Should I cancel my Citi Secured?

[ACN323]

@Anonymous my EXF8 at the time of approval was 490, I had no other open positive trade lines. I only had a collection from Cap1 for $691 and a charge off from Cap1 for $3096 which were a few years old. My maturity date was supposed to be 07/20. I used the card a lot and always PIF or would let a small balance report. The only other card I applied for was my Disco which graduated in 9 months. My scores were all high 500's, low 600's by the time I received my denial for graduation about 15 months in. I haven't applied for any cards outside of those two, in the past two years, and paid off the collection, and paid down the charge off. The denial letter I threw out lol, but it was pretty vague, so much so that I messaged them on the app trying to get a better explanation. I've read success stories of other people in much shorter time spans graduating, but not me. Hope those DP's are helpful? 

[RLFLOWS]

Yes I am keeping it open since it's my 2nd oldest card & $200 isn't going to break me financially. 

[ACN323]

@RLFLOWS totally makes sense!

[Jmd6030]

I'm in the same boat.  I've had my Citi secured card since 2017.  Never late and PIF.    700 score. 
I got the same letter twice over the past two years. The card has zero benefits and I'm planning to close it.  My discover graduated in little over a year and I get much more use with it + a higher limit.  Citi does what they want... 

[ACN323]

@Jmd6030 Yesss! I don't understand them either! 3 yrs is ridiculous! Heck 18 months, is ridiculous lol. 

[Jmd6030]

@ACN323 I know!  And when you call them they can't even help you over the phone.  They tell you you're not eligible for a CLI at this time.  So annoying and not worth it if you ask me.  My limit is $200! 

[ACN323]

@Jmd6030 the worst! Was hoping it would graduate and I could PC to Citi DC, but at this point, I'll most likely apply for an Amex after my scores update and cancel the Citi. So not worth the wait in my book. Good luck to you! 

[Jmd6030]

@ACN323  Thanks and same to you!! 

[CAS2019]

How will this affect your utilization?  Is there a high balance on the card you are an authorized user on?  Also, with this Covid situation and your collection/charge off, Citi is probably mitigating their risks; it is my understanding Citi is one of the more conservative banks.  

Best of luck whatever you decide to do!

[ACN323]

@CAS2019 thank you and thanks for the input! It's a $200 limit card so I don't think it will effect it too much. I don't have a balance on the other two cards so, my available credit would just go down $200, if I did it right now. I think just because I have so few open tradelines, and reading other comments on here, I'll probably wait until I apply for something else in a month or two, before closing it.