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Established Member
Posts: 16
Registered: ‎09-28-2011

closing secured card

For those of you who have used a secured card to help rebuild your credit how long did you keep the card open for? I have been in the process of rebuilding my score and have been approved for an unsecured card. Since i have this one now what i'm wondering is how long I should keep the secured card open for and when I do close it how much will this lower my score?
Thank you

Established Contributor
Posts: 650
Registered: ‎03-01-2012

Re: closing secured card

Closing it will NOT necessarily lower your score unless it affect your utilization rate.  So if you can keep it down below 9%, and manage to only carry a balance on one of your remaining cards, I don't see why you wouldn't close it.  (I'm assuming there is a hefty AF on your card.)


Your good payment record on the card will stay around for 10 more years on your credit report.  

My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Established Contributor
Posts: 766
Registered: ‎01-16-2012

Re: closing secured card

Actually, depending on what scoring bucket you are in, having only 1 card may lower your score, regardless of utilization. If the AF is a significant burden, that is a different issue. Otherwise, I would leave it until you have 2 or 3 unsecured cards, then close it. Also, if it has been open less than a year, I'd at least get one full year of reported payments before I closed it. 

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Frequent Contributor
Posts: 402
Registered: ‎02-23-2012

Re: closing secured card

Yep I keep my public savings secured CC open because of not it reduces my AAoA and overall limit - at my score range closing it would literally drop me 30+ points

Starting Score: TU:619 (02/24/2012) - EQ:629 (02/24/2012)
Current Score: TU:632 (06/21/2012) - EQ:672 (06/21/2012)
Goal Score: 740

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