Hello everyone, new user here and thankful to have found this place!
I am looking for some opinions on what to do next, based on my current situation:
-EQ 672 TU 693 EX 676 (myFICO 9/14/14)
-BK-7 Filed 3/08, Discharged 11/08
-OpenSky Secured CC opened 11/09
-Discover It CC opened 7/13
-Current Utilization 30% (but will be back to under 10% after this month)
-Student Loan opened 11/09, will have it paid down to < 10% next month
-No late payments for any accounts
-I am looking to finance a car next spring/early summer
I don't have much use for the secured card, only for something small to avoid the $1.00 fee every month for not using it. It also has a $29 annual fee, and doesn't have the option of becoming unsecured. Would closing it kill my Average Age of Credit? I'd like to get rid of it, and replace it with a "real" CC to go along with my Discover IT. The secured card was, initially, Public Savings Bank. It had none of these fees, and great service. Capital Bank took it over in 2011, and the fees were added. Also, for some reason, it's reported as "closed" to Experian since 11/2011. I am currently waiting for a response from Capital Bank regarding that. It reports to TU and EQ correctly, though.
Should I just keep it open and deal with it for the benefit of age, considering I am looking at an auto loan in the next 6-9 months? Should I wait until after securing the auto loan next year to think about any of this? If that's the case, how long after the auto loan should I think about applying for the new CC account and close the secured one?
I'd appreciate any advice offered!
