Will it hurt me to close a ssecured card already? Just opened November

[Anonymous]

Hello wise ones!  Boy have I started learning alot hereeeee - wish I had started here!

Anyway, we are just starting to rebuild.  Like so many on here, had some really bad bad years.

So in a nutshell in November got a car loan but couldn't on my own so my mother in law cosigned.  Realized we needed to come back into mainstream and get on top of this credit mess.  Since I was sure I could not get any unsecured lines opened ....in Nov I opened a secured with First Progress and then got a Credit One (not a ton of fees).  First Prog is heavily marketed on CK and that is where I was mostly trying to pull my thoughts together then.  Wish I had started here as there are clearly better options for secured but, call it a learning curve.

Anyway somehow I have managed to build my profile much higher since November.  I have added the following:

WFDS car loan $27k

First Prog Secured 300

Credit One 300

Fingerhut 600

Walmart Store 300

Capital One Plat 300

Capital One QS 300

Kay Jewelers 6000

PayPal 400

QVC 400

I also was added to a CapOne as an AU 2000 with a long long history

And, just went AU on 2 new lines for my mother in law's new CITI @4500 and CapOne @ 5000

This give me my own credit available $ 8900 plus with her AU accounts I will show $20,400

I am showing an AAoA of just over 8 years now.

So, considering that First Progress will never go ANYWHERE.....I HATE HATE HATE their inability to pay online.....

I also have access to USAA and would prefer a secured there as I have seen how they will look at you for new unsecured after showing them a period of personal history.  At least that gives me room to grow while having my $300 tied up.  Plus with that membership I can always transfer my deposit into another account later too.

I also joined NASA FCU last night with new bank accounts as I read a LOT on here about them this weekend.  That looks like a target too!

Will it hurt me to close that First Progress out since I just opened it????  Should I leave it there just as a UT fluff?  I really don't like their website interfaces from the early 90s

Oh, and one more question.......do I assume the recommendation would be to Garden for a few months now and let those lines I have on my own grow???  I do have quite a bit of weeding to do and some bad bugs to exterminate off my CRs!  LOL

thanks!!!!!

[Anonymous]

I'm no expert yet. But it looks like you have more then enough revolving credit lines. You should be fine!

[ZsRebuilding1]

I worry about this same thing. I've used Fingerhut and Cap One, but I want to keep my secured cc for now.. but I was wondering if it would hurt my score too badly to close my fingerhut acct?

I have:

CapOne QS One $500

CapOne Classic Platinum $500

CapOne Secured $200

Fingerhut $250

Avenue $250

Jessica London $250

And I'm an AU on a Discover card with 16 years history. CapOne Secured and Fingerhut accts were the first opened for me, personally.

[Kenny]

I don't think it would hurt very badly to close Fingerhut. Close it. No need to open new secured card, either. IMO.

[Jerry45]

Close First Progress. You have more than enough unsecured credit, that just needs to age at this point. I, myself, am still waiting for my First Progress Security deposit after close to 90 days. Be warned it will be a battle to get it back.

[Anonymous]

I saw that posted too that they drag their feet on returning funds.  I sent my closure notice certified with a copy of the zero balance statement and included a "reminder" to be sure to mark closed by consumer to the CB reporting.

I definitely don't want to chase it all down later.  Figure if it is in writing, better for me in the long run.

Really wish I had checked myfico forums first regarding Secured cards vs my knee jerk reaction.  Live and learn!

[Jerry45]

I finally received my Security Deposit from First Progress Today. Took exactly 94 days. They did a good job of reporting and also of closing the account, but getting my deposit back, was getting blood out of a stone.

[Anonymous]

Received my refund check this week.

So, within 30 days, not bad.  After seeing the reports of slow, I guess maybe sending it certified to close it helped its speed.  They first sent a letter stating they received and were processing my request.  Then, chck showed up.

They were good at reporting and set up was really easy with them.  However, considering after my knee jerk I got unsecured cards and have managed to add a couple per month since November I could just imagine if I used this card, it would be the one that I could screw up with a late pay since I pay everyone online and they don't have that capability.

Putting the $300 into my USAA checking account to sit as i really want to grow that relationship as the year progresses.