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Closing a secure credit card, worth it or not?
Hi All, im new in this country so I had to build up my credit. I have a secure credit card opened for 7 months now, I was promised I can take my deposit any time and leave the account open with a lower credit line. After a call with capitalone today and after talking with 2 agents and a supervisor I understood they are not going to release my deposit unless I will close the account. So I wanted to ask, I have 1 card with discover that has $1000 it is opened for 3 months now and I use it mostly. I just applied for Chase freedom and got $6000 credit line. Because of how they treated my and there is no other option to get the money I was thinking of closing the account. I know it will impact my credit score and history, but since it's such a short time is it really going to affect me ?

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Go ahead and close it and get your money back. The money is worth more than the tiny (and temporary) hit your score will take from closing the account. The only negatives to your credit score would be removing your "oldest" credit source and losing part of your utilization.

However, these negatives are very minimal based on what you said - you've only had the card open 7 months and it sounds like is only a small part of your overall limit, most of which comes from other cards. Therefore, it's not going to be a big deal to close it. It sounds like your biggest asset for your credit score right now is the Chase Freedom card, so that's something you should try to hold on to for a long time, assuming there is no annual fee.

Just keep plugging away and add a new card (with no annual fee) every year or so - that will help build your credit score as you continue to increase your overall limit. Just don't open too many new accounts at once.

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yes, it will affect your credit in a negative way, by how bad, I am not sure. They did not treat you bad, that is how it is with Secured credit cards, you cannot take partial money back out of them, works that way for everybody. I would not close it, but if you really need the money back then I guess, do what you have to do.

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