Can i close a secured card after 7 months?

Anonymous · ‎10-10-2015

Hello all, long time lurker, anyhow wondering if its safe to close this secured card i have? Reason i ask? Well i now have capital one, chase freedom, discover IT and Amex. Longest credit line is only 7 months which is the secured card, 2nd longest is only 4 months. I just don't need this card at all and it only has a 300.00 CL, all the other one's are 1k-1500, any advice? Do i need to keep this open for a year? Thanks in advance.

Anonymous · ‎10-10-2015

Oops should of added my credit scores. Tu 701, Equ, 705 and Exp 716. These are fico scores, not the fako one's btw. Thanks again

Anonymous · ‎10-10-2015

I would close it..you have a good line up of unsecured cards. $300 will not affect your overall utilization much. Your secured card will still report as a positive account for 10 years.

gdale6 · ‎10-10-2015

Welcome to myFico

6 months is the absolute minimum one should keep an account open, underwriters dont like to see accounts opened and closed any quicker. With this in mind I would let it report for the full year and then nix it when your next AF is due (if there is one).

Anonymous · ‎10-10-2015

I thought about that but in all reality, i won't be getting or applying for anymore charge cards anytime soon, and i just dont want or need 5 credit cards open at one time, my limits for my other one's are perfect for my spending and decided to just close it. Thanks for all the info.