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How long do people usually keep a secured card during a rebuild ?
As long as you need to. It could be a few months, or it could be a couple of years. It just depends on your personal feelings/needs and if you've managed to acquire other, better unsecured cards.
Keep it as long as want. It will remind you how you started. I have Amex, Discover, Citi, and Open Sky. When you feel you have a handle on your credit, close the Open Sky!!
If there's no annual fee, there's no harm in keeping it open indefinitely. It's really just personal preference. Use it once every 6 months or so to keep it active, and it will still age and report positive payment history every month. Close it, and it goes into the closed accounts section of your credit report where it will remain for 10 years. Just my humble advice, if there's no annual fee, throw it in the sock drawer, buy a coke and a pack of gum every 6 months on it, and then pay it off.
@BM1990 wrote:How long do people usually keep a secured card during a rebuild ?
Like others have already said, it's completely up to you as to when you feel comfortable about closing it. And if it's 'free' (no AF) to hold, then put your Netflix or Spotify or any other small monthly recurring fee on it and set it up on auto pay with your bank and forget about it. And then when you are at the point of having other, better unsecured cards, close it down and get your money back that you used to secure the account.
There are two strikes against the OpenSky credit card: there is a $35 Annual Fee and it will *N*E*V*E*R* graduate. Now, those two things are only "strikes" if they are strikes to you!
Another thing to consider when the "do I close this CC now?" thoughts cloud your mind is "is this my oldest CC? And, if so, by how much?". Closing your oldest revolver can be an issue for some. I did not see any information as to the pecking order | start dates of the three credit cards that you show.
Also keep in mind with OpenSky, I read it some place if you do not use the card for 12 months they will start acessing additional fees ( besides the AF). Just check with OpenSky. I have an OpenSky card that is about 2.2 years old. Once every 2-3 months I'll run a small charge on the card just to keep them happy. I know there is AF. I have decided to keep the card for another 2-3 year and let it build history.
As long as it's comfortable for you.
I closed mine at month 11 because my score had grown enough to get other cards and I didn't want to pay the AF.