Cancel Credit Card App?

[tbrown98]

I applied today for Chase Freedom, Discover It, AmEx BCP, and CapOne Quicksilver (no AF version). I was instantly approved for AmEx and Chase and had to call Discover. Discover just wanted to verify some information and they also instantly approved me after verifying the info. CapOne said wait 1-2 weeks so I called the EO and she said the account was approved but then said it stated "pending" in aother area. I'm wondering if I should call back and cancel the application for this one for the following reason: I've been reading on here that AmEx and Chase can be scared by new accounts and don't want to have them closed or a CLD. Chase's CL was either $5900 or $8900 and AmEx hasn't told me yet. Discover gave me $8900 I think.

I don't have plans to apply for anymore cards anytime soon.

Here's my history:

Oldest account is from 9/08 and is student loan that was $18,936.

Length of account history: 5 years 6 months

AAoA: 4 years, 2 months

Most recent account: 3/31/13 (student loan)

Installment accounts (all student loans):

9/08 (mentioned above $18,936 initial loan - just started repayment currently at ~$17,900)

9/08

9/08

9/09

9/10

9/11

3/13 ($2,000 initial loan - just started repayment currently at $1,900)

For the loans I listed without a balance, Experian reports the balance as "not reported" while the other 2 report them with a balance of $0. All 3 show a payment history of on time payments since they were originated and closed in 1/13. Experian lists them as "transferred to another office" and the other 2 as "paid as agreed". In addition, Experian doesn't list a past balance for them while the other 2 show a past balance of the initial loan amount. All these loans were federal student loans and were consolidated and transferred to a 3rd party automatically when the feds stopped administering a bunch of loans last year.

Revolving accounts:

Citi Credit Card from 10/08 with a CL of $3,900 and utilization 8.2%. I've never missed a payment on this card and always PIF.

Any advice is apprecaited! I really couldn't care less about the CapOne card since I was approved for the others and really want the AmEx and Chase so don't want to put anything in jeopardy with them. But I also don't want to cause potential issues later if CapOne reports the card for a month and then shows it cancelled.

Here are the myFICO scores after I applied today:

Experian: 757 (shows HPs from AmEx, Chase, and CapOne)

Equifax: 771 (shows HP from Discover)

Transunion: 762 (shows HP from CapOne)

EDIT to add: Would there be a possibility they might worry about total credit limits/installment debt vs annual income (they didn't ask about assets on hand, just if I had bank accounts)? If so, at what point would they worry?

[wHiTeSoL]

I think you'll be fine. It'll take more than that to spook them. 

[tbrown98]

Thanks! I also edited my post above to ask if there's a possibility they might worry about total credit limits vs annual income. If so, is there a point they'd become worried?

[Chris679]

They could become worried if you start to run up balances on a few cards. If you use them responsibly you will be fine. On a side note, QS is 1.5% on non categorized spending so don't cancel it.

[tbrown98]

Ya the 1.5% is why I went for it. I was just willing to give it up if it meant I'd be endangering the other cards (especially the AmEx). Sounds like I'm just worrying too much. Thanks!

[coldnmn]

Congrats! You should be fine but you should definitely garden for at least 6 months preferably a year. Welcome to the forum and thanks for sharing.

[lg8302ch]

Congrats. No do not cancel...let the Cap1 app process to end. I did the same thing last year and still live...ha ha..but I realized it is time to behave and slow down ...I am on a 1 app every 6 months diet for a while..LOL 

[takeshi74]

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@tbrown98 wrote:

CapOne said wait 1-2 weeks so I called the EO and she said the account was approved but then said it stated "pending" in aother area. I'm wondering if I should call back and cancel the application for this one for the following reason: I've been reading on here that AmEx and Chase can be scared by new accounts and don't want to have them closed or a CLD. 

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Canceling won't help as the damage was done when you applied.  Might as well use the CO card to build.  I don't recommend worrying over AmEx or Chase.  If you're going to be concerned about that then the time to do so if before your spree.

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@tbrown98 wrote:

EDIT to add: Would there be a possibility they might worry about total credit limits/installment debt vs annual income (they didn't ask about assets on hand, just if I had bank accounts)? If so, at what point would they worry?

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There's always a possibility.  We can't tell you as we don't know their criteria or enough about your credit.  The point differs depending on one's credit.