It's totally up to you and whether you really need the money back. Most will advise to close it, and it's your choice. I have 3 secured cards (Wells Fargo 2K, US Bank 1K, and USAA 1K) and have since been approved for Cap One QS 5K, Venture 20K, Chase Slate 5500., SDFCU 1K, Wells Fargo Propel Amex 2500., Amex PRG, Delta PLAT 1500., and BCP 1K. Obviously I could close out all 3 secured cards, but I took HP's for each one, they're only 5 month's old, and I'm hoping to get cards from both US Bank and USAA. Wells Fargo wouldn't graduate me as they stated 5 month's was too soon, but they did approve me for the Amex. So my plan is to wait around 1 year. At that point if US Bank and USAA don't graduate, I'll close them out.
I will say, I believe secured cards are a double edge sword: while they are great for rebuilding credit and building initial credit, I believe they also hold you back somewhat when you finally do start receiving approvals from lenders. I believe the "secured" scares some lenders, especially if your scores are 700+, and leads to lower CL's. It leaves them wondering why you're secured. I believe this happened with several of my apps, including SDFCU and Amex. While I was approved they gave me small CL's. They pulled my EX which shows zero derogs, no public records, and is 790, but those secured cards were listed with low CL's, and these two lender's followed with similar CL's. I should've waited until Cap One and Chase showed up on my CR's. I'm sure I would've started much higher. Good luck !!!!
