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Established Member
Posts: 22
Registered: ‎02-13-2012
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Approved for Paypal Smart Connect: Should I keep it open?

Hey guys!

I applied for the Paypal MC, and a screen came up that said I was approved for something called the Paypal Smart Connect (it's like a store card offered by Paypal).  The limit was only $600, and honestly I will never use it.  My concern is that since my AA is only 1.3 years, this Smart Connect card will drop that number down even further, while only ffering me a $600 limit.  My utilization is like 2% so that's not an issue.  Can/should I close this account before it hits my CR?  Should I just keep it open anyway?  Currently, I'm rebuilding and have:

BofA secured $300 limit
CapOne secured  $300 limit
Orchard $300
Amazon Store Card $600 limit

GM Financial auto loan 5th year, no missed payments

Any advice would be appreciated!

Starting scores 2/13/12: TU - 575; EQ - 555; EX 590 (EX was BofA pull)
Current Scores 6/07/12 TU - 713, EQ - 628, EX 663 (All lender pulls)

EQ Fico jumped 48 points in one month by adding BofA secured card (Had no revolving accounts on CR at all at the time)
Moderator Emeritus
Posts: 14,868
Registered: ‎12-30-2011
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Re: Approved for Paypal Smart Connect: Should I keep it open?

[ Edited ]

Keep it open anyway unless you can get it closed w/o it's hitting your CR.

 

Closing an account isn't going to help / hurt your AAoA immediately, and in this case, opening a card, and then immediately closing it is going to look rather, well, silly and childish to any future lender reviewing your report... and it's going to possibly stick out like a sore thumb which you'll need to explain probably every time on recon for the next 10 years.  Just close it after a year or two and ain't no big thing.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 716, TU 8 713, EX 8 740 (09/06/16)
Goal Score: 700 on EQ 04 (01/01/17)


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New Contributor
Posts: 227
Registered: ‎06-09-2012
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Re: Approved for Paypal Smart Connect: Should I keep it open?

I would say to keep it open your still young into rebuilding 1.3 years and the sooner you can get cards the better for your age later.  Say 5 years from now you apply for a loan or something else, this will keep the age of those 2 accounts to 2.5 years (plus whatever other accounts you have in good statnding of course).  GL on your journey to prime land!

Valued Contributor
Posts: 1,175
Registered: ‎05-20-2010
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Re: Approved for Paypal Smart Connect: Should I keep it open?

[ Edited ]

If it makes you feel any better, I believe you can still link your paypal smart connect account to your paypal debit card. That way it turns your smart connnect account into a mastercard. I think it has been posted here on the forum before, I forgot the steps, but I'll try and dig it up later.

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Epic Contributor
Posts: 28,816
Registered: ‎10-23-2007
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Re: Approved for Paypal Smart Connect: Should I keep it open?


tps7c wrote:

Hey guys!

I applied for the Paypal MC, and a screen came up that said I was approved for something called the Paypal Smart Connect (it's like a store card offered by Paypal).  The limit was only $600, and honestly I will never use it.  My concern is that since my AA is only 1.3 years, this Smart Connect card will drop that number down even further, while only ffering me a $600 limit.  My utilization is like 2% so that's not an issue.  Can/should I close this account before it hits my CR?  Should I just keep it open anyway?  Currently, I'm rebuilding and have:

BofA secured $300 limit
CapOne secured  $300 limit
Orchard $300
Amazon Store Card $600 limit

GM Financial auto loan 5th year, no missed payments

Any advice would be appreciated!


you have a 713 TU (Fico?)

Why would you never use it? You applied for it?  I understand store card with like no rewards vs. MasterCard but the ease of check out! I would keep it!!

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