USAA secured AMEX. after the first 2 years ADVICE

[codehavoc]

I was thinking about getting rid of the card because it doesn't graduate into an unsecured card. And I was just wondering what other people did after the 2 year contract. I don't want another secure card because I already have 7 unsecured cards including navy federal with a CL of 14k. Also, what did y'all do with the deposit. And did you apply for an insecure card?

[Creditaddict]

If you have full membership with USAA I would for sure apply for an unsecured and just close out the secured.

[codehavoc]

Ok that sounds like a plan I should have a few inquiries fall off my report by then. Just have to figure out what I should do with the deposit ok 1k I put down for the CD account. I had it for almost 2 years and only earned 8 dollars lol

[ezdoesit]

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@codehavoc wrote:
Ok that sounds like a plan I should have a few inquiries fall off my report by then. Just have to figure out what I should do with the deposit ok 1k I put down for the CD account. I had it for almost 2 years and only earned 8 dollars lol

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What are the other 7 cards that you have?  If you have 7 prime cards and with Navy at a 14k cl why apply for another if you don't need it?  Use the 1k to pay any outstanding CC balance you may have so you don't have to pay interest and lower your Util.  Better to save paying 15% on a card than get 1% on a saving account.

[codehavoc]

I have

-NFCU Rewards card with a 14k limit. 13% apr with a 2500 balance
-Wells Fargo rewards 1k limit with a 0 dollar balance 0% apr for 1 year
-BOA with a 500 limit and a 0 balance.
0% apr for 1 yr
- Discover IT with a 1700 limit and a 0 dollar balance, 0% apr for 1st year
-Amex BCE with at 6k limit and a 0 dollar balance, 0% apr 18 mths
-Macy's card with a 1300 limit with a 0 balance.
-Best Buy 1500 limit with a 600 balance. 0% apr for 18 months.
-Kays card 1000 limit with a 0 balance,
-USAA American Express secured cc with a 1000 limit and a 0 dollar balance

[lonelyisland]

I'd use the 1k to either pay down NFCU, or to pif one of those other cards if the 0% is close to over and the Apr is high. 

[Swapmeet]

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@codehavoc wrote:

I have

-NFCU Rewards card with a 14k limit. 13% apr with a 2500 balance
-Wells Fargo rewards 1k limit with a 0 dollar balance 0% apr for 1 year
-BOA with a 500 limit and a 0 balance.
0% apr for 1 yr
- Discover IT with a 1700 limit and a 0 dollar balance, 0% apr for 1st year
-Amex BCE with at 6k limit and a 0 dollar balance, 0% apr 18 mths
-Macy's card with a 1300 limit with a 0 balance.
-Best Buy 1500 limit with a 600 balance. 0% apr for 18 months.
-Kays card 1000 limit with a 0 balance,
-USAA American Express secured cc with a 1000 limit and a 0 dollar balance

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Your finances are in good shape. Great job. I would call usaa and apply for the world mastercard, then close the secured card, then pay the best buy card in full, and use the other 400 to do something nice for yourself....or SO. Again, this is an example of responsible use of credit. You might consider transferring the balance from Navy to a 0% APR card if you plan on carrying it at all.

[codehavoc]

Yes I pay 500 a month on my NFCU CC and I don't use is at all. It had a 4k balance on it when I official took it out of my wallet

[Swapmeet]

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@codehavoc wrote:
Yes I pay 500 a month on my NFCU CC and I don't use is at all. It had a 4k balance on it when I official took it out of my wallet

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in this case, you should transfer the 2500balance to a card with 0% APR. At this rate, you will pay it off in 5 months--better without interest

[codehavoc]

Yes I may transfer it to my AMEX CARD.