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mymilkshake13

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Should I continue with a secured card to help with my credit history?
I opened a secured card with US Bank about 2 years ago, they turned me down for an unsecured card after the first year, going to try again next month. During this time, I have been offered two other cards, both unsecured & each with a limit almost 5 times what I have with US Bank. While I would like to cancel this card if I am turned down yet again, I don't want it to affect my length of credit history. Should I keep it open either way or just close it and not worry about it?

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They think they're smart, out smart them

Although it is never advisablel to close an account that is in good standing and much less if it is your oldest one. I'm sure your unsecured credit that perhaps totals a considerable amount of credit, take into consideration the factors. You mentioned at least a 2 year history with secured credit assuming you have paid on time, utilized like a wiard, and have deposited funds as CLI at least once, then they are cray not to approve you after 12 months for unsecured. Another is the ratio facto.Now that you have available high amounts of unsecured credit ( btw 2 years in credit years is not really history that has much impact ) available, the reduction in available credit from having closed the secured account will lower your score it will most likely do as much or less damage as a hard inquiry does. Pay your secured credit card to zero and get your money back! This whole credit game is about knowing how to take hits but knowing how to nockout punch back!

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Keep the Card open,  do not Cose it.

I have a Capital one secured Credit Card that I don't use much at all, but will keep it open until my Average age of accounts is over the 5 year mark.  I look at it the cost of getting my credit score and history back in place.

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