Credit Card Center Advertiser Disclosure†
01-01-2013 06:40 PM
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.
01-01-2013 06:48 PM
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...
This is why you got the 5k line, it is a little conservative but pretty much in line with your other cards... unless it has a ridicilous AF just throw in the drawer and forget about it, you never know when it might come in handy
01-01-2013 06:52 PM
lol, ask your friend to buy you a Big Mac and they say no. Then you you beg them and they decide to bring you back a McDouble instead. You throw it away.
Seems like a waste.
01-01-2013 10:16 PM
I'd keep it open. As others have said, you've already taken the hit for the inquiry, you'll have a new account reporting whether it is open or closed, and your AAoA will go down whether the card reports open or closed. Why come away from that with a closed account? I'd leave it open and ask for a CLI after 6 months and then again at 12 months.
01-01-2013 10:50 PM
You took the hit plus there is no AF for a year. I say keep it and ask for a CLI after 6 months.
Agree here. They seem to be a little more flex with CLI on this card from my experience.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.