10-07-2011 04:10 PM - edited 10-07-2011 04:13 PM
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.
10-07-2011 09:26 PM
10-07-2011 09:37 PM
10-07-2011 09:41 PM
10-08-2011 03:33 AM
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.
10-08-2011 07:39 AM
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".
10-08-2011 08:27 AM
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
10-08-2011 09:57 AM
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.
10-08-2011 11:40 PM
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.