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Approved for Paypal Smart Connect: Should I keep it open?

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Established Member

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)
Message 1 of 5
4 REPLIES
Moderator

Re: Approved for Paypal Smart Connect: Should I keep it open?

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 2 of 5
New Contributor

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!

Message 3 of 5
Valued Contributor

Re: Approved for Paypal Smart Connect: Should I keep it open?

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
Message 4 of 5
Epic Contributor

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!!

Message 5 of 5