@Cr8zyBeautiful24 wrote:Hi everyone!
Ok so here goes my question/story...
So I applied got approved for my WFP Visa card in 2/2021 they pull Equifax (on 11/16/2021 asked for 2 things a CLI for a SP and only got $300 and then asked for the PC to the WF Active Cash).
But ok back to the 2nd card I applied for and got approved for the Tomo Mastercard in mid 7/2021 (which I should have never gotten and thought it might help as I am rebuilding from being credit invisible for so long, I regret it and thought it would help but it dropped my score around I think 47 points) Tomo doesn't do a hard inquiry but go off on all your accounts combined/or linked to get your starting limit and you only earn 1% cash back.
So anyways Tomo says they report to all 3 but nope only to Equifax, they finally reported in September 2021 and so it dropped my age of credit history down 2 months and now it is 11/2021 which would be 4 months of having the Tomo card but I don't really need or want it anymore even if it has a $2k CL and since the first reporting with $0 balance used they have not reported anything since even though I am using the card. They do weekly automatic payments every 7 days so by the time it reports it doesn't show that I have a balance.
But anyways I decided to apply for the Discover It card yesterday and got approved so I only want to keep my WF Active Cash and my Discover It card (Discover pulled Experian Fico 8 and it dropped my score 19 points from 769 to 750). I've been wanting to close out the Tomo card.
Right now my average age is 9 months going onto 10 months but Tomo dropped my Equifax history oldest acct to 5 months and newest acct 4 months. I also did apply for a unsecured personal loan from WF on 11/18/2021 and got approved on 11/19/201 they pull all 3 CB (I also needed an installment loan to show mix credit so that is also 1 of the few reasons why I decided to get a loan). I am planning to pay half of my loan off once my first automatic payment goes through or when it first reports in 12/2021(?).
So now I am planning to just garden, make sure I make my payments on time, no applying for any type of credit for a while, I'm gonna make sure by the time my credit cards report that I am only using 1 card and leaving my utilization rate atleast 10% or below.
My question is what would happen if I happened to close the Tomo card which I do not want anymore?? It is at 4 months, it hasn't reported since 9/2021. I am still trying to rebuild so my credit history isn't that long and I am ok with it because I am gardening for a while. So if I close the Tomo card will my AAOA be at 5 to 6 months now?? I know with my new loan and Discover card it will probably drop it more but that is ok I guess, I will just make sure all accts age and paid on time. Any help or answers will be much appreciated, thanks!!
You can go ahead and close it. Closing it will not affect your AAoA because (a) it will probably stay on your report for many years and (b) it's such a recent card anyway, so it's really doing nothing for you.
