Mogul of Pineapples wrote:Part of your credit score is based on the length of time you keep accounts open so I would not close out your B of A secured card unless it there is an annual fee. Might as well keep it open.
Actually, if you have only had your BofA for one year, I think it is perfectly alright to close it (after you get a new credit card of course). So if you hate the bank (I opened a checking account with BofA once and ended up closing it a few months later) and especially if you are paying an annual fee, I say go ahead and close it. One year of credit history means nothing and neither does five years of solid credit card history. I know this because I did a free trial analyzer through MyFico (and amazingly, no problems canceling before the end of the trial period) and it told me the length of my credit history is not long enough, even though I have had my oldest credit card for quite a while. I think 10+ years is the magic number for getting the maximum credit score based on your credit history length, and what is the difference if you wait 11 years instead (by closing your BofA card)?
Although, if you do close your BofA, be sure you will keep your new one open and be happy with it. I would try and see if you can get a non-student one first, even if it has a low-credit limit. Why? Because years on down the road, you may want to up your credit limit and get rewards points or a lower APR, which they basically do not do for student cards.