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EmilyM111

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Closing a new credit card
My credit history isn't that old so I am unsure what to do. I opened a secure credit card 7 months ago to build up credit and recently have been approved for a unsecure credit card. Should I close the secure credit card (the card can never be transferred to unsecured, I asked) and take a ding in my age of my credit history?
My oldest account is 1 year 7 months and at the moment the average account is 1 year so it is still in the "F" stage whether it is open or closed.
Should I keep it to try and boost the age or close it while it isn't very old?

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I think it is better to have an unsecured card than secured for many reasons (higher credit limit, for one).  If the secured card is costing you money to keep it open, then I'd take the hit and close it.  If you're not paying for that card, then keep it open if you can, that will help your credit.  If you do need to close it, your score will drop at first, but after a few months of payments to the new card, it will slowly increase.  To learn more, I suggest www.credit.about.com.  Best of luck!

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