Started building my credit with a secured Cap1 just over one yr. ago. I deposited 1,200. and received 1,400 limit, which they raised without a further deposit (abt 6 mths later) up to 1,700. I now have 3 other CC's, 2 which are Reward cards. I've been timely and have kept my balances low, and my CS's have risen to upper 600's frm the upper 500's in a little over one year since beginning this goal (FICO is 656 this month). Now I want to get my deposit back, or transferred to a Cap1 Rewards card, along with saving my credit history which started with this card. Utt oh! I called them, and wasn't given much of any answers other than I have to close that secured card in order to get my deposit back. They did say I can get a Rewards card, also. IF I close that card won't it be a really bad move, losing the history and time before I received my 2nd card (May 2014)? Is there anything I can do with Cap1 other than just leaving that secured card with a big deposit, alone? I feel 'deposit highjacked'. I'm a newbie at all of this (credit building) even thou I'm 61 yrs old.
General wisdom is to leave an open account open, as closing it (even to free up $1,200) will stop the trade line from continuing on. The trade line would still be there (for the time that it was there) it just wouldn't continue to age gracefully, and would eventually fall off in about 7 years.
