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Is it time to close my secured cards??

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Regular Contributor

Is it time to close my secured cards??

Hi everyone and Happy new year. I was discharged on 7/27, but after my 341 meeting I opened a 500 secured credit card with SDFCU ( 6 months now ), 8/18 I opened a 250 secured card with Affinity CU ( 5 months ). 10/25 applied for capital one platinum, approved 1000 sl, kohls 300 , target 300 and last week applied for Ollo approved 500 sl. Now I need some time with good paying history to apply for PENFed and Barclay. My question is should I close my secured card or keep them open? Any advice will be appreciated.

My fico scores as of 1/1/19
EQ642 TU638 EX612 ( my student loan not reporting correctly EX in dispute)
Utilization 27 % due to capital one reported 700 balance ( it was my fault to miss the statment date now its 80 dollars balance will report the 15th the rest of credit cards reports 0).
Message 1 of 11
10 REPLIES 10
Senior Contributor

Re: Is it time to close my secured cards??

You got 6 cards last year. Let them age at least a year and build up some history. I wouldnt app for anything this year. Let the 6 hits to your CR age as well. You have enough cards for now to show the big guys that you can handle that many accounts and be responsible. If any of them have a fee yes. If not. Keep it for now. You can ask for a CLI after 3 statements with Cap1 and still get a CLI with the Credit Steps program. Time is on your side. Slow and steady wins the race. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 11
Regular Contributor

Re: Is it time to close my secured cards??

Yes all cards with no fees, the reason I applied for Ollo is to replace SDFCU ( under credit limit it shows Matures 7/2023) is this mean it will be unsecured if I keep it 5 years?. What I know is that SDFCU never get unsecured. I was thinking to apply for one more ( Barclay or PenFed) to replace Affinity and hit the garden for at least 6 months. To my surprise I woke up this morning to find out my EX score jumped 29 points after my other 2 student loan get fixed, I am so happy. 😀
Message 3 of 11
Senior Contributor

Re: Is it time to close my secured cards??

Congrats on the increase. I am not familar with how SDFCU operates. But in a years time with great payments and low Util reporting. You could get an unsecured card even better than Cap1. Barclays is inq sensitive. PenFed I think (dont quote me) is the same. They are a bit stricter than NFCU. Plus Barclays is a strange beast anyway. I'd go the Disco route after building some more down the line. For now let things age. The cards will be there down the road. Got to lay the bricks to get to it. Which you have done. No rush. Let the score rise some more. You got enough hits in 2018. 2019 let them age.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 11
Valued Member

Re: Is it time to close my secured cards??

How do you ask capital 1 for an increase at month 3?
Message 5 of 11
Regular Contributor

Re: Is it time to close my secured cards??

Using your app, click on the top right corner than go to settings you will see the option for Request credit limit increase. Good luck.
Message 6 of 11
Contributor

Re: Is it time to close my secured cards??

If it was me, I would keep the SDFCU secured card as long as possible.(like forever lol) From what I have read its not a terrible card and  depending on your average trade lines and you not needing the secured deposit back, it may be worth it in my opinon to keep it open with your other older cards for the AA boost alone which accounts for I believe 15% based on credit history. Smiley Happy




Started from the bottom now I'm here. Smiley Happy
Message 7 of 11
Regular Contributor

Re: Is it time to close my secured cards??

My oldest account is my student loan more than 10 years old. But if SDFCU is not going to be unsecured I personally don't see a reason to keep it if I get better cards. Please correct me if I am wrong.
Message 8 of 11
Contributor

Re: Is it time to close my secured cards??

Thats a good reason, I dont think thats a bad reason either. But I believe our credit takes into count of our average long term age, not just our oldest.




Started from the bottom now I'm here. Smiley Happy
Message 9 of 11
Regular Contributor

Re: Is it time to close my secured cards??

As long as my utilisation is low and its it's not my oldest account it shouldn't affect my scores much.
Message 10 of 11
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