Time to close my Cap 1 secured?

[Anonymous]

After having my Cap 1 secured card ($250 deposit, $250.00 from Cap 1) for a little over a year, I was approved for a $2,000 regular Cap 1 Platinum last month. Is there any reason for me to keep the secured card open?

[Anonymous]

I'd say it depends.

If you've paid an annual fee on the secured card recently, I'd keep it until the end of that year, and then close it.  It will help your utilization, and won't cost you any more to leave it open.

If you've only got a couple of cards, it might be good to keep it for that reason as well, annual fee or not.  FICO optimal scoring requires three active accounts, and having it open means $500 more available credit on your file, which in turn can help utilization.   

If you already have more than three active cards, and utliziation is not an issue for you, then you are right that there is no real reason to keep it open.  Its positive history will remain for many years to come, it just will not be counted in your available credit (because, of course, it won't be available to you once you close the account), and closing it won't affect your AAoA in a negative way.

[Anonymous]

Thanks for the reply -- all good points.

I paid the annual fee in February. I also have a $300.00 US Bank Visa, a $650.00 Credit One Visa, a $1,500 Fingerhut account and a $500.00 Walmart account -- all opened when I was rebuilding last year. I suppose keeping the secured Cap 1 will be good for utilization -- I guess I was wondering if I should start closing the "sub-prime" accounts as I beginning moving into better accounts with higher CLs. 

[SouthJamaica]

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@Anonymous wrote:

After having my Cap 1 secured card ($250 deposit, $250.00 from Cap 1) for a little over a year, I was approved for a $2,000 regular Cap 1 Platinum last month. Is there any reason for me to keep the secured card open?

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Nope

[_NERD]

Consider closing it in January before the AF comes due. You'll keep racking up green OKs on that TL, meaning you're building positive credit history even if you don't use the account or carry a balance. The more the better.

I have 62k in limits and I started with a $326 Cap 1 secured card ($226 secured, $100 unsecured) last April or May as my first TL. It graduated to $626 limit but I still keep it open to grow my payment history. I forgot I may be paying an AF on that TL and I probably used the chat tool to have it credited because I do stuff like that while I'm loitering I'm the Garden.

Your call. Your AF already paid for the positive payment history through next January. Might as well milk Cap 1 for the green OKs (=

[Aduke1122]

Op did you ever get your CLI at 6 mths for your secured card or is it still at the orginal amount ? If you didn't ever get it you could call and ask them about a CLI and let them know that you are thinking of closing it being the limit is so small.

[Anonymous]

Yes, as I think back I believe the card was issued at $200.00 and I got a CLI at some point.