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Should I close a secured card?

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New Contributor

Should I close a secured card?

Hi all,

 

I was working ( ad still am) on rebuilding my credit last year. I didnt have any revolving accounts so I opened 2 secured cards, 1 visa and 1 mc with cap one. Recently I have gotten 3 unsecured cards, 1 discover and 1 visa and 1 MC with navy federal. Should I close the cap 1 secured card? Its only a limit of $650 and its a high interest rate and they are awful to work with. I have a short revolving history so will closing that card hurt me? I will still have the other secured which they are switching to unsecured this month plus the 3 new cards. My total revolving limit is about 13k now. Who has advice? THANKS!


Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
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Regular Contributor

Re: Should I close a secured card?

I would keep it open for the AAOA to show a longer credit history. If you plan on applying for anymore cards in the next year or so. It doesnt hurt to have it open and not used plus consider the money in a savings account for a rainy day.

 

That's my advice.

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New Contributor

Re: Should I close a secured card?

Thanks, ill keep it. Not aping for anything for a while. I'm off to garden.

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 3 of 3
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