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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!
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.
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!
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.
@Anonymous 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!!