Reply
Regular Contributor
CenturyChild
Posts: 216
Registered: ‎08-06-2012
0

Closing a brand new account qeustion.

[ Edited ]

Lets say you apply for a card,get approved, change your mind within a day or 2 of approval and close the account.

 

Would it still report to the CRAs?

 

 

 

I know if you use a card it always will, but I was curious what happens in a situation like this.

 

 

 

The reason it got me to thinking, was a friend of mine had a Kay Jewelers store card for a while. (I recommend this for building as its a good tradeline for those with little to no history)

 

He apped recently for a LeRoys card, which is also Sterling Jewelers, and was approved.

 

 

I mentioned they share the same credit line and he called to confirm I was correct, and closed the account. he didn't want 2 cards sharing the same line.

This was just a day or 2 after approval.  So what happens?  Is that going to cause more harm than good?

 

I didn't know what to say .... other than I have no clue and Hopefully it wont show.

 

 

 

--Gardening until 12-2014--

Average Starting FICO 585 (6-12)
Current FICO 685 as of (3-14)
Valued Contributor
jamesdwi
Posts: 1,892
Registered: ‎09-16-2011
0

Re: Closing a brand new account qeustion.

Yes it will still report, it would basicly take an act of a higher power for it not to report. If the card doesn't have an AF, don't close the card, get the card use it or not, wait till the creditor to close it, it will help your AAoA. You have paid the price, got the INQ and had a new tradeline added to your report you might as get the benefit of the AAoA help.

 

If the card has an AF, then you have a choice as to how long you want to pay it, perhaps call the company and get it waived, if not you may want to close it, should only be an issue later under manual review, but 1 or 2 cards closed with a short history isn't an issue.

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Contributor
brianjb
Posts: 157
Registered: ‎08-22-2013
0

Re: Closing a brand new account qeustion.

The account will stay on his report.  He applied for the card.  It will report to the bureaus anyway.

 

AMEX TrueEarnings 10K | AMEX BCE 10K | AMEX Hilton Honors 10K | AMEX Hilton Surpass 2K | Bank of America 1-2-3 2K | Barclay Card 2K | Chase Southwest Premier Visa 6K | Chase Marriott Premier Visa 9K | Discover IT Card 1.5K | Merrick Bank 1.4K | Navy Federal Credit Union Visa 10K | Navy Federal Credit Union navCheck 15K | USAA Rewards 7K |+ tons of store cards (GE furniture, Amazon, Lowes, Home Depot, etc)
Total amount of available credit $100K
Scores (as of December 2013) Equifax 714 | Experian 714 | Transunion 727
Short term goal is score 750+ across the board
Long term goal is to have all scores close to 800 or 800+
Moderator
09Lexie
Posts: 25,837
Registered: ‎09-13-2012
0

Re: Closing a brand new account qeustion.

Your friend can ask them to delete the TL, it will be up to them if they are willing to accommodate his request. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}