topic Re: Citi Secured To Cancel or Not in Credit Cards

Citi Secured To Cancel or Not

Anonymous — Tue, 06 Dec 2016 18:02:26 GMT

Need some advise..

Back in April of this yr. My first step to fixing my credit was to obtain a Secured CC. Which is what I did, I put up $200 of my money to open a secured CC with Citibank.

Fast fwd after few months, fixed my credit and got approved to some good CC's (Chase Freedom Unlmtd, AMEX BCE, JetBlue Mastercard, & Discover IT) I don't think I still have the need for the Citi Card as it would just messed up my Credit Utilization.

I don't even carry the card around with me anymore, I just use it now for my Netflix Auto Pay.

Should I cancel the card and just open an unsecured card from them?

I don't even think I should be applying for new cards at this point.

Just trying to grow my score till Spring of 2017 to apply for an AutoLoan with my locan Credit Union.

My current scores ATM 12/1/2016 FICO 8: EQ: 684, TU: 676; EX: 653

(Chase Freedom Unl 2K, AMEX BCE 1K, JetBlue 9K, Discover IT 4.5K, CapOne Plat 5K)

Re: Citi Secured To Cancel or Not

Anonymous — Tue, 06 Dec 2016 20:45:16 GMT

I would let it age to a year so you have one year of history with it unless you need the cash thats tied up with it

Re: Citi Secured To Cancel or Not

darwin_wins — Tue, 06 Dec 2016 20:48:54 GMT

Citi should convert this secured to unsecured at the end of the year.

Re: Citi Secured To Cancel or Not

Anonymous — Tue, 06 Dec 2016 20:54:05 GMT

@Anonymous wrote:
Need some advise..

Back in April of this yr. My first step to fixing my credit was to obtain a Secured CC. Which is what I did, I put up $200 of my money to open a secured CC with Citibank.

Fast fwd after few months, fixed my credit and got approved to some good CC's (Chase Freedom Unlmtd, AMEX BCE, JetBlue Mastercard, & Discover IT) I don't think I still have the need for the Citi Card as it would just messed up my Credit Utilization.

I don't even carry the card around with me anymore, I just use it now for my Netflix Auto Pay.

Should I cancel the card and just open an unsecured card from them?

I don't even think I should be applying for new cards at this point.

Just trying to grow my score till Spring of 2017 to apply for an AutoLoan with my locan Credit Union.

My current scores ATM 12/1/2016 FICO 8: EQ: 684, TU: 676; EX: 653
(Chase Freedom Unl 2K, AMEX BCE 1K, JetBlue 9K, Discover IT 4.5K, CapOne Plat 5K)

I would take no further actions whatsoever until after you have secured that car loan - if you end up closing that account it will lower you AAoA, and thereby your credit score.

Re: Citi Secured To Cancel or Not

Anonymous — Tue, 06 Dec 2016 21:16:38 GMT

@cy1215

I see let it age to gain history.. Thanks for the advise..

@darwin_wins

I heard about that, also been reading they don't give you much to start as well when you graduate and go unsecured.

@TygerHawke

Oh that's right.. Didn't think about that.. Thank You so much!!

From this day forward till that day comes.. I will just keep gardening keeping my utilization for my scores to go up.

Re: Citi Secured To Cancel or Not

happypill — Wed, 07 Dec 2016 20:00:33 GMT

@Anonymous wrote:
@Anonymous wrote:
Need some advise..

Back in April of this yr. My first step to fixing my credit was to obtain a Secured CC. Which is what I did, I put up $200 of my money to open a secured CC with Citibank.

Fast fwd after few months, fixed my credit and got approved to some good CC's (Chase Freedom Unlmtd, AMEX BCE, JetBlue Mastercard, & Discover IT) I don't think I still have the need for the Citi Card as it would just messed up my Credit Utilization.

I don't even carry the card around with me anymore, I just use it now for my Netflix Auto Pay.

Should I cancel the card and just open an unsecured card from them?

I don't even think I should be applying for new cards at this point.

Just trying to grow my score till Spring of 2017 to apply for an AutoLoan with my locan Credit Union.

My current scores ATM 12/1/2016 FICO 8: EQ: 684, TU: 676; EX: 653
(Chase Freedom Unl 2K, AMEX BCE 1K, JetBlue 9K, Discover IT 4.5K, CapOne Plat 5K)
I would take no further actions whatsoever until after you have secured that car loan - if you end up closing that account it will lower you AAoA, and thereby your credit score.

The quoted section that I put in bold is not accurate. Closing the account will not immediately affect your AAoA. It will stay on your report and age for 10 years before it drops off and will factor inot AAoA whether it is open or closed.

That said, my recommendation to OP would be to just keep it open and SD the card for a while. See if Citi unsecures it and if you realy don't need it after a year, close it.