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closing a card in less then a week after arrival

Established Contributor

closing a card in less then a week after arrival

I apped for the citi premier card, denied, after recon she said I was approved and it would be here in 7-10 days, the card came and the letter said 5k limit. Im thinking about just calling and closing it. What do you guys think? the inquiry will go away, I dont need it or want a card with a limit that low.

"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 1 of 16
15 REPLIES
Established Contributor

Re: closing a card in less then a week after arrival

inquiry will not go away , you already took the hp so may as well keep it.



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Message 2 of 16
Moderator

Re: closing a card in less then a week after arrival

Citi can and possibly will still report it to the bureaus.

 

If you close it and it is reported, you do sort of look like a flake to future underwriters.  As such I'd never ever do this personally and would just suck it up for a year.  Plus on the assumption you applied for it based on some reward structure that fits your financial habits, I find it hard to believe that $5K CL is not sufficient to cover monthly expenses in that category.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 3 of 16
Highlighted
New Contributor

Re: closing a card in less then a week after arrival

Damage is done now, keep it, why even recon if you werent 100% committed to the card anyway?
Message 4 of 16
Valued Contributor

Re: closing a card in less then a week after arrival


toppers555 wrote:

inquiry will not go away , you already took the hp so may as well keep it.


Or, "you already took the hp, so you may as well close it."   toppers555 is right in that the inquiry won't go away in the usual course of things (and I don't know why Citi would particularly want to help as you went so far as to recon).    The damage is done, so it's your call whether to keep the card or not.  If the CL is useful (and given your other limits, it clearly is not) keep it, if having it is just a nuisance, cancel it.

Message 5 of 16
Senior Contributor

Re: closing a card in less then a week after arrival

You're already taking the hit for an inq, new acct and lower AAoA. Closing the acct won't affect that, so you may as well keep it and CLI in the future. Also, as someone else said, it doesn't look good to open and close an acct like that.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 6 of 16
Valued Contributor

Re: closing a card in less then a week after arrival


Revelate wrote:

Citi can and possibly will still report it to the bureaus.

 

If you close it and it is reported, you do sort of look like a flake to future underwriters.  As such I'd never ever do this personally and would just suck it up for a year.  Plus on the assumption you applied for it based on some reward structure that fits your financial habits, I find it hard to believe that $5K CL is not sufficient to cover monthly expenses in that category.

 


Yes, but he obviously has a lot of big credit cards, so I don't know if a future underwriter will care (or maybe even notice) about such a small card.  Could be lots of not particularly flaky reasons (app'd for the wrong card by mistake, realized the error and cancelled).

Message 7 of 16
Valued Contributor

Re: closing a card in less then a week after arrival

You took the hit plus there is no AF for a year. I say keep it and ask for a CLI after 6 months. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
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Message 8 of 16
Established Contributor

Re: closing a card in less then a week after arrival

I guess ill finish the spend requirement tomorrow and sock drawer it.  put myficos quarterly monitering on it.

 

you know what I just thought about, our CSP and navy card and jared are all that is reporting on my credit. pd and select card dont report, ink dosent report, and the ink dosent report.... damn...

"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 9 of 16
Moderator

Re: closing a card in less then a week after arrival


bs6054 wrote:

Revelate wrote:

Citi can and possibly will still report it to the bureaus.

 

If you close it and it is reported, you do sort of look like a flake to future underwriters.  As such I'd never ever do this personally and would just suck it up for a year.  Plus on the assumption you applied for it based on some reward structure that fits your financial habits, I find it hard to believe that $5K CL is not sufficient to cover monthly expenses in that category.

 


Yes, but he obviously has a lot of big credit cards, so I don't know if a future underwriter will care (or maybe even notice) about such a small card.  Could be lots of not particularly flaky reasons (app'd for the wrong card by mistake, realized the error and cancelled).


I assume that underwriters will notice everything.  Personally I'd notice a tradeline that was artificially short, and look at it's details, and I suspect most underwriters are far more likely to notice something which is different from the vast majority of applications they look at.  Actually given the entire recon nature that is credit card approvals apparently, I think it's reasonable to state that underwriting will likely take the most negative reason and assume that.

 

It's certainly fair game to question, and I recommend minimizing those as too many questionable items almost certainly is going to be problematic.  Why have even a potential additional one when it's avoidable?

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 10 of 16