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Should I close my Secured Credit Card?
I'll start this off by saying I know each persons Credit History will change the advice given, but this is my situation...

I opened my Secured Card in April 2014 in attempt to build up my Credit, due to a Medical collection I had listed on my account.
I have since increased my Credit Score from a 651 CK / 632 Experian to a 783 Transunion (Discover IT Free Credit Score) and 731 (Experian Website Credit Score).

I have had luck in opening Unsecured Lines of Credit since then.

Cards I have now...
Chase Sapphire Preferred: $7000
American Express BCE: $7700
Discover IT: $1000 ( Lowest :( )

These cards have helped increase my Score further, with their higher Credit Limits, always keeping my utilization extremely low, but these cards have only been open for about 2 months.

AAoA shows around 2.8yrs due to an old Credit Card I had when I was 18, still showing good until 2018 by Experian's Website.

Now I know this is my oldest OPEN Credit Card, but only by 6months, and have not see progress of it becoming unsecured ( I know it hasn't been the normal 1 year, but I'm >725 in Score).
Should I close this Account, instead of having the 300$ just tied up, not mentioning the Annual Fee and it's my Highest APR card by 6%.

Any opinions or suggestions would be great! Thanks!

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4 Contributions
9 People Helped
Most Helpful Response

You can close it.

Helpful to 4 out of 4 people

No it won't affect your AAoA. It will report for 10 years just as the one you had when you are 18 still does. The impact will be to your available credit, you will have less, and potentially then your utilization. Doesn't look like that will be a problem for you though as you have plenty of available credit and your utilization is low.

On a side note you do not have to carry a balance on your credit cards and end up paying interest. What matters is the reporting date for your credit cards. That's usually before the pay by date. So you can carry a low balance on your reporting date and then pay it off by the due date, incur no interest and get maximum points from your low utilization.

Top Contributor
40 Contributions
33 People Helped

Maybe keep it open.

Helpful to 0 out of 2 people

If you just want the money back then go ahead but won't the secured card hurt your average agae of credit lines? I assume it is one of your older or your oldest card. If that is the case then closing it would have a certain negative impact possibly for the long term.

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