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newinthecreditgame

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Opened a line of credit a month ago that I don't want- should I close the account?
I am trying to build my credit and was lured in by a sales rep at Gap and opened up an account in May. When I told my husband, he said it was a bad idea as I don't shop there much and thinks I should close it. I only have 3 lines of credit including the Gap card, and with opening the new account my average credit age has gone from 1 Year 2 months, to 0 yrs 7 Months. And as credit age seems to weigh in more than number of accounts on my credit score I feel it is hurting me more than helping. My overall credit limit is $4100 and the Gap card contributes $800 towards that.
Should I close this account before it does more damage than good?

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Absolutely NOT. Your average age of accounts has already been damaged and closing the GAP card is not going to undo or change that. The second reason I tell you not to close it, is because you only have 3 lines of credit and it is vital to keep it to help build your credit. The third reason not to close it, is because it can make you look irresponible or flighty when it comes to your credit when your reports are looked at under manual review. Do not close it.

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