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Should I cancel all of my secured Cards with annual fees at one time

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FireMedic1
Community Leader
Mega Contributor

Re: Should I cancel all of my secured Cards with annual fees at one time

Now that you listed them all out. Please stop for the next year or more really applying for any more credit. You only need 1 loan. So Self can be paid off. Yes close them down. 10 accounts in a year is way too many. The hits from those accounts to your reports have to age and let the inq's start to fall off. Mostly your AAoA's. Congrats on your Cash Rewards. You dont need those cards any longer now that your in with NFCU. Kiss them goodbye.


Message 11 of 12
Anonymous
Not applicable

Re: Should I cancel all of my secured Cards with annual fees at one time

Given that you have secured Discover and Navy Federal cards, I would close the 5 cards you have highlighted in red and were interested in canceling.  No need to pay an annual fee.  You can focus on building your unsecured lines and waiting (hopefully) for your secured cards with Discover and Navy to graduate.  

Message 12 of 12
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