cancel
Showing results for 
Search instead for 
Did you mean: 

Close Secured CC/PC/Sock drawer? US BANK

New Member

Close Secured CC/PC/Sock drawer? US BANK

I opened up a secured card with a limit of 300 with us bank on April 2017 but as my credit portfolio grew I've applied for better cards and got approved for Discover IT (500), Amazon Store card (700), Walmart Store card (150 lol but I shop frequently at Walmart).

I also have student loans which were made on 2016 but every disbursement is a separate loan so I don't know if my AaoA is safe (they're like 5/6 separate loans). Should I try a PC in the next few months to get it unsecured (I've heard us bank is hard to do this) or should I just cancel it since it's 35$ AF and a low card with no rewards. I need to get my UTI down since I had to spend for college on Amazon with 12month no interest but I can pay it off soon before closing the US bank card so UTI doesn't get a hit. Any advice? Should I put it in a drawer?

I'm new to this game and bad advice was given before I entered this forum(which I love and have learned a lot.)

Thanks!

Scores Fico8 total check:
Ex: 659
EQ: 622
TU: 651

No baddies.

Would closing the card affect my score in a significant amount? I'd like to apply for amex green charge cars in a few months and I've read 660+ EX is a good score to get approved.
Message 1 of 9
8 REPLIES
Established Contributor

Re: Close Secured CC/PC/Sock drawer? US BANK

Closing the card would only hurt utilization, but to offset that you could ask Synchrony for CLIs on the Amazon and Walmart cards.  I had scores very similar to yours and Amazon gave me a CLI to $3500.  Worth a shot.  Why the Green card and not the PRG?

EX610 TU 602 EQ 592d thanks to a BS collection
Cap1 QS-$4,500 Chase Freedom Visa- $800 Chase Freedom Unlimited- $500 Victoria's Secret- $1150 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $1020 Chase Sapphire Preferred-$5,000
Auto Loan Opened 2-5-16 $1786/$5500
Message 2 of 9
New Member

Re: Close Secured CC/PC/Sock drawer? US BANK

Thanks for the reply! I just want to establish relationship with amex, does the prg has de same requirements as the green card? Haven't looked much into it since I'm not going to apply yet but i went with the green card because it was listed as one of the easy ones to get. That could work, I'm gonna wait for that CLI to offset the hit of closing the card, do you have any experience with PC a secured card to unsecured? From what I read I went with the worst possible bank for secured, lol.
Message 3 of 9
Established Contributor

Re: Close Secured CC/PC/Sock drawer? US BANK

I don't have experience with that, and I hate US Bank with a passion that is only rivaled by Wells Fargo.

 

The common wisdom here is that all the AMEX charge cards have the same underwriting, whether it be Green, PRG or Plat if you can get one you can get any of them.  If you just want to start a relationship with AMEX you could get a Hilton or Delta card, both of which have seen many approvals with scores lower than yours.  I think my EX was 650 when I got my Hilton in April.

EX610 TU 602 EQ 592d thanks to a BS collection
Cap1 QS-$4,500 Chase Freedom Visa- $800 Chase Freedom Unlimited- $500 Victoria's Secret- $1150 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $1020 Chase Sapphire Preferred-$5,000
Auto Loan Opened 2-5-16 $1786/$5500
Message 4 of 9
New Member

Re: Close Secured CC/PC/Sock drawer? US BANK

Not sure when your year is up, but I would keep it until the very last month and then call to see if they would either change it to an unsecured or ask that they maybe waive the fee. Barring that I could think of worse things I would spend the annual fee on. I would pay it and keep the card open and continue your progress.
Message 5 of 9
Valued Contributor

Re: Close Secured CC/PC/Sock drawer? US BANK

FICO scoring likes to see at least 3 credit cards, but it actually gives you the most points for having 5 cards that are 24+ months old each.

 

So having 3 cards of any age is helpful, but having 5 cards of 24 months is REALLY helpful.

 

I wouldn't close it.  Give it usage every 6 months to keep it active and sock drawer otherwise.  You're already 7 months in towards the 24 month aging on that card.  Over time, as your scores go up, you can replace it with another card and then just close it when the replacement card hits 24 months of aging.

FICO8FICO8Visit my posts:
03/1712/17My 11 Rules to Credit RebuildingFree FICO Scores!
550EX
570TU
559EQ
710EX
701TU
734EQ
FICO alert: why did my credit score drop???
Message 6 of 9
Established Contributor

Re: Close Secured CC/PC/Sock drawer? US BANK

I'm going to disagree, while it is true that cards that are over 24 months help your score I wouldn't pay an AF for a secured card just for those few points.  That is costing you real money both in the annual fee and in the funds tied up in the secured card.  Had the OP chosen a card that graduates, doesn't have an AF or has some use other than just being a tradeline on their report I would consider keeping it open, but this does none of those things.

EX610 TU 602 EQ 592d thanks to a BS collection
Cap1 QS-$4,500 Chase Freedom Visa- $800 Chase Freedom Unlimited- $500 Victoria's Secret- $1150 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $1020 Chase Sapphire Preferred-$5,000
Auto Loan Opened 2-5-16 $1786/$5500
Message 7 of 9
Moderator

Re: Close Secured CC/PC/Sock drawer? US BANK


EAJuggalo wrote:

I'm going to disagree, while it is true that cards that are over 24 months help your score I wouldn't pay an AF for a secured card just for those few points.  That is costing you real money both in the annual fee and in the funds tied up in the secured card.  Had the OP chosen a card that graduates, doesn't have an AF or has some use other than just being a tradeline on their report I would consider keeping it open, but this does none of those things.


Depends whether the money is above or below the OP's trivial line.

 

If it's trivial, I'd keep, if it's not I'd close.  Long term it really doesn't matter admittedly, but I'd probably split the difference, pay the AF this year, open up a few likely keeper cards after the current set is all 1 year plus, and then close before year 2.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 8 of 9
New Member

Re: Close Secured CC/PC/Sock drawer? US BANK

I really have no use for this card, I have 300$ on hold for a card I no longer use. A close family member will add me as an AU to his oldest card which has around 12k of SL which will make both my utilization go down and not make me take the hit for closing a card, it will help with aaoa as well to my understanding so I can garden for a bit and then look into opening a keeper card like I did with discover. Sound like a plan? Right now I tried to CLI synchrony but they are denying every attempt Idk if maybe it's because I haven't had the account for too long or if it's because I'm carrying a bit of a balance. Thanks for all the replies!
Message 9 of 9