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A little over a year ago I got my first ever credit card, it was a secured card from my credit union, they told me in a year I could unsecure it and get my $500 deposit back... what they didn't tell me was that in order to do that I would have to close out the card completely... Now it's not the biggest loss in the world, it doesn't have any rewards and not the best interest rate so I don't mind that, what I do mind is the fact that it's my oldest card... I was gonna stop using it after it was unsecured simply because I have better cards now, but this just sucks.
I guess I'm just venting but I do have a question, how big an impact will this have on my credit? Also, I was thinking of applying for a Chase card again in the fall so should I wait until after I apply for the Chase card to cancel this one?
Don’t worry about it. It’s the oldest by only about a year. It will stay on your report for many years anyway. I would close it.
Thanks! I guess I'll go ahead and do that.
You can close it if that's what you want to do. Closing a card will have no scoring impact unless it affects your utilization.
With that said, you will want to have an open account that's at least a year old at the time of Chase application.
If your other accounts wont be a year old, I'd keep this one open till after the application