@Anonymous wrote:
I recently cleaned up my credit history and brought my score up to 727. Before I did that, I applied for several credit cards and got rejected by all except for a discover it secured card. I've only had it a month. I was just approved for an HSBC credit card, so I'd rather use that card to build my credit. I see that my credit report will show that the discover card is a secured card, which I would think reflects poorly on me. I know that the discover it secured card can graduate to unsecured after several months, but I could probably use my HSBC card and get my score up over 750 in a few months and apply for a discover unsecured card and get that sooner than if I wait for their graduation process. So is there any reason I shouldn't close out this secured card right now?
Opening an account and then closing it soon after reflects more poorly than a secured card ever could (not that a secured card even reflects poorly). You've also taken an HP for it, so it makes little sense to close it. I also don't think Discover will let you open a new account (I know with a current open account, you have to wait a year for it to have been open before apping for another). And if that is the case, you're probably going to get it to graduate before a year if you use it responsibly.
The secured card does not reflect poorly it would hurt your credit worse to close it
Any way I had the secured card 300 limit in 10 months was upgraded to unsecure and they bumped line up to 2k 6 months later with out asking I'm now at 5k
Any way I had the secured card 300 limit in 10 months was upgraded to unsecure and they bumped line up to 2k 6 months later with out asking I'm now at 5k
