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Question By
Twirleygirl

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0 People Helped
Secured card payoff
I want to pay off my secured credit card and get my security money back. How can I do this without taking a credit hit by closing the account?

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Top Contributor
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You'll have to ask the card issuer.  I'm assume that if you pull out the money, it will close the account, which is a bad thing.  Why do you want to pay it off when clearly you need it to build up your credit?

Reply by
Twirleygirl

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It served its purpose. After a year I got a Cap One MasterCard with 0 % interest and they just increased line to 1500. The secured card charges me 18.99 % interest. I just can't afford to pay it off without replacing that money with the security money. 

Top Contributor

Reply by
Addison170

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2786 People Helped

Then if it's worth the savings, I would close it and take the small hit.  Your new Cap One will help make up for it, and I'm betting you'll be getting similar offers with other creditors so if it makes sense at that time, you can always add another low interest unsecured card. Best of luck!

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