cancel
Showing results for 
Search instead for 
Did you mean: 

How will closing this card effect my scores

jpie83
Member

How will closing this card effect my scores

I'm looking specifically at mortgage scores for this-if anyone knows.

So, we're in the process of getting ready for a mortgage. After paying a couple of collections and paying down some CC debt we've seen about a 40 point jump. I'm troubled because without even considering the impact to my credit score, I caved on a Capital One pre-approval and got a measly $300.  So...I'm seeing that new accounts can effect mortgage scores even more that regular FICO scores. It hasn't reported yet. What if I close it now? I did use it and paid on full. Should I just leave it alone? We won't be apping until December or January. We have plenty of other open lines of credit. This one isn't helping.

Message 1 of 5
4 REPLIES 4
dragontears
Valued Contributor

Re: How will closing this card effect my scores


@jpie83 wrote:

I'm looking specifically at mortgage scores for this-if anyone knows.

So, we're in the process of getting ready for a mortgage. After paying a couple of collections and paying down some CC debt we've seen about a 40 point jump. I'm troubled because without even considering the impact to my credit score, I caved on a Capital One pre-approval and got a measly $300.  So...I'm seeing that new accounts can effect mortgage scores even more that regular FICO scores. It hasn't reported yet. What if I close it now? I did use it and paid on full. Should I just leave it alone? We won't be apping until December or January. We have plenty of other open lines of credit. This one isn't helping.


It is too late, the card WILL report even if you close it.

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 5
OmarGB9
Community Leader
Super Contributor

Re: How will closing this card effect my scores

Agreed with the above. Also, it's not a good idea to be opening up new credit less than a year before your planned mortgage app.


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 3 of 5
Birdman7
Super Contributor

Re: How will closing this card effect my scores

Yeah I hate to say it but just shot yourself in the foot.

I’m confused though, if it was a preapproval, you should’ve known the amount and interest-rate before you choose to accept? Was it a prequalification? Or something online?

-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 5
Birdman7
Super Contributor

Re: How will closing this card effect my scores

Btw, leave it alone. Damage is already done. Time will heal it. Closing it would only make it worse, by failing to get any use out of it. How many revolvers do you have? If plenty, wait a year and close if u want. If u don’t have many, keep it.
-Scoring wisdom: General Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
CassieCard’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.