Closing an account

[Anonymous]

I am in the middle of closing a Home and i applied for Macy's card, which i shouldn't have, and on my FICO report it says " BAD " - You have recently been looking for credit.  But my score went up my 7 points as i paid $800 towards by CC debt. I called macys and closed this card and they said it will take a month to reflect on my CR..blah, blah, blah.

So, i am wondering if after this brand new account  is closed, will that section of FICO score ingredient " AMOUNT OF NEW CREDIT " still be BAD or it will go back to NOT GOOD like it was before.

Help.

[kyobakes]

the section of scoring you are referring to is inquiries.  this is every time a lender hard-pulls your CR, usually when applying for new credit.  Unless you get macy's to somehow remove the inquiry, it will stay on there regardless of the account being open or closed.  Since you already sustained the inquiry, you would have been best off keeping the card.

the inquiries only count for a small portion of your score.  however, every lender is different. some worry about inquiries and like to see very few...others are more "liberal" and don't care as much.

[creditwherecreditisdue]

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@Anonymous wrote:

I am in the middle of closing a Home and i applied for Macy's card, which i shouldn't have, and on my FICO report it says " BAD " - You have recently been looking for credit.  But my score went up my 7 points as i paid $800 towards by CC debt. I called macys and closed this card and they said it will take a month to reflect on my CR..blah, blah, blah.

So, i am wondering if after this brand new account  is closed, will that section of FICO score ingredient " AMOUNT OF NEW CREDIT " still be BAD or it will go back to NOT GOOD like it was before.

Help.

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Nope. I would call Macy's back and tell them you thought it over again and decided you would like to have the card after all. Whatever damage you might suffer has already happened. Right now you have all the bad and none of the good regarding this card. No more app's though until after closing!