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I just got approved for two unsecured credit cards and I want to shut down my secured credit card because it only has a limit of 200. If I shut it down, will I get my deposit back? This account has only been open for a few months.
Yes, you will get your deposit back in 1-3 weeks. You may not be able to get the AF back, but its worth trying to see if you can get some back.
@Viper786 wrote:I just got approved for two unsecured credit cards and I want to shut down my secured credit card because it only has a limit of 200. If I shut it down, will I get my deposit back? This account has only been open for a few months.
Congrats on the unsecured cards.
You will get your deposit back. The time frame depends on the bank. Which bank is it?
The secured card is through Capital One. Since it's only a few months old, is it a wise move to close it? or should I leave it open for at least a year?
@Viper786 wrote:I just got approved for two unsecured credit cards and I want to shut down my secured credit card because it only has a limit of 200. If I shut it down, will I get my deposit back? This account has only been open for a few months.
What was your scores when you got the unsecured cards??? who were they from?
I would keep it open and use it. Captial One may add some unsecured CL every six months as your credit improves.
It will be a positive addition to your credit history and only 2 open cards is a slim portfolio.
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My EQ myfico is 641 and TU is 664.
AMEX Zync and Capital One unsecured. Capital one unsecured has a 500 limit
@Viper786 wrote:My EQ myfico is 641 and TU is 664.
AMEX Zync and Capital One unsecured. Capital one unsecured has a 500 limit
Any baddies on your reports? I heard that ZYNC card is hard to get but with those scores that might be attainable for me in 6 months
I have one 30 day late payment in 2007 and 1 collection from 2009. I got instantly approved online the Zync card.