I have done massive and extensive work on rebuilding my credit, and in the past 8 months, have raised my score from the horrific 480's to the mid 650's. Part of that was taking out two secured credit cards. ($1k from First Progress, and $500 from NFCU). After closing on my new home last week, I applied, and was approved for the following carefully selected cards: Home Depot ($500), Discover IT (1.5K) and NFCU GoRewards (5k).
My questions are as follows:
1) How soon should I close the First Progress? My CS has already taken a hit from CC Apps, so if I am going to do any damage, I want to do it soon.
2) Should I even close the First Progress?
3) I want to keep the NFCU secured until the 1 year mark, since I am hoping it will convert to an unsecured. Does anyone know if it will?
I am done applying for cards. I have a couple of heavy hitters, and they have respectable (for now) limits. Any advice would be greatly appreciated.
Starting Score: (8/2013) 487
Close the First Progress at the 1 year mark if the is AF or MF involved. The only thing that gets impacted immediately from closing an account is utilization and if its in check there is no problem in closing.
congratulations!!!
Starting Score: 503