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Member
pmdevin
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
Cdnewmanpac
Posts: 767
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
chasmith
Posts: 1,062
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.

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Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
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Member
pmdevin
Posts: 9
Registered: ‎08-13-2007
0

Re: USAA secured cards after two years.

Good info thanks.


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