I’ve had a secured $500 line of credit that I opened with my old credit union since 2013. It’s my oldest open credit account, and my average age of credit is 4 years. I don’t use it, and in fact, I don’t even have the card that goes with it. They sent me a replacement one a couple years ago and I never activated it. There is a $0 balance on it and I don’t intend to use it. My credit isn’t so great due to past issues, but I’ve been working on fixing it and improving my situation. I have two other cards through Capital One, totaling $800, plus a car loan (originally $20k, refinanced to a lower rate in 2022 and currently owe $10k). Is it time to close my secured card and move that money to maybe an investment account, or would that hurt my credit too much?
original posted by MangoBandicoot to r/personalfinance on Thu, 21 Mar 2024 11:23:27 GMT.