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Established Contributor
DigitalArk
Posts: 1,036
Registered: ‎07-07-2013

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?


Frequent Contributor
Exonumist
Posts: 497
Registered: ‎07-03-2012

Re: Costco Amex Drama - my impulsive action!

Why close it?

 



Current Scores: TU 773 (5/30/14), EX 755 (4/20/13), EQ 732 (3/25/14)
Goal Scores: 780+
Last App: March 21, 2014
Valued Contributor
lg8302ch
Posts: 2,471
Registered: ‎11-13-2012

Re: Costco Amex Drama - my impulsive action!

What happened?

FICO® EQ 784 (as of today) - TU 777 (07/03) * Fako EX 799 (07/02 - CS) * last app 06/01/14 * INQ last 2 yrs TU: 5, EX: 7, EQ: 7


Move the mouse over the cards for detailed view!..................................................................* Bronze Spade Garden Club member *
Frequent Contributor
JollehRoger
Posts: 253
Registered: ‎06-05-2011

Re: Costco Amex Drama - my impulsive action!

You should have just left it open.


Scores: TU - 762 (Discover FICO - 6/01/2014), EQ - 716 (MyFico FICO - 12/1/2013)
Current Cards: NFCU cashRewards Sig - 5k, Amex BCE - 6.8k, Discover It - 5k, Citi Dividend WE- 5k, Chase Freedom - 2.5k
Last App: 6/10/2014. In the garden for a few years.
Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012

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
Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012

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
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Costco Amex Drama - my impulsive action!

Shouldve kept it! Amex is da bomb!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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Senior Contributor
myjourney
Posts: 25,264
Registered: ‎02-07-2013

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.:smileysurprised:

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Moderator
09Lexie
Posts: 24,451
Registered: ‎09-13-2012

Re: Costco Amex Drama - my impulsive action!

Mega Contributor
Creditaddict
Posts: 18,851
Registered: ‎10-23-2007

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?

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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