2 cap 1's ($300 ea), and a credit one card for ($300).

I recently got both cap 1's to report to a 0 balance, I paid LVNV for the CO from one (in full yesterday because my CU wouldn't approve me for a card unless I paid it, now ill goodwill to death) and t-mobile is removed. I went on an app spree on 6/1 and this is what my credit file is going to look like when these accounts hit.

USAA - $3000

USAA - $1500

USAA - $1500

Penfed - $2500

Penfed LOC - $500

Teachers FCU - $2000

barclays rewards MC - $3000

chase southwest $2000

Bestbuy MC - $1000

walmart - $700

amazon $800

jCrew - $4650

credit one $400

Cap 1 $500

Cap 1 $500

I have pending apps for the sportmansguide (no hp) and BJs which HP'd. I still have a pending app for TD bank all placed on 6/1.

My question is, my USAA card will never secure, and it will be done in one year, should I just cancel it now and get my security deposit back? I would prefer not to pay the AF again. My other question is, would it be worth it to fund another $2000 to the card and let it post before canceling ? No idea if that would even help. The only nice thing about this card is the low rate (9.9) but I never let it post anyway. I was most likely successful with so many of these new apps because I have 1% util and a DTI ratio of like 97%

Oh, and credit one is going to get canceled in october, right before the AF hits again. Can't wait to get that one canceled.

[Anonymous]

If it were me I would wait until before the AF hit and then cancel it. I wouldn't add anything else as you have some other good limits. Some say to hold onto things forever, but you've got a bunch of other cards within a year and 10 years from now you'll have that buffer on your AAoA and account age. If it were 10 years older and you were just getting your additional lines, it might be a different story.

That said, if you're ready to get the deposit back, then I would pull it back now. It's been a year. It could be worse.

I'm itching to get mine back and it's at 6 months.