if i canceling the secured credit card ,it will effect crdit score?
if i canceling a secured credit card it, will effect crdit score?
In case you actually start out using a secured credit card to build credit and also you get your credit build-up, and you’re simply accepted for a unsecured credit card. is that it better for your credit score to cancel your secured card and / or in case you keep it because its your oldest card?
one. Find out current Closed circuit company if they are willing to unsecure it (in case you curently have an acceptance offer for another Cc, it might even be worth to mention that to them)
two. If yes – excellent. Also ask for a credit limit increase.
three. If no – keep it. Allow it to sit with a very small month-to-month balance. Do it to buy gas and food, small stuff. Take the new credit card, set up that using two years of clean up repayment history.
four. Try again to make the secured card unsecured. If they still say no, which is now unlikely considering you have 2 years of clean repay history on a separate card altogether, close the account.
A secured credit card is treated the same as a regular credit card when it comes to your credit rating. It will likely lower your score somewhat in the short term. I would probably get rid of the secured card once I established credit on the new card.
future creditors, like to see that you have at least one line of established credit.. but you need to use it once in a while because it will affect your score that way too if you dont. because it wont show a revolving balance to be basing your score off of…. keep it if its the oldest because its established history.