Now that Rebuild is done ...

[DapprD]

Good Morning All!

Had a quick question, I think I already know the answer, however, I'll ask it anyway!

Now that my rebuild is complete, all negatives are off my reports, should I start closing some of the Secured Cards I started with.

The 3 I am thinking of are

First Progress - 2 Years Old

GreenDot Secured - 2 Years Old

Total Secured - 1-Year-Old

My FNBO graduated from a secured to an unsecured this past month.

Suggestions?

Thank You !!!

[FireMedic1]

How many cards do you have except the 3 listed?

[rbentley]

The general consensus here is that you should close cards with a AF, if you don't need them.  Secured cards can be closed and deposit reclaimed if you also don't need them for UTL or age.  Once you get good unsecured credit, you should consider closing secured cards with low limits, high APR and a AF.

We will need a lot more information showing your total credit situation to advise you.

1.  List all your cards, their age and limits.  Also note which, if any, have annual fees.

2.  What is your AAoA?

3.  Why do you say your rebuild is complete? Is it just the elimination of your derogatories?  You seem to still have several low limit starter cards.

[FireMedic1]

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@rbentley wrote:

The general consensus here is that you should close cards with a AF, if you don't need them.  Secured cards can be closed and deposit reclaimed if you also don't need them for UTL or age.  Once you get good unsecured credit, you should consider closing secured cards with low limits, high APR and a AF.

We will need a lot more information showing your total credit situation to advise you.

1.  List all your cards, their age and limits.  Also note which, if any, have annual fees.

2.  What is your AAoA?

3.  Why do you say your rebuild is complete? Is it just the elimination of your derogatories?  You seem to still have several low limit starter cards.

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It will not affect their AAoA, it will report for 10 more years, so after they close it it will still be factored into AAoA for 10 years.

[rbentley]

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@rbentley wrote:

The general consensus here is that you should close cards with a AF, if you don't need them.  Secured cards can be closed and deposit reclaimed if you also don't need them for UTL or age.  Once you get good unsecured credit, you should consider closing secured cards with low limits, high APR and a AF.

We will need a lot more information showing your total credit situation to advise you.

1.  List all your cards, their age and limits.  Also note which, if any, have annual fees.

2.  What is your AAoA?

3.  Why do you say your rebuild is complete? Is it just the elimination of your derogatories?  You seem to still have several low limit starter cards.

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It will not affect their AAoA, it will report for 10 more years, so after they close it it will still be factored into AAoA for 10 years.

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I never said nor implied that the closing of the three listed accounts would affect his AAoA.  I only asked what it was in order to get a more complete picture of his credit profile.  It was not a totally irrelevent question for considering the status of a credit rebuild.

[DapprD]

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@FireMedic1 wrote:

How many cards do you have except the 3 listed?

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My Cards are as Follows:

Discover AU - 2 Yrs 2 Mo - $10,500

FNBO - 2 Yrs 1 Mo - $500

First Progress Secured Card - 2 Yrs 1 Mo - $500

GreenDot Bank Secured - 2 Yrs - $500

Major Financial - 9 Mo - $5,000

AMEX Rose Gold - 9 Mo

PayPal Cashback - 1 Mo - $300

2% Utl

Experian - 742

Equifax - 710

Transunion - 735

Inquiries - 17 ... 7 dropping off this month and others are in dispute ... should be down to 4 when they are complete

[DapprD]

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@rbentley wrote:

The general consensus here is that you should close cards with a AF, if you don't need them.  Secured cards can be closed and deposit reclaimed if you also don't need them for UTL or age.  Once you get good unsecured credit, you should consider closing secured cards with low limits, high APR and a AF.

We will need a lot more information showing your total credit situation to advise you.

1.  List all your cards, their age and limits.  Also note which, if any, have annual fees.

Discover AU - 2 Yrs 2 Mo - $10,500 - NO AF

FNBO - 2 Yrs 1 Mo - $500 - NO AF

First Progress Secured Card - 2 Yrs 1 Mo - $500 - AF $44

GreenDot Bank Secured - 2 Yrs - $500 - AF $39

Major Financial - 9 Mo - $5,000 - AF $99

AMEX Rose Gold - 9 Mo - AF $250

PayPal Cashback - 1 Mo - $300 - NO AF

2.  What is your AAoA?

I believe it's right at 2 Years or a month shy 1 year 11 months ... 

3.  Why do you say your rebuild is complete? Is it just the elimination of your derogatories?  You seem to still have several low limit starter cards.

I believe I am ready to start applying once my inquiries drop below 5 which could be any day now ... 

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