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should I close my secured card?

Established Contributor

should I close my secured card?

I got this PNC secured card in June. Its been a decent card, but Ive been thinking about closing it lately and saving the AF. I use my chase freedom for everything and dont have a use for the secured card. Will it look bad for closing the card after only 4-5 months. I didnt expect my credit to improve so fast and to be able to get other CCs so I had a purpose for the card, but now I am just trying to grow the cards I have.

 

I know it wont hurt my AAOA, and It isnt helping my util. so would this hurt me?

 

CO CC- opened 1/12

PNC- 6/12

Chase- 9/12

WM- 9/12

Kays- 8/12

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 1 of 9
8 REPLIES
Valued Contributor

Re: should I close my secured card?

It won't harm you to close it. If that is what you wish to do, it is perfectly okay FICO wise.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 9
Established Contributor

Re: should I close my secured card?

might as well hang onto it until the next AF comes around and then close it.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 3 of 9
Established Contributor

Re: should I close my secured card?

You're in that boat where it won't hurt you to close it.  Save the AF and take care of your good cards now. 


Starting Score: 500's
Current Score: 773 EQ(DCU), 757 TU(Barclay), 788 EX(Credit.com)
Goal Score:760 X 3


Take the myFICO Fitness Challenge

Message 4 of 9
Established Contributor

Re: should I close my secured card?

its a monthly billed AF, otherwise id keep it. so its $3 per month. I will close it. Thanks guys, just didnt know if itd look bad to only have it for a few months

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 5 of 9
Highlighted
Established Contributor

Re: should I close my secured card?

monthly? well then close that thing yesterday lol

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 6 of 9
Regular Contributor

Re: should I close my secured card?

Close that sucker! No need to pay a monthly fee. If it were annually like most cards then I'd say keep it till it hit 1 year. If you got decent cards now or a better card then close that piece of plastic!

Message 7 of 9
Established Contributor

Re: should I close my secured card?

CHOPPED!!!!

In my wallet: Discover it 6800 CL, Capital One Quicksilver Sig 5k CL, Chase Freedom 4k CL, GCU Patinum Visa 1500 CL
Message 8 of 9
Established Contributor

Re: should I close my secured card?

lol

Message 9 of 9