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I recently got a paypal credit line through bait and switch (I was applying for the credit card). The new credit line shows up as a negative score on my credit report. Will my credit score go up if I close this account?

2 Thoughts on Will I raise my credit score if I close my new pay pal credit line?
  1. Reply
    pommaid
    November 10, 2011 at 1:06 am

    I wouldn’t recommend closing it. The credit line shouldn’t affect your score negatively unless you’re delinquent on it (or of course it significantly increased your debt/income ratio). What probably affected your score was the inquiry with the credit bureau(s) when you applied, in which case you can’t retract an inquiry so your score won’t increase just by closing it.

    Your score won’t increase by closing the account, unless FICO made some recent changes that I’m unaware of.

  2. Reply
    Dixie Darlin'
    November 10, 2011 at 2:06 am

    A new line of credit will lower your credit score a small amount for about 6 months because of the new “hard” inquiry.

    How does the credit line show up negative? Your credit has already taken the hit for the hard pull, if you close the account your score will not increase.

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