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DashnMe

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Will closing a Secured Credit Card account hurt my score?
I have $1000 tied up in a secured credit card that I got when I couldn't qualify for an unsecured card. Now I have unsecured cards and would like to close this account and get my $1000 back. I am concerned that closing the account will hurt my score. ???

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Top Contributor
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Yes your score will drop. Active acounts will be one less, and your average age of open credit will drop.  These are negatives that will not be as much a factor in the future as they are short term,, and it seems that for the long run it would be wise to close that card.  

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