I make 55k a year and my score is around 650, I just paid off 3k in cc debt this week and paid off the remaining $800 on my first car loan and closed it. None of these changes are reflected yet on myfico. I am trying to get an additional prime card to use when traveling. I like the BOA card since I buy 10-15k worth of tickets each year.
I closed my cap1 cards and closed my walmart account this week. These are the only accounts I have;
BOA AkAir 1200/3500 *Opened 3/2011
PayPal SC 500/3850 *Opened 2/2011
Discover 0/1250 *Opened 8/2009
AE (Store) 0/1100 *Opened 2/2011
JCP (Store) 0/1800 *Opened 10/2010
Personal loan 8000 balance with 13k starting balance @ 310 a month.
The paid/closed account will not reduce AAoA. It will continue to report for 10 years. Utilization should be optimal for scoring purposes to be between 1-9%. I would wait for score update, and try to get close to 700 before going anywhere near Citi with very few inquiries as well.
I hate to say it but I bet your score drops some for closing your accounts! Your average age of accounts will probably be low since your accounts are all fairly new! I would hold off a bit and wait on your score to come up a bit! Good luck!
Closing accounts does not affect AAoA or credit length history. You can read more details here about Closing Credit Cards.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
It will ony affect your score if there is a major decrease in your available balance hence your util % will go up. If the card you closed is not a big part of your total available balnce then it would be minor
If possible, I would bring your Paypal balance to at least below $385 and pay off the BOA card and then sit and wait for everything to report. Then I would apply for Citi.