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Frequent Contributor
darkfrosty
Posts: 264
Registered: ‎04-03-2013

thinking of closing my citi card

I applied for a citi diamond preferred mc about 3 weeks ago because I wanted a mc but didnt think it through. I got a 3k cl which im not too thrilled about and I doubt I will ever use this card. I am probably going to PC my freedom to a world mc when it hits a year. Should I close the citi card?

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Senior Contributor
myjourney
Posts: 25,153
Registered: ‎02-07-2013

Re: thinking of closing my citi card


darkfrosty wrote:

I applied for a citi diamond preferred mc about 3 weeks ago because I wanted a mc but didnt think it through. I got a 3k cl which im not too thrilled about and I doubt I will ever use this card. I am probably going to PC my freedom to a world mc when it hits a year. Should I close the citi card?


IMO I don't believe in closing card unless they have an annual fee you've already taken the hit to AAoA and the HP. My advice keep it open and charge somthing small to it every 4 months or put a recurring bill on it monthly and pay it off.

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
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Frequent Contributor
Cleanmachine
Posts: 394
Registered: ‎04-30-2008

Re: thinking of closing my citi card

I agree with "myjourney"

 

Keep the card opened, it will grown with time.

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codimom
Posts: 386
Registered: ‎09-08-2010

Re: thinking of closing my citi card

I would not close it.  use it for a tank of gas every now and then  and let it grow.  YOu've taken the HP and the 3k will help with utilization. Isn't costing you anything to have it in the drawer... just when you use it.


Back in the garden!
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Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012

Re: thinking of closing my citi card

I am past the one year mark, and no CLI on that card. I have it sitting open myself. I am thinking about doing a PC on it.


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Frequent Contributor
darkfrosty
Posts: 264
Registered: ‎04-03-2013

Re: thinking of closing my citi card

yea I guess I wont cancel it just permantly sd it.

maybe after a year try and pc it to something better like a premier world elite lol

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Senior Contributor
myjourney
Posts: 25,153
Registered: ‎02-07-2013

Re: thinking of closing my citi card


darkfrosty wrote:

yea I guess I wont cancel it just permantly sd it.

maybe after a year try and pc it to something better like a premier world elite lol


Try in 6 months but good idea to not close.....solid move IMO

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it...6/6/14 Plat is all mine
Regular Contributor
GeneralCucumbre
Posts: 147
Registered: ‎05-16-2012

Re: thinking of closing my citi card


darkfrosty wrote:

Should I close the citi card?


I guess I'll be the only one that says otherwise...CLOSE IT.  You already have some decent cards (Chase Freedom and Sapphire Preferred) with much more decent limits and much better benefits in my opinion.  True, you did waste a hard pull applying for it but I can see how this might have been an impulse application seeing as you wanted to add a MasterCard to your wallet.  However, hard pulls, don't hurt your credit that much.  But, like you said, you can always change your Chase Freedom to a MasterCard later.

 

The only reason that I would keep the card open is if it has a substantially LOWER APR than any of your other cards.  I would specifically use that Citi card for carrying balances.  Other than that reason...I say shut it down, you already have enough cards.  I have actually thought about closing my Citi card but the only reason I will not is because it is one of my oldest accounts.


Chase Sapphire Preferred Visa Signature - $22,000 | Chase Freedom Visa Signature - $11,300
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LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: thinking of closing my citi card


myjourney wrote:

darkfrosty wrote:

I applied for a citi diamond preferred mc about 3 weeks ago because I wanted a mc but didnt think it through. I got a 3k cl which im not too thrilled about and I doubt I will ever use this card. I am probably going to PC my freedom to a world mc when it hits a year. Should I close the citi card?


IMO I don't believe in closing card unless they have an annual fee you've already taken the hit to AAoA and the HP. My advice keep it open and charge somthing small to it every 4 months or put a recurring bill on it monthly and pay it off.


I agree I would not close it. Keep it for a year then take a HP for a decent CLI.




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Valued Contributor
thom02099
Posts: 1,313
Registered: ‎08-30-2011

Re: thinking of closing my citi card

[ Edited ]

darkfrosty wrote:

I applied for a citi diamond preferred mc about 3 weeks ago because I wanted a mc but didnt think it through. I got a 3k cl which im not too thrilled about and I doubt I will ever use this card. I am probably going to PC my freedom to a world mc when it hits a year. Should I close the citi card?


Keep it open.  No AF, so it doesn't cost you anything, you've already taken the hit for the INQ.  Might as well keep it, SD it, use it as a door stop, whatever.  Ya never know when you might need to do a BT, it's a wonderful card for those occasions.  AND CITI can be very generous with CLI. 

 

EDIT: You can also get it with an EMV chip, if this is something that you might use in the future.  Again, doesn't cost anything to get one, good to have if needed. 

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