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If I close a secured credit card, will I get my deposit back?

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Viper786
Regular Contributor

If I close a secured credit card, will I get my deposit back?

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.

EQ - 701 FICO - ScoreWatch (8/2016) | TU - 754 FICO - Fico 8 (8/2016) | EX - 710 Fico - Fico 8 (8/2016)
Amazon Store Card - $10,000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One Platinum - $7,500 | Capital One Venture - $10,000 | Capital One VentureOne - $7500 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1500 | Discover It - $4200 | Ebates Visa - $25,000 | Macy's - $1700 | Lowes - $12,000 | Walmart MasterCard - $15,000
Message 1 of 10
9 REPLIES 9
vish1
Valued Contributor

Re: If I close a secured credit card, will I get my deposit back?

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.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 2 of 10
Wolf3
Senior Contributor

Re: If I close a secured credit card, will I get my deposit 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?  

 

 

Message 3 of 10
Viper786
Regular Contributor

Re: If I close a secured credit card, will I get my deposit back?

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?

EQ - 701 FICO - ScoreWatch (8/2016) | TU - 754 FICO - Fico 8 (8/2016) | EX - 710 Fico - Fico 8 (8/2016)
Amazon Store Card - $10,000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One Platinum - $7,500 | Capital One Venture - $10,000 | Capital One VentureOne - $7500 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1500 | Discover It - $4200 | Ebates Visa - $25,000 | Macy's - $1700 | Lowes - $12,000 | Walmart MasterCard - $15,000
Message 4 of 10
LS2982
Mega Contributor

Re: If I close a secured credit card, will I get my deposit 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.


What was your scores when you got the unsecured cards??? who were they from?

 




EQ FICO 548 3/3/16
Message 5 of 10
Wolf3
Senior Contributor

Re: If I close a secured credit card, will I get my deposit back?

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.   

 

.   

Message 6 of 10
Viper786
Regular Contributor

Re: If I close a secured credit card, will I get my deposit back?

My EQ myfico is 641 and TU is 664. 

 

AMEX Zync and Capital One unsecured. Capital one unsecured has a 500 limit

EQ - 701 FICO - ScoreWatch (8/2016) | TU - 754 FICO - Fico 8 (8/2016) | EX - 710 Fico - Fico 8 (8/2016)
Amazon Store Card - $10,000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One Platinum - $7,500 | Capital One Venture - $10,000 | Capital One VentureOne - $7500 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1500 | Discover It - $4200 | Ebates Visa - $25,000 | Macy's - $1700 | Lowes - $12,000 | Walmart MasterCard - $15,000
Message 7 of 10
LS2982
Mega Contributor

Re: If I close a secured credit card, will I get my deposit back?

 


@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

 




EQ FICO 548 3/3/16
Message 8 of 10
Viper786
Regular Contributor

Re: If I close a secured credit card, will I get my deposit back?

I have one 30 day late payment in 2007 and 1 collection from 2009. I got instantly approved online the Zync card.

EQ - 701 FICO - ScoreWatch (8/2016) | TU - 754 FICO - Fico 8 (8/2016) | EX - 710 Fico - Fico 8 (8/2016)
Amazon Store Card - $10,000 | Amex BCE - $2k | Barclaycard Ring - $2.5k | Capital One Platinum - $7,500 | Capital One Venture - $10,000 | Capital One VentureOne - $7500 | Chase Freedom - $3.5k | Citi Diamond Preferred - $1500 | Discover It - $4200 | Ebates Visa - $25,000 | Macy's - $1700 | Lowes - $12,000 | Walmart MasterCard - $15,000
Message 9 of 10
Anonymous
Not applicable

Re: If I close a secured credit card, will I get my deposit back?

Yes you will..I used to have a prepaid debit with them and I closed it last month (had some money left over) when I got my secured cc. And my check arrived 2 days ago..they told me 30 day wait and yes sure enough almost 30 days...
Message 10 of 10
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