Reply
Member
Posts: 9
Registered: ‎08-13-2007
0

USAA secured cards after two years.

What happens after the CD matures at two years. I know the cards do not graduate. If you take the money out after the two years, does the credit line close?

Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: USAA secured cards after two years.

Yes. The card will close when you remove the money. This card isn't designed to be a long term card. You use it for 2 years and by then you should qualify for an unsecured card. You then close the secured card. The two years of good payment history will stay on your credit report for 10 years after you close it, so closing the card is not a big deal. 

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
0

Re: USAA secured cards after two years.

I'm at that phase right now, but be aware the certificate will auto-renew fro two years if you don't instruct otherwise.  USAA is good, they sent me an email notice telling me I have until 10 days after maturity (and tellig me the date) to close the CD.

 

I'm just waiting for one more payment reducing utilization to hit my score before I try for the unsecured card.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Member
Posts: 9
Registered: ‎08-13-2007
0

Re: USAA secured cards after two years.

Good info thanks.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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. 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.