Anyone close recently opened card account?

[TravellingNomad]

I closed a WF rewards card when i got it in the mail. Tried to get them to increase the initial limit the day i got the card but was shot down from the starting gate. So requested the card be closed in the same phone call...didn't even activate the card.

[TURNERHOOVER]

---

@TravellingNomad wrote:

I closed a WF rewards card when i got it in the mail. Tried to get them to increase the initial limit the day i got the card but was shot down from the starting gate. So requested the card be closed in the same phone call...didn't even activate the card.

---

Wow you were on your game that day. 

[Anonymous]

I have opened and closed 2 cards so far on the same phone call they were opened on as well due to low lilmit.

[takeshi74]

---

@TURNERHOOVER wrote:

Anyone close recently opened card account?

---

Not here.  I carefully select my cards before applying.  Don't apply based on your assumption of what your limit might be.  You received the limit that you received because it's what your credit qualified for.  Creditors don't just match limits and you can't assume that you'll just continue to get limits like what you have as your credit is not static.

You've already taken the hits from the hard pull and reduction to your AAoA so you might as well leverage it IMO.  That said, it's ultimately your call and if the card is of no use to you and you don't want to bother with monitoring it then you might as well close it.

[Blodreina]

---

@TURNERHOOVER wrote:

---

@Anonymous wrote:
Likely denied bc the account is too new and in credit steps. Do you want the card? Are you willing to wait 5-7 months and see what type of automatic increase they offer? If no to both questions then kill it.

Yep, I've closed recently opened cards before and I'd do it again.

---

Exactly the response I was looking for. I don't have time for credit steps. Not what I signed up for when applying, wish Cap1 would make that clear during the app process. If it were clear credit steps were the way to go for me, I would have gone elsewhere. 

---

You don't have time for a guaranteed increase by the 6th statement?  You won't get that with any other lender; you should've waited at least until the increase, then decided.  Some people report receiving increases that surpass all their other cards.  It seems like you want instant gratification, which is not really how the credit journey works.

[Anonymous]

---

@Simba501 wrote:

---

@TURNERHOOVER wrote:

---

@Anonymous wrote:
Likely denied bc the account is too new and in credit steps. Do you want the card? Are you willing to wait 5-7 months and see what type of automatic increase they offer? If no to both questions then kill it.

Yep, I've closed recently opened cards before and I'd do it again.

---

Exactly the response I was looking for. I don't have time for credit steps. Not what I signed up for when applying, wish Cap1 would make that clear during the app process. If it were clear credit steps were the way to go for me, I would have gone elsewhere. 

---

You don't have time for a guaranteed increase by the 6th statement?  You won't get that with any other lender; you should've waited at least until the increase, then decided.  Some people report receiving increases that surpass all their other cards.  It seems like you want instant gratification, which is not really how the credit journey works.

---

Again, I truly do not understand why people take underwriting decisions so personally?   I'm wondering if you couldn't just keep the card and not use it?  Or use it to it's limits and put it to the side?  I have a QS 1 card, that I used in January when I first got it, however, since my getting the Amexs and Venture, I stopped used it.   But, why close it?  But, what's done is done.  

[kdm31091]

I've closed a few cards not long after getting them. Sometimes you app on impulse and then realize you didn't need the card, or the benefits aren't what you thought, the limit, APR, whatever...but on the flip side sometimes it does pay to leave it open and wait.

I got a Citi Thank You Preferred in October before I really examined the benefits. It offers "2x on dining/entertainment"  which is true, but redemptions often are well below 1c/point, so it's not really a true 2% on dining, more like 1 point something percent, which is mediocre for just two categories. The Citi Thank You Premier or Prestige can be valuable for travel transfers, but the Preferred is a pretty useless card IMO, so I closed it after realize the joke rewards system.

Then I got a Citi Double Cash, and closed it because $1k @22.99% wasn't appealing. 1k is not a sufficient limit for general spend unless you're gonna pay everything off as soon as you charge it, which to me is doable but a hassle. I'll try again next year for a higher limit, maybe, but I'm happy with my Quicksilver, and Citi often changes up their cards anyway so we'll see.

So if the benefits don't line up with your wants/needs, the limit is insufficient and it's unclear when it will budge, or you just aren't happy you can close it. In this particular case I think you, OP, could have waited since Cap One guarantees a CLI after 6 months with the credit steps. I simply felt no need to wait for Citi to decide to increase my Double Cash whenever they felt, but sometimes you just have to be patient. When it is stated you'll get an increase in x amount of time it is often beneficial to wait it out. But you can always reapply later.

[Gunslinger4u]

I'm more concerned with average age of credit history.  I have a recently opened Homedepot card I opened for the discount when I purchased a bunch of stuff to remodel my bathrooms.  I paid it off immediately, and don't need the $8k CL.  When I opened it, it obviously reduced my average credit length age.  If I close it, will it no longer be averaged in to my credit age? (thereby improving my credit score, reduction in CL aside).

[OmarGB9]

Closing it will not change your AAoA right away. It will remain on your credit report for the next 10 years.

[Gunslinger4u]

---

@OmarGB9 wrote:
Closing it will not change your AAoA right away. It will remain on your credit report for the next 10 years.

---

Thanks.  That sucks.