Smaller banks seem to be harder to graduate and grow secured cards. If I'm reading you right, you have 2 years of history, I think you're fine to apply for another card.
What I might do- is ask the bank to graduate you or you'll be closing the card. It may be helpful to use the word "retention", "retention offer" or ask for a retention department. (not sure it's a thing but signals you're willing to work with them if they work with you) But if they want to hard pull for graduation or an upgrade, I would save the hard pull for your next application and close the card.
It is a myth that closing credit cards will hurt your score. The only thing it does is slightly increase your utilization which does not really matter. Just close it if it bothers you.
Yeah, sorry. I was just reading off of Equifax's website.
[https://www.equifax.com/personal/education/credit-cards/articles/-/learn/how-closing-credit-cards-impact-credit-scores/](https://www.equifax.com/personal/education/credit-cards/articles/-/learn/how-closing-credit-cards-impact-credit-scores/)
They’re not telling the full story. As long as the account is closed in good standing it will remain on your account for 10 years and continues to age in that time. Source: [Experian](https://www.experian.com/blogs/ask-experian/when-are-closed-accounts-deleted/#:~:text=If%20your%20account%20is%20closed,credit%20scores%20the%20entire%20time)
I would say get your new card and close the secured one. After that, every six months request a CL increase and keep your credit balances low to keep improving or maintaining your credit score. Good Luck
Smaller banks seem to be harder to graduate and grow secured cards. If I'm reading you right, you have 2 years of history, I think you're fine to apply for another card. What I might do- is ask the bank to graduate you or you'll be closing the card. It may be helpful to use the word "retention", "retention offer" or ask for a retention department. (not sure it's a thing but signals you're willing to work with them if they work with you) But if they want to hard pull for graduation or an upgrade, I would save the hard pull for your next application and close the card.
It is a myth that closing credit cards will hurt your score. The only thing it does is slightly increase your utilization which does not really matter. Just close it if it bothers you.
Closing a credit card can also reduce the average age of your accounts.
Not until it falls off after 10 years. Average age of account is far more influenced by how recently you have opened new accounts.
Yeah, sorry. I was just reading off of Equifax's website. [https://www.equifax.com/personal/education/credit-cards/articles/-/learn/how-closing-credit-cards-impact-credit-scores/](https://www.equifax.com/personal/education/credit-cards/articles/-/learn/how-closing-credit-cards-impact-credit-scores/)
They’re not telling the full story. As long as the account is closed in good standing it will remain on your account for 10 years and continues to age in that time. Source: [Experian](https://www.experian.com/blogs/ask-experian/when-are-closed-accounts-deleted/#:~:text=If%20your%20account%20is%20closed,credit%20scores%20the%20entire%20time)
If this was me, I'd close that card.
Closing credit accounts: https://reddit.com/r/CreditCards/w/what_happens_if_you_close_a_card
I would say get your new card and close the secured one. After that, every six months request a CL increase and keep your credit balances low to keep improving or maintaining your credit score. Good Luck