I have a secure credit card with $300 limit in Wells Fargo bank. I was thinking that they will graduate my secure credit card to a regular one after a year. However, it turns out they do that only for permanent US residents not me. I do have another credit card with $2.5K limit (of course from another Bank) which is enough for me as long as I am in the school.

Does it really hurt my credit history if I close the secure credit card account and release my $300 deposit ?


While there might be some short term impact on your credit score, closing the card will free up the $300 you have tied up in the secure card.

Unless you are planning on getting a loan that requires a good credit rating, the impact should not be your concern. If they don't switch you to a regular card with an adequate credit limit, you are unlikely to want to use the secured card with a small limit.

The purpose of getting the secure card was to be able to prove you could handle a regular card. Mission accomplished. Move on, and don't look back.

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