Closing Credit Card Immediately...

[myjourney]

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@calihlove75 wrote:

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@Elcid89 wrote:

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@myjourney wrote:

Sometimes its best to take the smaller limit and build a relationship with the issuer for future CLI and lines of credit. You wasted a HP and hurt AAOA and possibly your score.

Just my opinion but I would call back and see if I could sway them to let me keep the card open.

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AAOA is calculated based on open accounts. This is why they tell you never to close your oldest account, even if you never use it and have no use for it. Once it's closed, the AAOA calculation ignores it, and your AAOA drops. Even if it shows up, which I doubt, it won't affect AAOA since it's already closed.

I agree that he'll take the hit for the inquiry and probably should have left the account open just to build a relationship.

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Hmmm, maybe credit Karma ignores closed but I believe Fico calculates AAoA on all accounts, both open and closed.

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That was my thought to but we have lost focus somewhat.... OP you should try and keep card open just for the relationship with the lender ...Good Luck

[Tran92]

Yes, FICO calculates both open and close accounts for up to ten years. Although, I feel the op shouldn't have closed the account, it will not affect the aaoa. But a wasted an inquiry is now on the op credit report.

[bs6054]

Yes, AAoA is not AAoOA which is what CK uses, so I wanted to correct wrong information.

The OP specifically asked:  "I just wanted to know if cancelling my card with 5 days of opening the card will hurt my credit score."

The only score-related  impact from closing would be to do with utilization: the OP may have potentially gained some score increase from the new CL which now goes away, so it just returns tto the status quo.

The lowering of the AAoA and the hit from the HP have already happened.  Re the relationship with the issuer, I really doubt that will count for much if you choose to get another card with them in the future.  It's not as if you defaulted or something.

[Benjiiii]

YMMV, but when I applied and was approved for a BB MC back in 2010, they only approved me for $600.  I ended up cancelling the card once I received it, and it never even reported.  I took the ding for the inquiry, but that was it.  

[LS2982]

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@myjourney wrote:

Sometimes its best to take the smaller limit and build a relationship with the issuer for future CLI and lines of credit. You wasted a HP and hurt AAOA and possibly your score.

Just my opinion but I would call back and see if I could sway them to let me keep the card open.

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Very good advice. I've had to d othat on a few low limit accounts and they have since grown (except for Discover )