@Revelate wrote:
@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?
Yes, that's true. I guess it depends on your credit situation, if your scores are 820 I think this is of no importance, at 650, yes! But I still think a good answer is something like "When I applied, I misunderstood the benefits the card offered, and when I looked more closely, I realized it had no value to me and I didn't want to keep a useless card open" which doesn't attach much blame apart from poor reading comprehension!
Thinking about this particular situation more, the OP was originally denied, so he probably does need to be concerned some about the credit report. He has explained that some of the best cards don't report, hence his decision, in line with everyone but mine, to keep it.
