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californiadreamin

When To Close A Secured Credit Card That Does Not Graduate

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I got a SDFCU secured card at the end of June 2013. Fast forward to now and I called in to see about getting it unsecured. The told me that I had to apply for a regular credit card in order to keep the reporting history. Then they denied me!!!. Since 2013, I have obtained Prime cards, a car lease and a home loan. I am going to close the account and leave their CU, but I wanted to get some advice as to when I should close the card for maximum FICO effect. I read on this board that 2 years is good, but does it matter if I close it on June 11, 2015 and I opened it on June 23, 2013? I really appreciate all of the help that this board has given me to rebuild my credit...it's been a rocky road, but I made it!

Edited by californiadreamin

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I'm not sure why they told you that because SDFCU secured cards don't graduate. That payment history will not move to a new card.

 

How many cards do you have open?

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As long as you don't need the security deposit right now, I'd suggest leaving it open until you get at least 10+ cards. Focus on major CCs.

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As long as you don't need the security deposit right now, I'd suggest leaving it open until you get at least 10+ cards. Focus on major CCs.

 

+1. If you don't need the security deposit right now, the only downside to leaving it open is losing potential interest on it (if it was in a savings account). Since interest rates are so low right now, you're not missing too much.

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I truly appreciate the advice. It's only $500.00 and I am currently not needed the cash, so I will work on getting more prime cards. Since my other limits are all between 1,000 - 2,000, do you think that the 500.00 limit would hurt my chances in getting higher limits or is it a moot point since my largest limit is $2,000?

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Creditors are going to look at your highest limits.

 

BOA didn't mention my $1K card when I was approved for a CLI recently to $25K.

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