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Ace5727

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Close Secure Card?
I want to close my secured card. I use it, and my score decreases. I have department, and on-line store cards, but barely use them. If I close the secure card will it affect my credit.

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Top Contributor
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Closing any credit account

negitively effects your score.  My rule of thumb, is to never close an account, its better to let the bank close it for lack of use than for you to initate closing the account. 

You don't mention how long you've had the secured card. If using it effects your score negitively it probably accounts for a high portion of your credit.  Since you have made a deposit for it, that deposit may actually to low meaning that when you do use the card the charges are a very high percentage of that limit. 

You don't mention how long you've had that card, but you did mention that you now have other open lines of credit. You could make an additional deposit to increase the limit or If the secured card is old enough, you maybe able to get it converted to a regular card. Cal the bank and ask, They should be able to give you an idea of when you would be able to convert the account as well.Its usually a year or 2.   If that is not an option at this time, I suggest that you tuck it away and let the account sit unused and sit out the agreement.  In the mean time, Your other cards will help build your credit. 

Hope that helps,  Good luck 

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Yes it will affect your credit. It will hurt your credit to close the card.

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