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Question By
edgaroni

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Closing a SECURED credit card? HELP
So i opened a wells fargo secured card in order to build credit(never had any) in march. In August chase gave me a UNsecured credit card which was the goal when starting this process. Now both are in the "less than 2 year 2>, very poor" category.

Wells fargo wont give me a unsecured card, or a student/personal loan even after building my scores up to 677 and 701…… i feel like theyre useless to me at this point.

Is it ok to cancel wells fargo? How bad can a couple of months hurt my score? (I dont plan on opening any other credit cards, or applying for loans for a long time since they hurt your score)

*i dont need the extra money, and both cards are at 0 balance right now. I use them strictly to build credit.

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You should NOT close the card, it would damage your credit profile and scores. You really need to take some time to read about building credit. Technically you really should have one more card for credit building.

Reply by
tdifiore

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is there a way to change credit card status from secured to unsecured (obviously using the same creditor) without having an effect on your credit score?

Simply put i want to take my WF secured card and convert it into an unsecured card? can this be done without affecting my score?

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Whether you choose to use the cards or not, the goal is to have credit available to use when you need it.  After reading the articles here and practicing with the credit simulator, I moved from a primarily cash only basis to getting credit cards which I use carefully.  Five years ago, I had only about $3000 in available credit, and the cards had a high usage rate.  I consolidated those cards and now have a much higher available credit (over $20,000) and a much lower usage rate, which increased my score to the point where I was just able to buy a new car. 

If you have any regularly recurring bills (cell phone, car insurance, etc.) you could have them charged to the credit cards, then pay those bills every month just as you do right now.  It will keep the cards active, not cost any more, and will likely help build your credit with little effort.  Please consider re-reading the articles here for a quick refresher on credit.

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