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I think I made a mistake on my credit card.. should I still close it?

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mrfuzzy626
New Member

I think I made a mistake on my credit card.. should I still close it?

Hey everyone 

 

So I did read the post by fused which I was thought many things I didn't know about before but I'm still having an issue.

My son recently wanted to book a vacation for $5000. My credit limit at the time for a specific card (Southwest Rapid Reward)I wanted to use was only $1000
so I raised the limit just yesterday to $10,000. Now my son decided he can no longer go on the trip due to a work related emergancy.

At the same time I found out my renewal for teh southwest rapid reward is coming up ($100)so I was debating if I should just cancel the card.

My credit History with this card is about to be 2 years. Now my concern is I just raised the limit and it pulled my credit and if i close this credit card it will effect my credit again and I didn't even recover from the pull when I raised my limit.... any advice on what I should do and how this will effect my credit if I do close my cc?

I do have 2 other credit cards that have around the same limit and they have been around for 5 - 6 years so this isnt my only credit card. But I guess my concern is just how this will effect my overall credit If I close this cc since I don't know how I will recover from the credit hit when I raised the limit...... SIGH any advice would be appreciated thanks!

 

Message 1 of 14
13 REPLIES 13
swpopham
Established Contributor

Re: I think I made a mistake on my credit card.. should I still close it?

call and PC to a different card

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Message 2 of 14
mrfuzzy626
New Member

Re: I think I made a mistake on my credit card.. should I still close it?

Sorry I am totally new... what does PC mean?

Message 3 of 14
myjourney
Super Contributor

Re: I think I made a mistake on my credit card.. Should I still close it?

 


While it won't hurt you to close because the positive TL will remain for 10 years.

However it will hurt your UTL and for that reason I don't recommend closing instead try calling for a PC or waiving AF..Good luck

 

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 4 of 14
rushx2112
New Contributor

Re: I think I made a mistake on my credit card.. should I still close it?

pc = product change... have them switch it to a card with no annual fee


@mrfuzzy626 wrote:

Sorry I am totally new... what does PC mean?


 

Message 5 of 14
londonhogfan
Contributor

Re: I think I made a mistake on my credit card.. should I still close it?


@mrfuzzy626 wrote:

Sorry I am totally new... what does PC mean?


PC = Product Change. Check the backdoor number thread for the Chase executive Office and see if they'll switch your card to something else that might have better rewards for you and no yearly fees.

 

Congrats on the great CLI btw!



I'll be in the garden... FICO Score | TU-08: 732 in May 2013
Message 6 of 14
myjourney
Super Contributor

Re: I think I made a mistake on my credit card.. Should I still close it?

PC= product change

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 7 of 14
sccredit
Valued Contributor

Re: I think I made a mistake on my credit card.. should I still close it?

Do you have any other Chase cards you could transfer the limits to?  Maybe apply for the Freedom card and transfer the limt there.

Message 8 of 14
mrfuzzy626
New Member

Re: I think I made a mistake on my credit card.. should I still close it?

Thanks everyone for the wonderful advice. I will look into PC and hopefully get a card with no annual fee. As for PC is it like applying for a new credit card? Will they run your credit and reapply? Because then I feel like if it deos pull the credit then I would be getting pulled again...

Message 9 of 14
mrfuzzy626
New Member

Re: I think I made a mistake on my credit card.. should I still close it?

Thanks! 

Message 10 of 14
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