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When to cancel secured cards?

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ezdriver
Senior Contributor

Re: When to cancel secured cards?

I cancelled my secured cards (two) once I had two unsecured cards and an auto loan reporting.

Message 11 of 12
Relique
New Contributor

Re: When to cancel secured cards?

I have recently closed two of my secured accounts but left two open even though I have gotten some unsecured cards already. From what I've read, having more positive accounts open looks better to credit analysts or any manual reviews. It may end up helping with reconing a denial or a CLI request. Having more available credit (to a certain point) is generally better and makes it easier to keep a low util%.

 

Personally, my ideal setup is two have 8 traditional credit cards and rotate 4 at a time, not counting any store cards. Some people go for more than that but I am not a huge spender. So I am keeping two secured lines open until I find something good to replace them. 

Message 12 of 12
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