What to do with 1yr old secured card...

[xlr8d]

So I'm wondering what to do with my oldest CC TL since starting to rebuild last year. It's a secured CC from my CU with $0 AF, like 8.9% APR and at the time I opened it they said it would insecure at 12-18 months. I opened it 10/10, and when I recently called them about unsecuring it they said it wouldn't. So basically they told me I would have to reapply for a new card if I wanted too. I never use the card cause I have a zync and discover more cards, so what should I do, SD or close it down ?

[Anonymous]

This is what I did, when I started to get approved for other cards, with a decent credit line, I canceled my secured card and the Orchard Bank, both of them had AF and high APR's, I had too many cards at that moment too. But you might want to keep it for another year to build some credit history.

[Wolf3]

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@xlr8d wrote:
So I'm wondering what to do with my oldest CC TL since starting to rebuild last year. It's a secured CC from my CU with $0 AF, like 8.9% APR and at the time I opened it they said it would insecure at 12-18 months. I opened it 10/10, and when I recently called them about unsecuring it they said it wouldn't. So basically they told me I would have to reapply for a new card if I wanted too. I never use the card cause I have a zync and discover more cards, so what should I do, SD or close it down ?

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Since the terms are good, I would keep it for now.   Unless you don't like your CU.

[birjest]

Yep, just keep the card as a reminder of how far you came.  By keeping the card, it should also help keeping you grounded and to apply for credit in moderate...

[Anonymous]

No AF and low APR make it a pretty good choice to keep open. Do you have a lot of money tied into the card? I guess that would be the determining factor, at least for me. I have almost $3k tied into a Capital One secured account which I've been told won't unsecure. That's too much money for me to just leave sitting in their hands, so that card will be getting closed.

On the other hand, I have a BofA account for just $300. If it didn't unsecure, I probably would leave it open anyway for a while, at least if I got them to wait the AF on it.

[xlr8d]

I have $750 tied to it, I was alittle disappointed when they said it wouldn't unsecure, felt like I was misled. Oh well the card has more than served it's purpose

[Anonymous]

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@xlr8d wrote:
I have $750 tied to it, I was alittle disappointed when they said it wouldn't unsecure, felt like I was misled. Oh well the card has more than served it's purpose

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That's exactly how I feel about the Capital One secured card I have. Was told by two people on the phone that it would unsecure. After half a year I call in to ask about when I should start seriously inquiring about it unsecuring, and all of a sudden the card doesn't unsecure at all and is notated that it won't "ever" unsecure etc.

By then I had $2849 down on it as a security deposit, which bumps the line up to $3k. Which I guess is also some internal limit for CLis, since they won't even issue unsecured CLIs for it, since I've deposited too much. But I can still keep depositing more on the card if i want to. Yeah, right.

It wouldn't bother me as much if they upfront said that the card will NOT ever unsecure and you have to close the account and apply for a new card when you've built enough history. I'd be ok with that. But the way the banks seem to do it it feels like bait & switch, just another way for them to latch onto your money and not give you an APY.