Secured credit card question

[Anonymous]

So when I started to rebuild in late December early January I got 3 secured credit cards to help build my credit. They each are very high interest so I keep they paid off monthly. They also have a 49$ or 99$ annual fee. So my question is and this is speculation based also, I'm expecting my credit score to be much much higher around November/December of this year right before the 1 year annual fee is due should I close them if I am able to get approved for a unsecured credit card? I understand opening and closing credit cards aren't good but the fees aren't cool either I started in the mid to low 500's I'm at 610 now with 4 more baddies still to pay off that should be complete within the next 30 days or so.

[Brian_Earl_Spilner]

It will usually take up to 10 years for a closed card to fall off your reports. Find a card that you're willing to keep for 10+ years to be your AAoA anchor. Then stagger closing the secured cards while keeping the total number of cards at 3 if possible.

[Anonymous]

I would get a couple unsecured cards first before closing the ones you have now. It might take sooner or longer than expected. Unfortunately, you should pay your AF's at least for your first year because to be fair, you accepted the terms of your cards. Plus, it wouldn't look good if you closed right before the AF's are due, but you knew that already. Good luck!

[blindambition]

I understand AF can be painful, but 3 cards and 1 loan give best scoring when building credit.

id close one secured each time you open unsecured. Try to get AF waived or lowered with call when they hit.

[Red1Blue]

I would not discount all secured cards. There are many secured cards with out AF. Even if you get secured card there are options with out AF and that would also graduate. US Bank Harley Davidson card does not AF and it could graduate in 12 months. Affinity Credit Union and State Department FCU does not have AF and hopefully can graduate. Affinity does not pull your credit report for secured cards. It is advisable to keep the history and cards open for many years to start building the average age of accounts. All the best.

[Anonymous]

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@Anonymous wrote:

So when I started to rebuild in late December early January I got 3 secured credit cards to help build my credit. They each are very high interest so I keep they paid off monthly. They also have a 49$ or 99$ annual fee. So my question is and this is speculation based also, I'm expecting my credit score to be much much higher around November/December of this year right before the 1 year annual fee is due should I close them if I am able to get approved for a unsecured credit card? I understand opening and closing credit cards aren't good but the fees aren't cool either I started in the mid to low 500's I'm at 610 now with 4 more baddies still to pay off that should be complete within the next 30 days or so.

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I highly recommend the discover it secured if you don't prequal for their unsecured card. Why?

 - It will graduate to unsecured with on time payments

 - no AF

- You get 2% back on gas and restaurant purchases and 1% cash back on everything else

 - they match all the cash back you got at your anniversary date (so it's really 4% and 2%)

 my 500$ security was returned to me and my CL jumped to $2000

https://www.discovercard.com/application/website/prequal

 good luck

[Anonymous]

I was just messing around today and got preapproved for  a capitol one platinum MC with a 2k limit on it! my first  unsecured CC imma treat this baby like its gold and water the hell out of it. 3 secured cards and 1 unsecured card my credit scores have went from the HIGH 490's to low 610's in 4-5 months. This fourm has helped tremendously!

[AllZero]

Congratulations on your approval!

[FireMedic1]

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@Anonymous wrote:

I was just messing around today and got preapproved for  a capitol one platinum MC with a 2k limit on it! my first  unsecured CC imma treat this baby like its gold and water the hell out of it. 3 secured cards and 1 unsecured card my credit scores have went from the HIGH 490's to low 610's in 4-5 months. This fourm has helped tremendously!

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In 3 months hit the upgrade link and convert the Plat to the QS so you can get some cash back. Congrats.

Bookmark this. https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade