Jump to content

Should I close my secured Cards??


Recommended Posts

I have 2 Secured cards, one through Orchard for 300 and one from Hooters for 300. But I was recently approved for a Chase Continental Platinum for 2K, a Best buy for 2K, Home Depot for 1K and was approved for Chevron, limit unknown.

Now I've only had the Secured cards for only 2 months, will it hurt if I closed those cards? Keep in mind that the Hooters card is reporting as a "Secured line of Credit."

In addition, I still have 2 Collection accounts that I am waiting on them to be removed from my report all together. I have letters saying that they will be removed and it may take 30-45 days. I feel that I'm in a pretty good position to close them. Just wanted to see what everyone else has to say.

Thanks in advance!

Link to comment
Share on other sites

If it's only been 2 months, and you have good unsecured new TLs, I say close them (only to save annual fee, get your money back, etc). The only reasons to keep a secured is 1) it's an aged account (doesn't apply to you) or 2) you don't have enough other tradelines (again, doesn't look like it applies to you).

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.