Rebuilding Your Credit

[DannyC990]

I'm a 22 y/o college student trying to establish credit. I currently have 2 secured credits (PNC and Capital One) and a Speedway/SuperAmerica gas card.

My question: I've had my PNC secured since September 2011 and it expires this upcoming March. I'm wondering if I should allow it to expire. My secured cards don't get much use, I have a recurring bill on both to show activity. My Speedway card is one that get used the most, but it is paid in full every month.

I've had PNC/Capital One cards since September 2011 and my Speedway card since July.

[shorrttyycm1]

I personally would keep all three as 3 revolvers seem to be ideal. also do u have student loans? Those would count as installments which helps your mix. they helped my mix but YMMV. hope this helps!

[DannyC990]

I currently have federal loans, but as I am in school, I am not paying on them yet.

I am at looking at take some courses this summer, and I will probably need a personal/student loan to help cover expenses. My credit score isn't bad, I'm just trying to get as good as I can just in case I do need the loan

[HiLine]

It is almost never a good idea to close a card that doesn't have a maintenance fee.

[DannyC990]

Even a secured card? Most things I've read about secured cards say it's better to dump ASAP. Or should I wait to get a "regular" card? I talked with credit services and they told me the card does not graduate, and I'd have to close and re-apply.

[MovingForward_2012]

No. It will affect your AAOA since your history is short. I would keep it open. Secured cards aren't as bad as some say.

[hilltro]

Pretty sure it wont effect AAOA at all. AAOA is not totaled by active cards, and good history reports for generally greater than 10 years.

I bit the bullet one day, closed my 2 cap 1 cards and 2 first premier cards. I went and got Penfed, Amex Zync, and Discover. I am glad i did not keep those crap cards, protfolio is much nicer. MY AAOA did lower becuase of 3 new cards, but i only had 2 years at that point and it went to 1, 1 less year wasnt going to kill me.

to the OP, Discover loves students, and give great CLI and 0% with no fee. Discover is not the best of the best but it will get you a nice card with nice CL. you should look around for a second card as well.

This is only my advice and YMMV, you dont have to take it. Do research from people that have been in your situation and read their success and failures.