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USAA secured cards after two years.

Member

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?

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3 REPLIES
Established Contributor

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.
Message 2 of 4
Valued Contributor

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
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Message 3 of 4
Member

Re: USAA secured cards after two years.

Good info thanks.

Message 4 of 4