When To close the Secured Card

[Anonymous]

I got 2 secured cards 4 months ago A usaa secured AmEx(5k) and a discover it secured(2.5k). These 2 cards are responsable for raising my credit score above 620 to get a mortgage. The discover graduates and I see value in keeping it. The usaa one does not and has 5k sitting in a cd that I really dont need at this time. After my mortgage closed I was approved for 35k in unsecured cards so rally no need for secured cards anymore. Whats everyones reccomendations?

I am also considering closing 3 of the 5 store cards that I was approved for in my spree. I didnt expect so much love on the real credit card. I want to keep Amazon and Sams and cancel Gamestop, Lowes, and Overstock which only makes up $1150 in credit amoungst the 3. Good Idea or Bad Idea?

[Anonymous]

---

@Anonymous wrote:

I got 2 secured cards 4 months ago A usaa secured AmEx(5k) and a discover it secured(2.5k). These 2 cards are responsable for raising my credit score above 620 to get a mortgage. The discover graduates and I see value in keeping it. The usaa one does not and has 5k sitting in a cd that I really dont need at this time. After my mortgage closed I was approved for 35k in unsecured cards so rally no need for secured cards anymore. Whats everyones reccomendations?

I am also considering closing 3 of the 5 store cards that I was approved for in my spree. I didnt expect so much love on the real credit card. I want to keep Amazon and Sams and cancel Gamestop, Lowes, and Overstock which only makes up $1150 in credit amoungst the 3. Good Idea or Bad Idea?

---

I would just close them both now and get my $ back. You just received 35k of new credit lines so your util % won't be effected at all by closing down 7.5k worth of secured credit. 

Have all the 35k hit your credit reports yet? 

[Anonymous]

Only 1100 has

[Anonymous]

Synchrony reported the day of approval

[Anonymous]

Not that I would know anything about it. But wouldn't they want to keep your business and convert the card to an unsecured credit card?

[Anonymous]

Discover requires that I hold the secured card for a year first. Usaa gave me an unsecured but it required a new app. They won't convert a secured card. I loved the cash back on the discover secured until I got a blue cash everyday

[Anonymous]

I'm ok with the plan for the secured but as far as the store cards, since you just got them, unless a AF is coming up why not leave them alone.

Let em mature on your profile and allow the vendors to close em for non activity and allow the positive 'juice' and extra CL's help your utilization as long as possible.... again as long as there no fees, no sweat off your nose.

[Anonymous]

---

@Anonymous wrote:

I got 2 secured cards 4 months ago A usaa secured AmEx(5k) and a discover it secured(2.5k). These 2 cards are responsable for raising my credit score above 620 to get a mortgage. The discover graduates and I see value in keeping it. The usaa one does not and has 5k sitting in a cd that I really dont need at this time. After my mortgage closed I was approved for 35k in unsecured cards so rally no need for secured cards anymore. Whats everyones reccomendations?

I am also considering closing 3 of the 5 store cards that I was approved for in my spree. I didnt expect so much love on the real credit card. I want to keep Amazon and Sams and cancel Gamestop, Lowes, and Overstock which only makes up $1150 in credit amoungst the 3. Good Idea or Bad Idea?

---

I'd hold onto the Discover because it does graduate, so it can remain your oldest trade line and all of that.

As for the USAA, well, really since it's only been 4 months and you've been approved for so much more you could lose it and it really won't affect much in the grand scheme of things.  May as well get your cash back.

[RonM21]

---

@Anonymous wrote:

---

I'd hold onto the Discover because it does graduate, so it can remain your oldest trade line and all of that.

As for the USAA, well, really since it's only been 4 months and you've been approved for so much more you could lose it and it really won't affect much in the grand scheme of things.  May as well get your cash back.

---

I agree with maybe holding on to Discover.  In general, once you've outgrown your secured cards, that is the time to close them, in my opinion.  But only if your personal profile and situation overall allows for it and makes sense.