@3bcswins3 wrote:
I feel like I made a terrible mistake applying for this card at this time. I am currently seriously shopping for my first home. My FICO through my Discover IT just dropped from 804 to 770 and this is the only credit activity I've had. It will take another hit once this new account begins reporting! I'm still relatively young so my credit history is short. This card will kill my credit history average. I am considering calling and closing this card now, but I don't know if I should. If I close a card before my first statement will it even show up on my report? If I close it, will it preserve my average credit history length? Will closing this card hurt my score worse than keeping it open and sucking it up? Please Help!
It's because you are young that you shouldn't be skimping on adding new credit cards.
Do you really want to go thru the rest of your life worrying that adding 1 card kills your AAoA?
Take this as a lesson and add more cards now so you will be free from these "AAoA" worries later on. If you are absolutely serious on a new house, then don't app for new cards until you get the house. I traded in a 2 year AAoA for a lifetime of never worrying about AAoA hits again...totally worth it.
804 is just a vanity number; nobody actually needs 804.
720+ will usually get you the best auto rate.
740+ will usually get you the best mortgage rate.
750+ will usually net the best CC rate
Anything above is pure gravy/buffering and bragging rights.
As for the house, how serious are you? 6 month serious? 2 year serious?
You cannot close the account quick enough; you can't make it disappear... you will only make things worse by closing the account. It will report but you should still be above 750.
