Should I cancel my Citi Secured?

[ACN323]

@MisterWives Agreed!

[Conceptual23]

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@RLFLOWS wrote:

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

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This is exactly what I'm thinking as well.  I've got a few low-limit secured cards that I don't use anymore since I've got other unsecured options.  I have no plans on closing them because all positive tradelines on my report.  So there's no harm in keeping them open.  There's also the banking relationship aspect to it as well, which I think is important.

[ACN323]

Just a little update**

I recieved a letter in the mail yesterday stating that Citi will be renewing my Collateral Holding Acct, AGAIN... no graduation... cool, thanks Citi.

What kind of a score dip can I expect with closing this card? I have no balances reporting on any of my other cards, and this one is a $200 limit. I've read the AAOA would not be impacted, because the tradeline would stay on my credit reports for up to 10 years. Is this accurate?

[Jmd6030]

Unfortunately I received the same letter last month.  It's been over 3 years now since I opened this card.  $200 limit.  They also stated in the letter that if I close the account I cannot reopen another one.  My scores are all in the 700's.  I just don't understand it.  I have credit cards with AMEX, Discover, Capital One -  all with decent credit limits.  

I think I'm at the point where I don't care if it hurts my score if I close this card.  Citi secured sucks!   Good luck to you! 

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@ACN323 wrote:

Just a little update**

I recieved a letter in the mail yesterday stating that Citi will be renewing my Collateral Holding Acct, AGAIN... no graduation... cool, thanks Citi.

What kind of a score dip can I expect with closing this card? I have no balances reporting on any of my other cards, and this one is a $200 limit. I've read the AAOA would not be impacted, because the tradeline would stay on my credit reports for up to 10 years. Is this accurate?

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[ACN323]

@Jmd6030 same! Right there with you! I was so confused, when I called they basically said it's because I don't use the card. Which I don't anymore, because it's $200 limit, minus the small thing I have on it to keep it active. Ridiculous. 

[calyx]

To answer the question - yes the closed card still counts towards your aging metrics, so you wouldn't lose points due to that.    Utilization is the key there, but since you said it won't affect it much, you're safe to close it.

Sucks that they won't graduate you - I'm sorry to hear about that.   I do think it's bull that it's due to non-use.  I hadn't used my Citi-Secured in ages when they graduated me (since I had better cards with cashback or other benefits).   I'm sorry the Citi didn't work out for you.  

[ACN323]

@calyxthank you for clarifying that! I didn't want to close the acct before getting more info.
 I know, I'm bummed. They were the first people to help me on my rebuild, but after 2.5 yrs of use, on-time payments etc. I just can't do another year. Trying to minimize my cards, and it was between this and Disco. They at least graduated me.