How will closing this card effect my scores

[Anonymous]

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.

[dragontears]

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@Anonymous 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.

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

[OmarGB9]

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.

[Anonymous]

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?

[Anonymous]

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.