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thinking of closing my citi card

Established Contributor

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?

CSR | Ink Business Preferred | Amex Platinum | NFCU Cash Rewards
Message 1 of 10
9 REPLIES
Super Contributor

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.

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 2 of 10
Frequent Contributor

Re: thinking of closing my citi card

I agree with "myjourney"

 

Keep the card opened, it will grown with time.

Message 3 of 10
Frequent Contributor

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!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 4 of 10
Valued Contributor

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.


Starting Score: 693 TU FICO, 679 EQ FICO
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Message 5 of 10
Established Contributor

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

CSR | Ink Business Preferred | Amex Platinum | NFCU Cash Rewards
Message 6 of 10
Super Contributor

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

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 10
Regular Contributor

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.

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Message 8 of 10
Mega Contributor

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.




EQ FICO 548 3/3/16
Message 9 of 10
Valued Contributor

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?


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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Message 10 of 10