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Close a new CC????

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Anonymous
Not applicable
‎03-24-2008 12:42 PM
‎03-24-2008 12:42 PM

Close a new CC????

My friend recently applied and received a new credit card. His credit score was low 600s and it dropped to 500s. The only thing new/different is that new credit card. Would closing it help the situation or only make matters worst? What should he do? He is trying to sell and buy a new house
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FICOfit
Contributor
‎03-24-2008 12:55 PM
‎03-24-2008 12:55 PM

Re: Close a new CC????

No!!!  Initially the score will drop because the new TL, but I've seen that after a month or so the score will increase because his util will be down.  If he is responsible with it, new credit is a good thing and will bring the score up over time provided he doesn't max it out.
05/19/08 TU: 703 EQ:717 EX:710

05/08 TU:660 EQ:710 EX:621
04/08 TU:654 EQ:671 EX:618
3/08 TU:608 EQ:624 EX:623
11/07 TU:564 EQ:555 EX: 560
Goal: 700 club by Dec 2008. Can it be done? Heck yeah!! It's done, let's keep it that way!
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ngerasimatos
Valued Contributor
‎03-24-2008 12:58 PM
‎03-24-2008 12:58 PM

Re: Close a new CC????

Keep the new account but don't use more than 30% of the available credit line!
Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club
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Anonymous
Not applicable
‎03-24-2008 01:03 PM
‎03-24-2008 01:03 PM

x

 
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