Clean Record Whats Next?

[Anonymous]

Hey myfico forums,

First thank you for taking the time to read my post, i just have a few questions on how to proceed with my credit journey and would appreciate any help. So after many years with a low score and not applying to anything all my baddies fell off and i was left with a good credit score 

FICO EX: 797 EQ: 801 TU: 808 these are the things on my report, no balances on anything.

Td Bank Secured: $500 cl opened in May 17 2017

have no idea why they haven't graduated me i call and they keep telling me it checks my credit worthiness with every statement 

Opensky cc: $600 cl opened in Jul 28 2017

i put down $500 they gave my a $100 cli after 4 years

Capital one cc: $2000 cl opened in Jul 12, 2019

Auto loan paid off in october of last year.

no baddies no late payments on anything.

So thats my report now but i decided to apply to a few credit cards yesterday got approved for all 3

Apple Card sl $6500

Chase Freedom Unlimited sl $8000

Discover IT cashback sl $5500

Now my question is what do i do with my Td bank and Opensky will it hurt my credit if i closed them? 

and should i apply for anything else or just let it age? and how much are those new cards gonna impact my credit?

Thank you for reading appreciate any help

[donkort]

I am under the impression that even closed cards count towards "average age of accounts" for a while.  

I don't feel that your credit score would be much affected if you closed both those "starter" cards.  And even if it's affected, the "loss" will be restored through the newer cards reporting monthly for at least a few months.  Are the credit scores you posted after the new cards started reporting?  Sometimes, one gets a slight score decrease upon adding new accounts----but this is often restored after the accounts report for a few months.

If I were in your situation, I probably wouldn't apply for more cards.  But other, more "expert" people do apply for many cards and bring their credit limits, say, to 100K or more.  And nothing bad happens to them.

Congratulations on the big score bump!

[MySunrise271]

Congratulations on the clean record and score bump🎉🎉🎉 If I were you I would close those starter cards and let your new cards start working  you. As suggested, going into the garden for a bit could only help your future endeavors for prime credit. Just my .02 🙃

[gdale6]

Once your new cards report go ahead and shut them down if you have no further use for them. Closed accounts remain on file for up to 10 years post close out.

[PNWRambler]

First of all, congrats on the new cards!  That's a significant improvement.  

I would probably drop the two low cards at this point. They'll remain on your report and as part of your AAoA for about 10 years anyway. If you've just opened 3 cards then I would wait at least 6 months before doing anything else, you don't want any more inquiries right now. It'll start to look like you're aggressively seeking credit which is a "risk behavior" to most lenders.

Your score may go down temporarily because of the new inquiries, the lower AAoA, and the new accounts. But your overall credit limit and overall utilization should be down and in the long run this will raise your score quite a bit.