For credit scoring purposes, a credit card that you've had and used for a number of years is positive. If the card has low fees and converts to an unsecured card, you may want to keep it, as it will benefit your scores. However, if you want your deposit back and the fees are too high for your liking, you can apply for a better credit card when your scores are higher. After you are approved, you may want to close the card you opened when your scores were nonexistent or very low. As long as you use your new card responsibly, your scores should bounce back from any point loss you would have experienced after closing the old card.