When to close your old secured card?

[Anonymous]

In January 2012, I opened a Capital One Secured Card to help rebuild my damaged credit (scores were low 500s). Well it did just that... Today I am standing with a score of 700 across my 3 Fico scores. No negative reporting since late 2010.

I have recently aquired new accounts with Amex (2 cards) and Barclays with no problem. 

My questions is should I close my secured card because I no longer need it or does the AAofA (39 months old) in fact HELP my score? However the limit is low, $750/balance 0.

Please let me know your thoughts!!! Thank you.

[bigblue7722]

close the card get your money back. It will NOT hurt your AAOA the card will stay on your report for up to ten years. Congrats on getting the other cards!

[Anonymous]

which secured card is it

[Anonymous]

If zero annual fee do not close it .

[Cookie2120987]

It's a capitol one secured, it has a non waive able annual fee. Close and get your money refunded. I'm going to be doing that in November

[Anonymous]

$39 AF

[Anonymous]

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@Anonymous wrote:

I have recently aquired new accounts with Amex (2 cards) and Barclays with no problem. 

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You obviously no longer need it for any reason other than nostalgia...nostalgia that is costing you $39 a year

Of course, I shouldn't be giving you advice because I still have 2 of my Capital One's for no real reason other than nostalgia...costing me $80 a year.

[takeshi74]

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@Anonymous wrote:

When to close your old secured card?

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Given that general advice is at least 2-3 cards for scoring purposes, I'd recommend closing secured cards once one has at least 2-3 unsecured cards and the secured card is otherwise no longer needed as well.

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@Anonymous wrote:

My questions is should I close my secured card because I no longer need it or does the AAofA (39 months old) in fact HELP my score?

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AAoA isn't immediately impacted by closing.  Don't overlook the stickies.  This thread in linked in the Helpful Threads sticky.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

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@Anonymous wrote:
If zero annual fee do not close it .

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Despite how often this is repeated here it's up to each to determine if AF/no AF is a deciding factor.  It is not for all people.  One should consider much more than just the AF when applying and determining whether or not to close a card.