when is it time to dump secured cards

[mongstradamus]

I am wondering what is the consensus for when its time to dump your secured cards. When you get an few prime cards like discover and amex, is it safe to cancel the secured cards and get your deposit back, or would it be better served to just hold on to secured card ?

[Anonymous]

Treat it like a savings account or rainy day fund.

Question to ask yourself: Do you need the money right now?

[mongstradamus]

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@Anonymous wrote:

Treat it like a savings account or rainy day fund.

Question to ask yourself: Do you need the money right now?

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I don't need it right now , but i was thinking I just had succesful app spree, so wanted to throw the money from secured cards into my MMA. Its not much but its at least something. 

[JamesKnox]

Are you talking about ALL secured cards or only secured cards that don't grauduate to unsecured?

If they graduate to unsecured; such as BofA ---- just keep it until it unsecures. You will get your deposit back and can have the card grow with you.

Now if you are talking about a card that doesn't graduate then it would depend on what your goals are which will determine when you will let them go. For instance if your goal was to get prime cards...then yes...once you get those prime cards, it's safe to cancel and begin to garden your prime cards. Just know that you will take a dip in score when you cancel the secured cards but no worries; your score will work it's way back up with proper gardening. 

[Anonymous]

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@mongstradamus wrote:

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@Anonymous wrote:

Treat it like a savings account or rainy day fund.

Question to ask yourself: Do you need the money right now?

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I don't need it right now , but i was thinking I just had succesful app spree, so wanted to throw the money from secured cards into my MMA. Its not much but its at least something. 

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I have a $350 Cap one secured and I may keep it open solely for the purpose of adding $2,500 to it to total 3K prior to apping for CLI's and a new AMEX line (this time next year) after the 3K posts to my CR. But in your case you want your deposit back I say do what you feel. How long has the account been open?

[mongstradamus]

It was an cap one and first progress secured card i was thinking of closing. Neither of them graduate from what i have read. The CL on both of them are under 1k. I think i will let them sit there till the AF for next year shows up. For CL and CLI do ccc look more favorably at AU account or secured cc account?

[missjae]

If you have met some of your goals, I would close the secured ones shortly before the next AF hits. If you want your money back to earn more interest, go ahead and close them now.

[JamesKnox]

For CL and CLI do ccc look more favorably at AU account or secured cc account?

Whichever one has the longest history with no derogs and highest CL is which would be looked at more favorably. 

Chase though....doesn't even count AU's. But overall...I don't think it matters. Of course it's great for the card to be your own but listen....everyone doesn't have that luxury. 

[IaBoy62]

I faxed a request to US Bank yesterday to close my secured account. I have been approved for Sony Visa card, Capital One Platinum MasterCard, Barclay's Rewards MasterCard, and a great MasterCard from my local credit union since opening my secured card account with US Bank. The information I received from US Bank stated that it would take two statements after my last transaction to get my deposit back. I spoke to two different CS reps at US Bank and they didn't ask why I was closing my account or tell me they were sorry to see me go.

[IaBoy62]

I also closed a Capital One secured card last year because it would never graduate and it took less than 2 weeks to get my deposit back.