Close US Bank Secured or wait to graduate?

[Anonymous]

Just looking for some advice on what you would do here.

Currently I have a

QS1 @ $5500 (opened March '15)

Cap One Secured @ $2k  (opened November '14)

US Bank Secured @ $1k (opened March '15)

I just applied for and was approved for Discover IT @ $1.2k

I called US Bank and let them know I was getting big boy offers (well, relatively speaking, for me) and wanted to feel them out and see if they had anything they could offer me. They said I could not graduate for a year with my US Bank card.

Once the Discover card arrives I will have $9.2k available credit across cards. I don't have any problem managing them, I just don't foresee myself utilizing the US Bank card which has no rewards, and even if I am graduted in 8 months it won't really matter still as it has no rewards.

The only real benefit I guess is that the card might eventually graduate, and the $1k is in a very secure savings account I can't touch, so I suppose that's good? 

I PIF throughout the month so my util is always floating around ~ 5% when the statement hits so the $1k in available credit wouldn't impact my util much.

Side note: I can't believe (and I am very excited) that I have options now when it comes to cards. Whoa! 

[thatguy1]

I too started with a US Bank secured.

I would leave it alone and at least let it get two years old before cloasing so it doesn't hurt your AAoA a lot.

It will be hard to get that card to unsecure, I still have not gotten mine unsecured.

[happypill]

Depends on whether you want to build your relationship with US Bank.  I have a similar situation.  I'm trying to re-establish my relationship with BofA so I have a $300 secured card with them that has been open for about 6 months.  I've got plenty of credit now but I decided to keep it open to see if it will graduate in another 6 months.  The reality is that it will probably graduate to something stupid like a $500 unsecured card, but I'm hoping that opens the door back up for me to BofA's other cards.

The other alternative for you is to close the scured card, wait and then apply for something else US Bank has to see if you qualify directly,

[Anonymous]

Cap one and Discover have given me really solid offers, US Bank just doesn't have much that appeals to me.

I didn't get the card because I particularly wanted it, I got it because it was one that was available at the time, now I've got better options.

I think I might just close it out knowing they are tough to unsecure. I kinda thought it was just an automatic thing at year 1 mark. 

[thatguy1]

My card unsecured today finally after about 19 months and a HP. Took long enough.

I mainley use US Bank because their branch here is about 1/2 mile from my business and everything else 2-5 miles away.

[ddemari]

The us bank secured visa can unsecure after 1 year. As conservative as US bank is, i would wait it out. BOA unsecures fast with a hard pull but id leave us bank alone.

[Anonymous]

If it were me I would keep it. US Bank is tough to get in with. Keep it until it either unsecures on its own or until you get approved for one of their non-secured cards, then close it.

[Anonymous]

If you have had the us bank secured card long enough for your credit score to get higher you should just app for a new us bank unsecured card and once you get approved close the us bank secured card.