My business is almost 10 years old but I didn't start building credit until July. My first card was the secured business credit card from Wells Fargo. The rep sold me this song and dance that it would automatically graduate at 12 months so I went for it. Another rep told me they would review it at 6 months so I called in to try to force the review. Several people stated that it is not automatic, no matter how good your payment history is and they pretty much just decide on a whim. Upon further research, people were holding this card for years before it graduated. Um....no....I have tons of unsecured lines with major banks so I'll just move on. I closed it with a 95% util balance. The secured amount will take care of that. Should I pay it off first or no since the balance will be zero anyway?
Gardening since 12/15/2019. Goal 12/15/2021
@lindsaydruart wrote:My business is almost 10 years old but I didn't start building credit until July. My first card was the secured business credit card from Wells Fargo. The rep sold me this song and dance that it would automatically graduate at 12 months so I went for it. Another rep told me they would review it at 6 months so I called in to try to force the review. Several people stated that it is not automatic, no matter how good your payment history is and they pretty much just decide on a whim. Upon further research, people were holding this card for years before it graduated. Um....no....I have tons of unsecured lines with major banks so I'll just move on. I closed it with a 95% util balance. The secured amount will take care of that. Should I pay it off first or no since the balance will be zero anyway?
Frankly, I would pay it off but not close it. A tradeline is a tradeline.
I'm only closing it because it's secured. I hate having money just sitting out there not making money for me. I would much rather put that money in a business savings to get some sort of return. Otherwise, it's a tradeline that's not growing with me. Most of my other trade lines are 3 and 4 times higher without securing and without PG (minus Spark that I know will grow with me). I just can't see myself keeping up with stagnation.