When to close my secured CCs?

novabama · ‎06-29-2016

So I have been pretty quiet on these boards for quite some time, but I am at a point that I don't know what to do next with my secured CCs I got last fall...

When I got my first credit card in about 9 years, I started with the Open Sky at 250, SDFCU at 250 and the Cap One at 200 with a 99 deposit I believe. The Cap One is now at 500.

I have since been approved for QS1 (started 500, req CLI a few weeks ago and went to 1500), got NavyFed CLOC 3K and NavyFed rewards at 1600. I also have a few low TLs from commenity soft pulls from shopping cart tricks.

I really don't use the secured ones and I don't want to forget about the small payments since I mainly use my QS1 and NavyFed now. Also, SDFCU is a pain to make my payment since they updated their site. -__-

How long should I keep those open for? I'll prob keep the Cap One since it's at 500 now and they seem to like my use of their cards; also, it's my oldest TL. But I am itching to get rid of the Open Sky and SDFCU!! They don't graduate or anything, so I could have that 500 bucks back and cut up those cards.

Any advice? TIA!!! Would have never gotten here without these boards!!

Anonymous · ‎06-29-2016

I know it sounds like an obvious and sort of cop out answer, but you should close them when you have moved forward enough with your credit profile that you no longer need them.

creditguy · ‎06-29-2016

Congrats on your success so far, you've done well. It seems your really past the point of needing these cards, so why not close the Open Sky and the SDFCU and use the money for something else. These cards will continue to stay on your CR for up to ten years as a positive account and will continue to benefit you even though they are closed. Keep the Cap One if you'd like since you have very little tied up in it and it sounds like it may grow. Once again congrats on your success and to future success.

Anonymous · ‎06-29-2016

I would close them. As creditguy said, it won't affect your AAoA for another 10 years. I plan on closing my CapOne secured card next year. It's never recommended to close your oldest cards, but in this case it won't hurt your AAoA for a long time, will have a minimal effect on your utilization, and you'll get your money back.

Anonymous · ‎06-30-2016

I agree with others that it is time to close those secured accounts unless you need them temporarily for utilization. The cards will stay on your credit report for ten years so your AAofA won't be effected. By that time your other new accounts will have aged.

Good luck to you and a big congratulations on all you have accomplished!

RonM21 · ‎06-30-2016

Closing them seems to be the move to make, considering your current situation. It looks like your starting to maybe outgrow them. They may have served their purpose at this point.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Meanmchine · ‎06-30-2016

Let me get this right ... Your Cap1 secured card is 9 years old and you only have a $500 CL? After 9 years its still secured? Hells bells dont close that card but at least try to get a PC or CLI first.

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>7/2025 All 3 reports 830 - 845(F8) F9s = all 850 but my app finger is still twitching

SunriseEarth · ‎06-30-2016

@Anonymous wrote:
I know it sounds like an obvious and sort of cop out answer, but you should close them when you have moved forward enough with your credit profile that you no longer need them.

That's actually what I would say. From what it sounds like, OP already has enough unsecured credit where they are no longer necessary.