Secured credit cards are helpful when you need to rebuild your credit score, and can’t borrow using unsecured credit lines. However, once you’ve improved your credit score, you will probably want to switch to an unsecured card, where you can earn more rewards and don’t have to pay a deposit. Show
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Did this article help you?How do I close a secured credit card without hurting my credit?Don't keep a large balance, and do this by paying it off every month (this will also save you from paying interest). Provided all of your credit cards show $0 balances on your credit reports, you can close a card without hurting your credit score.
Can I close out a secured credit card?When you're ready to close a secured credit card, you'll first need to make sure your balance is fully paid. Then you can contact the issuer directly to request that they close your account.
Is it better to close a credit card or let it close itself?In general, it's best to keep unused credit cards open so that you benefit from a longer average credit history and a larger amount of available credit. Credit scoring models reward you for having long-standing credit accounts, and for using only a small portion of your credit limit.
Do you get money back when you close a secured credit card?No matter what options your credit card company offers, when you close your secured credit card account, you'll get your deposit back.
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