IF I Close My nRewards CREDIT CARD, Will I Get My Money BACK...💳? - YouTube

Hey Credit cousin,

So today I'm going to answer one of our credit  cousins' questions, if you have any questions  

that you want to be answered in a video,  make sure to drop them below in the comments.

So a credit cousin has asked:

If I close my nRewards secured card, will I get  the $200 back? & will it affect my credit score?

Keep watching to learn more  information on this question  

and what I think you should do after the intro.

Will you get your deposit back? 

Yes you'll get your deposit back in the  form as a check mailed to you as long  

as you don't have a balance owed on the  secured credit card when canceling it.

Will it hurt your credit score if  you close the secured credit card? 

So this is based on If you have held your secured  credit for more than 30 days and it's already been  

reported to your credit profile. After 30 days of  holding the secured credit card each month your  

score will increase because it adds to your credit  age so it can impact your credit score negatively.

So should you cancel your  nrewards secured credit card? 

I personally don’t think  you should and here is why. 

If you hold the secured credit card and  its been over 60 days of you holding it,  

it may be better to keep because here’s why: There is no annual fee to have this card so  

it won't hurt your pockets to keep even  though it will likely graduate after 6  

months. Also there is no interest  being added to your deposit  

that act as your credit limit when you’re spending  it. Regardless if it takes 6 months or 2 years,  

having it open will increase and age your  credit. You don't have to always use every  

credit card on your profile every month and if  you have only $200 as a secured credit limit,  

I would not use that card for daily purchases  anyways. This can be used for an netflix or  

amazon prime subscription every month which  can deter from it getting closed automatically.

So this is just my opinion if  you ultiamlety want to close it,  

just beaware of the consequences to your credit  score but it can rebuild again if you take the  

right precautionary steps in getting a new  credit card or have current cards on your  

profile that can pick up the age history and  points that from the one you will be canceling.

Aso Be careful if you close it because remember  you are building a relationship with navy federal  

and it can also reflect with your future  approvals with navy federal because you still had  

to be approved for the secured credit card when  applying and that was a hard inquiry as well. So  

it's ultimately up to navy federal if they want to  approve for you another credit card if you cancel  

one of their products with them but its all how  you cancel and if you owe anythiing on the card.

I hope this gave you a better insight on what to  expect if you plan to close your nrewards secured  

credit card at navy federal credit union,  see you in the next video credit cousin.