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New Member
clover
Posts: 5
Registered: ‎01-18-2008
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Which impacts FICO score more - closing an unactivated credit card or older ones?

Hi,
I am new to the site and have been educating myself here quite a bit, but I want to get your feedbacks on my dilemma.

I have credit score of 736 now and trying to go above well above 740.

Recently, I have received a credit card from Chase for 15,000, but i didn't activate it yet because new accounts are supposed to bring down scores. I am wondering closing older credit cards instead now. But, will this bring down points more???
I know you are not supposed to close oldest accounts (mine is like 9 year old) but how about cards that are less old like 4 1/2 year old??

My utilization ratio is 3%

FYI. my cards are ....

my old CHASE - 8 month old
Credit Limit: $0 (has no limit)
High Credit: $539 Balance: $322

MACY'S/DSNB - 4 1/2 year old
Credit Limit: $2,000 I hardly use this one

VISA/DSNB - 4 1/2 year old
Credit Limit: $6,000 I hardly use this one, either.

UNIVERSAL CARD/CBSDN - 9 year and 3 month
credit limit $1500 Almost never used....
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Why are you thinking about closing any cards?

Right now you have a great collection of cards. I would go ahead and activate the new Chase card. I'm pretty sure you will get hit for the new account anyway, even if you never activated it.

Your scores will take a brief dip, but should soon recover. I think that in three months the benefit of additional available credit will cancel out the newness ding.

What is the UNIVERSAL CARD/CBSDN, though? A new one to me.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Boscoe
Posts: 660
Registered: ‎09-11-2007
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Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Universal Card I believe is the one that AT&T marketed, and the issuer is Citi.   I had one for 17 years until I had to include it in my bk.   Now it is gone,,,,all that history.
New Member
clover
Posts: 5
Registered: ‎01-18-2008
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Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Well, Hauling Thanks for your reply!! Nobody ever responded to my questions here so far.. I was thinking getting rid of the new chase card because recently for my private student loan, I got prime plus 2% instead of prime plus 0.5% as in the past. They told me I should be above 740. If I had known about the newness ding, I would not have opened my first chase (only 8 month old) in the first place, either In May I have to apply for my student loan again and I definitely I have to be well above 740. A QUESTION abour Hard pull... When a loan company does a hard pull , do they get a score immediately reflecting the pull they just did for my application? Let say I apply for a loan on phone and my current score is 736. When they pull, the score they see is 726 or something lower than 736? My loan company uses equifax. It seems like the pull gets put on immediately on the same day... THANK YOU AGAIN!!! CLOVER
New Member
clover
Posts: 5
Registered: ‎01-18-2008
0

Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Just rewriting my message with carriage return here

Thanks for your reply!! Nobody ever responded to my questions here so far..

I was thinking getting rid of the new chase card because recently for my private student loan, I got prime plus 2% instead of prime plus 0.5% as in the past.
They told me I should be above 740. If I had known about the newness ding, I would not have opened my first chase (only 8 month old) in the first place, either

In May I have to apply for my student loan again and I definitely I have to be well above 740.

A QUESTION abour Hard pull...

When a loan company does a hard pull , do they get a score immediately reflecting the pull they just did for my application? Let say I apply for a loan on phone and my current score is 736. When they pull, the score they see is 726 or something lower than 736?

My loan company uses equifax. It seems like the pull gets put on immediately on the same day...


THANK YOU AGAIN!!!

CLOVER
New Member
clover
Posts: 5
Registered: ‎01-18-2008
0

Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Hauling,

Another question.

If the score reflects the inquiry immediately and the loan company looks at this, how long do you think I need to wait so that I am definitely above 740 when they look at my application?

Clover
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Which impacts FICO score more - closing an unactivated credit card or older ones?

Wow, good question, and I simply don't know.

Although I would have to think that even if it were, it would be OK. If they said that they needed a 740, and their inq dropped the score even as they pulled, that would be factored in. Hmmm, a chicken and egg question!

Anyone? The inq isn't reflected in the score that the creditor is looking at, is it?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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