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I know I created a similar thread before. but I forget to ask this question
I applied for capital one secured recently. I only had to put down $49 for capital one to receive the $200 limit. Currently have $400 credit limit. No credit history. Clean history. I do not have a score yet since i just started. There is another 4 months. I have 3 inq, one from capital one 3/19/14 , the other two is from applying for credit card processor. These two were on 1/30/2014 on same day.
My question is should I close my secured after I receive a unsecured card? . I am looking to get chase and discover. Should I apply both of these same time?
I still have mine open, but there is a $29 annual fee so I'll probably close it one day. It's my oldest card and my credit history is still pretty new so I don't really want to close it yet.
I would keep it for at least a year, if not a bit longer to build up your score enough to get approved for other cards! and you already have the inquiry on your report so there's no real benefit to closing it any sooner than that.
I also wouldn't apply for chase and discover until a year after your last apps, let your credit build a little and let the inquiries fall off too.
+1 to Alyssa's comments.
Longer is better: if you need the cash after a year or whatever, then close it, but if you don't. Personally I kept my secured cards / builder card: only closed 1 of 3 and that was at the 27th month mark, and that was because I couldn't do anything better with it. It's not a decision you need to make now: if the AF is trivial when it comes due keep it, if it's not, close it. before it lands.
I believe having a the tradeline open for 2 years give you maximum benefit for scoring as it is no longer considered a "new" account. At least that's what I have read. Since you AF is only $29 I would keep it for the full 2 years and then close it.