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Should I upgrade card and cancel secured one?

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I have a US Bank secured credit card which I have had for a year now and they want me to upgrade to an unsecured card. I asked if that would cancel the secured one and the lady said yes. I was wondering if that is going to hurt my credit history? Should I leave the secured one open and get the new one as well, or is it ok to close it and get my deposit back?

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I have a US Bank secured credit card which I have had for a year now and they want me to upgrade to an unsecured card. I asked if that would cancel the secured one and the lady said yes. I was wondering if that is going to hurt my credit history? Should I leave the secured one open and get the new one as well, or is it ok to close it and get my deposit back?

What is the balance and limit on the secured CC?

What limit are they offering for the unsecured CC?

Do you have any other open CC accounts?

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Generally you pay off and simply stop using but dont close. Thats to make sure your available credit is far more than used credit i.e. debt!! But in this case if want your deposit back and they are going to you the same even better a higher limit than you had then close the secured card. But make sure you pay it off I mean bring the balance to zero first then cancel!!!

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The limit on the secured card is $1000. The balance is $100, which I will pay this month. The woman on the phone didn't tell me what the new unsecured limit would be, however she said that I have an excellent payment history, so it would be equal to or greater than $1000. I do have a hooters card that I've only had for 6 months. That is my only other card.

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The limit on the secured card is $1000. The balance is $100, which I will pay this month. The woman on the phone didn't tell me what the new unsecured limit would be, however she said that I have an excellent payment history, so it would be equal to or greater than $1000. I do have a hooters card that I've only had for 6 months. That is my only other card.

Since they're insisting the secured CC be closed in order to get the unsecured CC, I'd say go ahead and do the conversion. Unsecured CCs over time can yield CLIs whereas a secured CC only gets there with some cold hard cash.

The unsecured CC is only a year old, so it's not like you're losing a 15 year old TL. Initially, you may see your FICO scores dip, a little, from an INQ (likely), a new TL, and the loss of an "older" one. But that temporary hit won't last long.

Put the $1K to work somewhere for you that's appropriate. Emergency fund, pay down other debt, savings for a home, etc.

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