Credit Card Center Advertiser Disclosure†
07-06-2009 10:02 AM
07-06-2009 10:10 AM
Is this your oldest credit card? Your only card?
If this is really going to make a huge difference in your credit score I'd keep the account open until after you close on your house. The extra $4.00 per month will only come to $48.00 in a year, not much at all if it makes a difference in your getting the mortgage or not, or in the rate you receive for that mortgage.
07-06-2009 10:15 AM
07-06-2009 10:39 AM
Closed cards are supposed to continue to figure into AAofAs for 10 years. So closing this card should not affect that. Utilization may very well be affected though, which would lower scores. A lot depends on what your credit limits are and how you use your new card.
Truthfully, I'd continue to pay the fee and keep the card open until I had the mortgage or another tradeline. You have a thin file already and IMO closing this card might make things worse.
Hopefully others with more experience in this will respond soon to your questions.
07-06-2009 11:39 AM
Yeah...if I were you, until you get that house...get a fat straw & put some cubes in that glass &, as you said...
Suck it UP!
It will help if that glass has a tasty beverage too!
07-06-2009 12:54 PM
Okay! I guess I'll suck it up, then. I'm glad I thought of posting before cancelling.
You suggested that I get two more cards before I buy the house. Wouldn't that lower my score further or should I have four cards under my belt and hope that my score increases before next year? I only have two cards so far and a student loan. I just got the second one and haven't charged anything. Thanks!!!
07-06-2009 01:04 PM
I agree that another card or two would probably improve credit scores over time. You have a year before looking for a mortgage...plenty of time to recover from any loss of points due to new inquiries, new accounts, etc.
What other card do you have now?
07-06-2009 01:11 PM
The new one is called Continential Finance Gold Mastercard. The pre-approved form came in the mail and I just went online. Can you suggest any cards that will accept 692 score, hopefully without an enormous monthly fee, $10.00 adds up! I don't know how to search for cards and the FICO site didn't give alot of suggestions. I really would like Citibank but I dont want to apply and not get approved and that effect my credit too
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.