Ive done lots of internet searches, but I'm unable to find a consistent, uniform answer. I'm hoping that you can help me out.
I opened an Applied Bank Secured Credit Card ($300) in 2008, when my credit score was 598.
Since then, I've worked very hard to rebuilt my credit, and now my FICO score is above 720 (yah!).
I don't use the applied bank credit ,ever. I'd really like to get my $300 security deposit back and place that $$ towards my savings account. I've also been given recent credit offering of $2000 by mastercard for a new credit card.ut
Interestingly, my Applied Bank credit card does not appear to have any effect on my FICO score (I've searched the detailed report of my FICO report).
Is it a bad idea (FIco score-wise) to cancel my applied bank card and get my security deposit back? How about accepting the new offer from mastercard?
Every account reporting has some sort of impact, good or bad, in some way or another. If you close it, the CL is forever removed from util calculations. It's only $300, the the impact is neglible, and if you PIF your CCs monthly, then there's zero impact per util by closing it. If you have other open CCs, then there's no impact also by closing it. Closing it will have zero impact on length of history or AAoA because it'll still appear on your CRs, so no worries there. I'd say close it if you have other CC accounts reporting. And make sure the balance is zero at the time you close it. I think they change a monthly fee for the card so you might want to pay an extra bit to cover that.
Adding any new TL can have a score impact. If you have other CCs reporting, then there might be an initial drop when the MC reports, but damage is short-lived and you'll get it completely back inside of a year.