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Secured Card Frustration!

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Anonymous
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Secured Card Frustration!

A little over a year ago I got my first ever credit card, it was a secured card from my credit union, they told me in a year I could unsecure it and get my $500 deposit back... what they didn't tell me was that in order to do that I would have to close out the card completely... Now it's not the biggest loss in the world, it doesn't have any rewards and not the best interest rate so I don't mind that, what I do mind is the fact that it's my oldest card... I was gonna stop using it after it was unsecured simply because I have better cards now, but this just sucks.

I guess I'm just venting but I do have a question, how big an impact will this have on my credit? Also, I was thinking of applying for a Chase card again in the fall so should I wait until after I apply for the Chase card to cancel this one?

Message 1 of 5
4 REPLIES 4
pinkandgrey
Senior Contributor

Re: Secured Card Frustration!

Don’t worry about it. It’s the oldest by only about a year. It will stay on your report for many years anyway. I would close it. 

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Message 2 of 5
Anonymous
Not applicable

Re: Secured Card Frustration!

Thanks! I guess I'll go ahead and do that.

 

Message 3 of 5
Remedios
Credit Mentor

Re: Secured Card Frustration!

You can close it if that's what you want to do. Closing a card will have no scoring impact unless it affects your utilization. 

 

With that said, you will want to have an open account that's at least a year old at the time of Chase application. 

If your other accounts wont be a year old, I'd keep this one open till after the application 

Message 4 of 5
Anonymous
Not applicable

Re: Secured Card Frustration!

Similar situation here.
My oldest card is a sec6card from my credit union. No perks but a great APR.
The problem is that it takes an HP to unsecure it (it can 'graduate' into an unsecured card so it doesn't lose it's age).
I waited for the required amount of time. I asked several times before th HP if it was indeed enough time and they kept assuring me it was. It wasn't.
Also, they said the requirements "changed a little". The whole thing has left a bad taste in my mouth.
I am, however, going to keep it open for another year so that all of my other open cards have time to mature. It has no AF.
I try to use my cards for what I can get out of them not the other way around.
Message 5 of 5
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