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I currently have a USAA Sec CC with a $5000 limit. It will mature this month and I am going to close it and receive my moneys. I have been approved for the unsecured CC with a CL of 5500. Aside from utilization, how will removing the Secured CC affect my report? Will the sudden drop of $5000 or the closing of a two year account with perfect payment history, affect my score/report negatively? If so, how bad?
I am officially off to the garden for a year as I think I have acheived what I needed to and will pursue my "wants" in 2014.
@BearOSO wrote:I currently have a USAA Sec CC with a $5000 limit. It will mature this month and I am going to close it and receive my moneys. I have been approved for the unsecured CC with a CL of 5500. Aside from utilization, how will removing the Secured CC affect my report? Will the sudden drop of $5000 or the closing of a two year account with perfect payment history, affect my score/report negatively? If so, how bad?
I am officially off to the garden for a year as I think I have acheived what I needed to and will pursue my "wants" in 2014.
There is nothing negative about closing an account other than utilization, unless they are your only CCs. I would not close unless I had at least 3 open CC left.
besides utilization, it wont hurt your reports.
any account closed in good standing still reports good for 10 years.
please refer to this link
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