I now have 3 CC's that are unsecured and am working my way towards rebuilding my credit. Would it look terribly bad to close out my secured card through my credit union and get my money back or should I keep it for a year and have it convert to an unsecured card?
-
-
Not really.
emoney -
I'm sorry emoney, I'm a bit confused on your reply.
Not really = It wouldn't/shouldn't be a problem
or
Not really = I shouldn't keep it for a year and convert to unsecured.Comment
-
You can get more cards -- but be careful cancelling what you already have.
Your ratio of available credit vs limits can make your score go up or down.
If you start cancelling cards -- your available credit goes down and so does your score.Comment
-
Ah, very good point!!! I guess it's not much skin off my nose to let the credit union keep my secured money for another 10 months. Hell, maybe by then they'll increase my limit too!!Originally posted by wrinkleigh View PostComment
-
It's a win lose situation....Originally posted by lostinmich View Post
If they haven't already reported to the CRA then I say cancel but if they're on your report I "hear" your score drops when you close an acct after a very short time of having it.Discharged... 2/13/07
Closed... 2/20/07
Ochard Bank $600 Household Bank $600
Hooters Card $1000 Target Store Card $500
Discover HSBC $300Comment
-
A 2 month old account hasn't aged enough to make a big difference. The only real downside I see is you had to waste an inquiry to open it. But whats done is done. 3 unsecured cards, you dont' need the secured card anymore.Comment
-
I have a secured cc now .. but my annual fee is $59 bucks .. I have to keep it for up to a year. Once I get a hold of an unsecured card I know that I will cancel my secured card. Why pay an annual fee when I don't have to.
CMIYCJuly 2006: Filed Ch13 :blink:
Oct 2006: Converted to Ch7 :clapping:
Jan 2007: DISCHARGED :clapping:
Nov 2007: CLOSED :yahoo::yahoo::yahoo:Comment
Comment