I was tricked into opening a Care Credit Card. What happens if I pay it off and close it immediately

[Anonymous]

Some advice.

In the words of Woody Guthrie -
Well, as through the world I've rambled, I've seen lots of funny men
Some rob you with a sixgun, some with a fountain pen

It's your responsibility to know what your putting your signature too. Your signature, your word, the second half of an agreement between two parties. Next time more than your hurt feelings may be at stake.

...and above all else listen to those who are wiser and more experienced.

[Aduke1122]

i just want to know how negatively my credit report and score will be affected now that ive officially closed the card? or will there be no damage at all as all the damage has already been done like someone above mentioned



No one can tell you the amount of damage you will see , and you won't even know if you are depending on Credit Karma , CK is a good tool to keep an eye on your reports but that is all, as I mentioned earlier you will have to pull your real scores to find out the damage of all this , you keep askIng the same question in a diff way , I'm sorry I don't have any other advice for you at this point .

[Aduke1122]

Also forgot to mention that Credit Karma only shows you EQ and TU reports , what about your Experian ? Have you checked on that one lately ?

[Anonymous]

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@Anonymous wrote:

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@Aduke1122 wrote:
 my Credit Karma scores vs my real Ficos can be anywhere from 50 to 75 pts difference which can make a huge difference when trying to see where you really stand in the Credit world . 

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One of my Credit Karma scores says 696, lololol.  My real FICO08s are 577, 579 and 600.

There is no way any lender is going to look at my credit report and say "This guy is almost 700!"  No possible way.  

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My VS3.0 is the same as my Ex08 at the moment. It wasn't always that way lol

[Anonymous]

Right now my FICO TU is 60 points lower than my VS3.0 TU, and some 30-40 points lower than my most recent FICO EQ and EX. There's something out of whack there that I've got to track down.

[Aduke1122]

Joe , they just use a different scoring model than fico , i have noticed with my Vantage score they are very very sensitive to any new accounts and inquiries and very sensitive to UTi even small amounts

[joltdude]

As an aside.. the OP hasn't posted in days.. Think its going to be another drive-by FICOer....

It dissapoints me a bit when folks ask for advice, but when they find out its not always in their favor, or they made a mis-step, they vanish....

Really wish there was a way to reach out and engage these folks... instead of them going on there merry way thinking they are doing the right thing when they are clearly not..

Don't think folks sometimes realize we have been there, done that, for many of the sitautions presented.. And that they are somehow different and will get a different outcome for the same thing...

Sigh..

-J

[Aduke1122]

I agree I see it a lot on here with the drive by members that only come to post one question and never come back . Oh well we tried to reason with this OP and they clearly did not want to take any advice given to them

[Anonymous]

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@Anonymous wrote:

i just want to know how negatively my credit report and score will be affected now that ive officially closed the card? or will there be no damage at all as all the damage has already been done like someone above mentioned

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There is no primary penalty ("punishment") for closing an account simply because you closed it. Any such penalty is secondary. In general, if you close a credit card with a zero balance:

1. You take a hit for reducing your mix-of-account-types, which constitutes 10% of your FICO score, significant, in your particular case, since you did not have any cards to start with.
2. You take a hit on your overall revolving credit utilization, which constitutes 30% of your FICO score, now that you lost the would-have-been-virgin credit limit, would take a hit, if you had other credit cards with balances on them.
3. You take a hit on your average-age-of-accounts, if the account being closed was a a "Methuselah" account, where its significant age was compensating for younger accounts. But, IIUC, this only happens when the account drops from your record after 10 years.
4. You take a hit on pays-on-time, if you had been using the card, and paying on time, and you did not have other revolving accounts that you pay on time.

The one thing that is puzzling, in your situation, is that you are attentive to your credit score. If that is the case, then you should ask everyone here a different question:

What can I do to get my credit score higher?

Please note that, what you were doing before you were tricked into opening that card, paying your bils on time, and just chilling, will NOT give you a high credit score.