When you're ready to close your secured credit card, here's the best way to do it.
The impact on your credit score:
Since your credit history plays into your credit score calculation, avoid lowering the average age of your accounts when you upgrade. You can do this by asking your issuer if they can carry over the secured card account information, such as the opening date and account number, to your new unsecured card.If your secured credit card issuer doesn't offer an upgrade option, your next best option is to apply for an unsecured card from a different issuer and close your secured card completely.
Before you close your account, make sure you are approved for your new credit card. If you end up closing your card before opening a new one, it makes it more difficult to be approved.Closing a secured card can have the same consequences on your credit score as closing any other credit card by bringing down the average age of your accounts and lowering your overall credit limit.
Although secured cards typically have low credit limits, closing one will still decrease the amount of credit you have available. This will cause your
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