Should I cancel my newly acquired secured card?

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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MemberSince99
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Postby MemberSince99 » Sat Mar 15, 2014 10:23 pm

It's meaningless - it's not a FICO. But it was good enough to get you a card so that's all that really matters.


You will hurt your credit long term, I'm not going to give you a dissertation on why, but it's your life and your credit, do what you want. People have been giving you answers and you don't seem to want to take their advice so I'm not sure why you keep asking. Do what you feel is best.


rockyrock
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Postby rockyrock » Sat Mar 15, 2014 11:00 pm

MemberSince99 wrote:It's meaningless - it's not a FICO. But it was good enough to get you a card so that's all that really matters.


You will hurt your credit long term, I'm not going to give you a dissertation on why, but it's your life and your credit, do what you want. People have been giving you answers and you don't seem to want to take their advice so I'm not sure why you keep asking. Do what you feel is best.


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augiedog
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Postby augiedog » Sun Mar 16, 2014 12:02 pm

I would cancel the secured card. There's no point in paying an annual fee. Ask for a refund too. I applied for a secure card and rewards card at the same time, both said they needed consideration for approval. I got both and canceled the secure card. You should be able to get visa or master card with those accounts canceled. Sometimes having too much credit open can weigh you down even if you don't use it.
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MemberSince99
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Postby MemberSince99 » Sun Mar 16, 2014 12:11 pm

Guess it depends on if you consider 300 dollars weighing you down in credit. Most would probably consider that so small it's almost not usable. It's a way to start on the way to getting better cards, but it's hardly a huge credit sink. Or my idea of what that would be is way out of date.


Personally I would leave the BOA card open until a better alternative is found (non secure) - it may unsecure in time, can't tell if it's one of those. And I might even leave the Cap One open for a year and cancel before the annual fee comes due. By then he may be able to get in with another prime lender. Closing them both right off the bat will leave AAoA low for quite some time, possibly prolonging having few options.


I would not go on a huge app spree either at this time I'd leave the 3 open for 6 months to a year and then go for a couple of more prime cards. But what do I know. Seriously do whatever you want, it literally is no skin off any part of my body. The part I don't get is asking people again and again what to do, as if waiting for someone to say what you want to hear - in that case just go do what you want to do, why wait for validation from others?

retiredat21
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Postby retiredat21 » Sun Mar 16, 2014 12:37 pm

I have no idea what to do and i want to see if alll opinions are the same before i make a move because i consider this a huge step for my life and i dont want to screw it up. Sorry if it comes out wrong for you guys..

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Postby augiedog » Sun Mar 16, 2014 3:53 pm

retiredat21 wrote:I have no idea what to do and i want to see if alll opinions are the same before i make a move because i consider this a huge step for my life and i dont want to screw it up. Sorry if it comes out wrong for you guys..


It all depends on what you want to do. I wouldn't pay an annual fee for a card that doesn't have any premium benefits. The Discover card will work out great for you; I really like the price protections, and you will find the customer service excellent (most of the time). Getting another credit card is easy at this point as long as you maintain your accounts in good standing. Canceling the secured account won't have any long term affects. Other people want as many cards as they can get... Try the Bank of America Better Balance Mastercard if you close the secured BoA: you get $25 per quarter for paying off your account balance.
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Postby takeshi » Mon Mar 17, 2014 7:56 am

retiredat21 wrote:is it wise to cancel both of the secured card ive been approved of now?

I don't think so. If you're building/rebuilding you need several cards. You've already taken the hit from the hard pull and the hits to AAoA. Closing will cause you to take a hit due to the change in utilization. Might as well use these to build your credit. I'd suggest trying to PC them sometime down the road. Or close them once you have replacements for them.

retiredat21 wrote:I have no idea what to do and i want to see if alll opinions are the same

No point in waiting for that as there will never be 100% agreement on any topic (and not just credit topics). Don't just poll. People have different preferences, situations and goals. A popular opinion isn't necessarily what's best for you. Decide based on your priorities and preferences. Read up on credit scoring and use that info along with the aforementioned to decide for yourself.

retiredat21
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Postby retiredat21 » Mon Mar 17, 2014 1:08 pm

takeshi wrote:I don't think so. If you're building/rebuilding you need several cards. You've already taken the hit from the hard pull and the hits to AAoA. Closing will cause you to take a hit due to the change in utilization. Might as well use these to build your credit. I'd suggest trying to PC them sometime down the road. Or close them once you have replacements for them.

Alright, i guess ill just keep the cards maybe for a year? And try to get the bofa to graduate to unsecured.. everything is just too confusing for me because i just started the transition of becoming independent thats why im seeking lots of help.. i also ended up applying for a barclaycard 2 days ago because of the recommendation from credit karma (bad decision i guess?) .. anyway thanks for the time and patience, i really appreciate it...

retiredat21
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Postby retiredat21 » Mon Mar 17, 2014 1:11 pm

Thank you everyone for the time, patience, and advise.. i really appreciate it.. sorry for the inconvenience.... Ive decided to keep all the unsecured cards maybe for a year, and try to get the bofa card to graduate.. i hope i dont screw this up :)

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Postby nismoZtuner » Mon Mar 17, 2014 2:41 pm

retiredat21 wrote:So i just received my discover it card.. and my credit score is L2C: 715. .. is this good?


850 is the highest.. challenge accepted?

hahah im trying to get a perfect score..

im at 746
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