Should I close Citi Secured?

[designated_knitter]

A little over 18 months ago, I opened Citi Secured (1000.00 limit/deposit).  I also opened 2 US Bank Secured cards (300 and 500 respectively).

Last month, I got a letter from Citi saying they were going to keep my deposit for another 12 months.  

Today, I just learned that both of my US Bank Cards are graduating.

I *really* would like to get back in with Citi -- Even though my scores have been showing steady improvement, my baddies are from several years ago, etc -- I still can't get approved for even a measly Shell gas card with them.  I never burned them unless you count a Macy's card where they agreed to cut the interest rate to close to zero (can't remember the exact terms), they closed the account, and I paid off the balance in full.

Since then, I have gotten in with Navy and hope to build a relationship with them (already refinanced my car and opened a secured nRewards card).  

So right now, I have 

• Discover -- 2000 CL Unsecured
• Citi --- 1000 SECURED
• USBank Visa * 2 (300 and 500 CLs) -- soon to be Unsecured
• Navy nRewards (800 CL -- hopefully will graduate in May) -- SECURED
• Credit One (800) -- Unsecured
• Comenity Sony (2700) -- Unsecured
• Amazon store card (1800)
• Paypal Credit (1900)
• Target (300)
• Mission Lane and Avant (400 and 300 CLs)

Will likely close Mission Lane and Avant closer to the 1-year mark.  Same with Credit One.

No one is giving me any CLIs so credit isn't growing that way to offset the 1000 CL on Citi.

I've been aggressively paying down my balances and plan to start Azeo in February.

Is it worth it to try to keep plugging away to curry favor with Citibank -- or will having deprived them of interest from Macys be looked at as having "burning them" in which case, I'm in some sort of purgatory/quasi blacklist?

Thanks in advance for your thoughts...

[Dreams_Come_True]

I'm in the same situation as you with Citi. Opened my secured card on September 2018. After 18 months they decided to hold my deposit for another 12 months . The maturity date is coming up at the end of March and I'm growing impatient for the letter or any notification regarding my card and deposit (1K). Honestly, I haven't closed it because it is one of my oldest card.

If citi is one of your oldest card I would recommend not closing it since your AAoA may suffer. Just put an small montly charge to keep some utilization until it graduates. I added my Fico monthly susbscription and from time to time use it for something else and PIF. If they do not unsecure my card this time I'll socked drawer them and only put a small charge every 6 months or so to keep it open.

[FinStar]

It really depends on your long term goals.  If 12 months isn't much of a preoccupation including the $1K deposit, then I would let things be and/or re-evaluate things mid-year given that your recent USB cards just graduated and there is the potential of NFCU on the horizon as well.

It's uncertain whether Citi might be considering your prior DSNB/Macy's history, but it sounds this is more relative to the rest of your profile.  I'd suggest optimizing things to boost scores and age your profile a bit more.

[FinStar]

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@Dreams_Come_True wrote:

I'm in the same situation as you with Citi. Opened my secured card on September 2018. After 18 months they decided to hold my deposit for another 12 months . The maturity date is coming up at the end of March and I'm growing impatient for the letter or any notification regarding my card and deposit (1K). Honestly, I haven't closed it because it is one of my oldest card.

If citi is one of your oldest card I would recommend not closing it since your AAoA may suffer. Just put an small montly charge to keep some utilization until it graduates. I added my Fico monthly susbscription and from time to time use it for something else and PIF. If they do not unsecure my card this time I'll socked drawer them and only put a small charge every 6 months or so to keep it open.

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Just to expand on the AAoA piece, there won't be any immediate impact to AAoA if the OP were to close their card.  The account will remain on CRs for up to ~10 years and AAoA will still be factored into reporting.

[designated_knitter]

Thanks everyone,

It is my second oldest after my disco card.  Given I'll be getting 800 bucks back fro USB, I'll probably just let it ride to make sure Navy likes me.  I'll probably cut the predators loose since that would be a smaller impact to my overall amount of credit..

If the score simulators are to be believed (a big "if", I know... by summer or fall, I'll be over 675 ("yellow rings").

I definitely need to let some mold grow on my existing lines... would really like to prepare for a mortgage for when my lease is up in May, 2021.  By then, I'll pay off a personal loan and a car netting me about 1000 / month by the end of the year.

Thanks, everyone.

[FinStar]

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@designated_knitter wrote:

Thanks everyone,

It is my second oldest after my disco card.  Given I'll be getting 800 bucks back fro USB, I'll probably just let it ride to make sure Navy likes me.  I'll probably cut the predators loose since that would be a smaller impact to my overall amount of credit..

If the score simulators are to be believed (a big "if", I know... by summer or fall, I'll be over 675 ("yellow rings").

I definitely need to let some mold grow on my existing lines... would really like to prepare for a mortgage for when my lease is up in May, 2021.  By then, I'll pay off a personal loan and a car netting me about 1000 / month by the end of the year.

Thanks, everyone.

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Sounds like you have a good plan @designated_knitter.

Definitely cut loose Credit One, Avant and Mission Lane once you feel they've reached their tenure.  Upon NFCU graduating, you'll receive the $800 back and many other doors will likely open with them.  In the meantime, Citi can be left on "auto-pilot" until you see where things are by year-end.