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Approved, but unhappy with CL

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hombre14
Member

Approved, but unhappy with CL

I will apologize in advance if this has been answered elsewhere-  I did try searching but as a newbie perhaps not doing it correctly.

 

I am thinking about app-ing for a few new cards.    For sake of argument, let's say I'm requesting a $15k credit line, and I'm approved but only for 1k.    Questions:

 

(1) am I able to just cancel the card/account?

 

(2) if the answer is "yes" to (1), will my AAoA be negatively affected (ie will my CR show a new account, then a closing?

 

(3) and if (1) is "yes," will a hard pull remain on my credit report-  even if I immediately cancel?

 

Thanks in advance for your replies

 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Approved, but unhappy with CL

(1) Yes. You may cancel the card, however, it will still be a hard pull at the end of the day. 

(2) Generally, your AAoA should not really take a toll unless you cancel the card right away, especially before it starts reporting in the next few weeks after approval listed as a "recently new account." 

(3) See #1. Whenever you app for the card, that is going to take a hard inquiry (unless in most cases you have an American Express already and are seeking another card from them). It takes two years for a hard inquiry to fall off your credit report. 

 

 

My opinion with folks who are unsatisfied with their limit they are granted on their cards should accept the card, hold off for a few good months, then request to get a credit limit increase. I was in the same situation whenever I got my Discover It a few weeks ago and was given a credit limit of $1,000. 

 

Which credit card were you considering, if I may ask? 

Message 2 of 6
Anonymous
Not applicable

Re: Approved, but unhappy with CL


@Anonymous wrote:

(1) Yes. You may cancel the card, however, it will still be a hard pull at the end of the day. 

(2) Generally, your AAoA should not really take a toll unless you cancel the card right away, especially before it starts reporting in the next few weeks after approval listed as a "recently new account." 

(3) See #1. Whenever you app for the card, that is going to take a hard inquiry (unless in most cases you have an American Express already and are seeking another card from them). It takes two years for a hard inquiry to fall off your credit report. 

 

 

My opinion with folks who are unsatisfied with their limit they are granted on their cards should accept the card, hold off for a few good months, then request to get a credit limit increase. I was in the same situation whenever I got my Discover It a few weeks ago and was given a credit limit of $1,000. 

 

Which credit card were you considering, if I may ask? 


Well said!

Message 3 of 6
hombre14
Member

Re: Approved, but unhappy with CL

Thanks for the reply.

 

I'm not that far along in the process, so I haven't really weighed the pros/cons of which card(s) to app for yet.

 

I was thinking about one of the AMEX cards, as I don't own one and from what I've read here, they are among the most generous with CL's to new apps.    And also more generous with CLI.

 

Long story short I've been in the garden quite a while, have my scores up to the 760-780 range-  so looking to parlay that into a card or two that will add enough credit line(s) to help me lower my util further.

Message 4 of 6
TRC_WA
Senior Contributor

Re: Approved, but unhappy with CL


@hombre14 wrote:

Thanks for the reply.

 

I'm not that far along in the process, so I haven't really weighed the pros/cons of which card(s) to app for yet.

 

I was thinking about one of the AMEX cards, as I don't own one and from what I've read here, they are among the most generous with CL's to new apps.    And also more generous with CLI.

 

Long story short I've been in the garden quite a while, have my scores up to the 760-780 range-  so looking to parlay that into a card or two that will add enough credit line(s) to help me lower my util further.


I was just approved for Amex Delta after gardening a year... instant approval $5k... my first Amex.. .and your scores are better than mine.

 

Go for it.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 5 of 6
Creditaddict
Legendary Contributor

Re: Approved, but unhappy with CL

Check for pre-qualified offers at American Express, Chase, Citicards, Capital One...

It's a lot more than the score if you have a thin file.

Message 6 of 6
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