Credit Tips: National City Secured Credit Card Review

Posted On: June 1, 2006

Author: badcredit
Posted: Wed Apr 26, 2006 11:21 pm
Post subject: Closing National City Secured Credit Card, will hurt score?

Hi.

I had bad credit(little mess from college spending) before so I signed up for National City Secured Credit Card and deposited $250.00 about 5months ago. Since I only used very little and paid off each month and also paid $3.00 each month for annual card fee. Now this account is on my satisfactory list on my credit report.

About 3months ago, I felt like applying for a regular credit card so
I did and I got one for $750.00 with no annual fee from providians.

Since I now have a regular credit card,
I felt that I do not need secured credit card because I have my
money deposited there and at the same time I have been paying
$3.00 each month.

I recently called National City secure credit card and
asked them if they can convert my national city secured credit
card to a regular credit card so that I don’t have to pay any
monthly fee on this and at the same time get my deposit
money back but they simply said there is no such thing as convering to
regular from secured credit card. They said I can either close this
account and get the money back and apply for regular one.

From my readings from internet, I notice that it is a bad idea to close
a credit card that is in good standing. So I don’t know whether I should
close this national city secured credit card or keep paying $3.00 monthly
forever =(.

Any comments?

Author: fenster
Posted: Thu Apr 27, 2006 12:28 am
Post subject: Close it Today

This should be the easiest decision you ever make. Close it today, the effect will be minor and temporary, it’ll show up on your report as “paid off” and closed by consumer, not a bad thing at all. Never pay annual fees if you’ve another choice, especially those associated with secured cards charging high APRs.

You no longer need a secured card, you’ve a unsecured card now. And if you maintain good payment habits with Providian, they do periodic and automatic limit increases, by next year, you’ll have a $2K limit or more.

Close it today, get your money back and earn interest on it instead.

Author: TomfromCT
Posted: Thu Apr 27, 2006 6:11 am
Post subject: National City Secured Credit Card Review

The secured card only has a 5 month head start on history on the unsecured card. I’c cancel the seccured card. Yea..minor drop at first but who cares - you score will bounce back soon and you won’t have to pay that annual fee and you get your deposit back.

Good job an getting the regualr card!