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Need advice on closing secured cards

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Established Member

Need advice on closing secured cards

Hi, I have two secured cards that I would like to close since I already have secured more prime cards. One card is the Primor secured, which has an annual fee, and the other is the SDFCU secured card. Neither of these two cards graduate. They will both be a year old in March.

Should I wait for the cards to hit a year before closing, or should I close them now? I don't want to pay the annual fee on the Primor card.

Fico 8 as of 5/7/18
Fico 8 as of 1/11/19
Message 1 of 7
6 REPLIES 6
Community Leader
Valued Contributor

Re: Need advice on closing secured cards

I’m sure some people would list various reasons for keeping them, but I would definitely close them. I don’t like having accounts that are worthless to me. Besides, these particular cards are obviously not very old anyway. Close away.
Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
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Once you go Berner, you never go back.
Message 2 of 7
Community Leader
Senior Contributor

Re: Need advice on closing secured cards

What other cards do you have?

 

Without that information, I'd close Primor yesterday. If closing SDFCU will put you under three cards, I'd hang onto it for a while. If you have three cards, I'd go ahead and close it.

Message 3 of 7
Established Member

Re: Need advice on closing secured cards

Thank you for your responses. I'm well over three cards. I have the following:

Capital one secured (expecting to unsecure in Feb)
Discover (unsecured in Dec)
Uber Visa
Amex Cash Magnet
Amex SPG
Capital One QS
PayPal 2% MC

Fico 8 as of 5/7/18
Fico 8 as of 1/11/19
Message 4 of 7
Established Contributor

Re: Need advice on closing secured cards

Close away and CONGRATS on your rebuild. 😊
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 5 of 7
Community Leader
Senior Contributor

Re: Need advice on closing secured cards

Close both cards. You're in great shape. Smiley Happy

Message 6 of 7
Established Member

Re: Need advice on closing secured cards

Great! Thank you so much!

Fico 8 as of 5/7/18
Fico 8 as of 1/11/19
Message 7 of 7
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