cancelling a secured card

[Anonymous]

I have a cap1 platium secured card that was opened june 2014. My question is with all of my other cards and scores should I just cancel it and get back my deposit?  My utilization is 17% total of all accounts and aaoa  is 2.5 years.

[Anonymous]

I do to.
curious as to what people say..

[Anonymous]

Your score will take a hit because of utilization. Optimal scoring will happen when utilization is 9% or lower. Yours is above that and will go up when you close the line.

[CH-7-Mission-Accomplished]

I would keep it and dump First Premier.  Is that Applied Bank account another subprime issuer like First Premeir and Credit One?

You are seriously in toy card hell with all of these store cards.  You only have three major credit cards including the subprime cards.

I think you should stop opening any more store cards!

You want to get a card you can use to rent a car or a hotel and not max out with one night or one day's rental.

You want major credit cards with 1K then 3K then 5K then 10K then 15K-plus limits.  You dont want a bunch of sub $500 store cards with 28% interest.

Your Cap 1 card is the best card n your portfolio now.  Keep it!

And no more store cards.

[ezdriver]

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@Anonymous wrote:

I have a cap1 platium secured card that was opened june 2014. My question is with all of my other cards and scores should I just cancel it and get back my deposit?  My utilization is 17% total of all accounts and aaoa  is 2.5 years.

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Yes.

[Kirmie2010]

My golden rule is if it doesnt have an AF, just leave it until it closes on its own.  (When rebuilding I know we take less than prime cards, but after that first year before it renews its fees is when I close)

Id just let it age, get unsecured and then youll have a regular card later and your deposit then.

*edit*
If you do close,

AAoA wont take a hit, utilization will go up a little and drop your score a few points probably but itll rebound when util gets lower again.

[RobertEG]

I presume you mean close the account rather than cancel.

Terms and conditions of closing would still apply,and you cannot cancel that agreement.

\if you close, the account will continue to be included in your AAoA, but you will lose its credit limit, assuming it is closed with no balance remaining.

The risk after closure is that the creditor could decide to then delete the entire account with the CRA, which will obviously remove it from your AAoA.  The consumer has no control over whether the credtior decides to delete their reporting.......

[Anonymous]

Thanks so much for all of your great Advice!