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Costco Amex Drama - my impulsive action!

Valued Contributor

Costco Amex Drama - my impulsive action!

Just closed my Costco Amex today. I opened it 3 days ago. What a drama, because of my impulsive action to open the card in the first place! 

The Amex CSR I spoke to told me that the card would not be reported to the major credit bureaus until July 22. So I don't think it will even show up on my credit reports. 

 

The consequence for me is taking a hit on my inquiries, so far. Besides that, what other possible negative impacts?

Message 1 of 94
93 REPLIES
Established Contributor

Re: Costco Amex Drama - my impulsive action!

Why close it?

 


Message 2 of 94
Senior Contributor

Re: Costco Amex Drama - my impulsive action!

What happened?

Message 3 of 94
Frequent Contributor

Re: Costco Amex Drama - my impulsive action!

You should have just left it open.

Scores: EX - 769 (Amex FICO 5/21/16) TU - 763 (Discover FICO - 4/30/16), EQ - 795 (Citi FICO - 5/24/16)
Current Cards: Amex BCE - 10k, NFCU cashRewards Sig - 8k, Discover It - 10k, Citi Dividend WE - 8k, Chase Freedom - 4k, Chase Amazon Visa Sig - 4k
Last App: 3/4/2016.
Message 4 of 94
Established Contributor

Re: Costco Amex Drama - my impulsive action!

+1! was that your first approval with amex? they have an awesome CLI policy. Wouldn't have hurt to keep it open. What happened that made you want to close it?

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Message 5 of 94
Established Contributor

Re: Costco Amex Drama - my impulsive action!

BTW, even though you closed the account it will still show up on your report.

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Message 6 of 94
Senior Contributor

Re: Costco Amex Drama - my impulsive action!

Shouldve kept it! Amex is da bomb!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 7 of 94
Super Contributor

Re: Costco Amex Drama - my impulsive action!

Paid the price with a HP with an excellent lender and then didn't use it to your advantage. I completely don't understand your thinking?

This is a prime example of why we tell people to research what they want and why. Don't apply for a card that doesn't reward or benefit you.

The biggest question I have is that most people that apply for the Costco card shop there and to close a card with an lender that offers a 61 day CLi opportunity to triple your limit thus improving your UTL and purchasing power just leaves me puzzled.Smiley Surprised

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 94
Moderator Emerita

Re: Costco Amex Drama - my impulsive action!

Message 9 of 94
Epic Contributor

Re: Costco Amex Drama - my impulsive action!


DigitalArk wrote:

Just closed my Costco Amex today. I opened it 3 days ago. What a drama, because of my impulsive action to open the card in the first place! 

The Amex CSR I spoke to told me that the card would not be reported to the major credit bureaus until July 22. So I don't think it will even show up on my credit reports. 

 

The consequence for me is taking a hit on my inquiries, so far. Besides that, what other possible negative impacts?



Call back and change your mind again... Send that card and keep it!!! why did you close? What was limit?

Message 10 of 94