topic Re: CREDIT CARD CLOSING AFTER UNWANTED CL in Credit Cards

CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:18:19 GMT

Hello fico friends, I have a question that I need advice on. After my 91/3 on 10/23 with Navy, I requested an increase on my cash rewads card and was approved the increase after POI. Then on 11/7 I called and checked the prequalification and was qualified for all cards and chose the Flagship. I was approved for 8k. Reached out thru the secure message to get a reconsideration on the limit with the POI I gave them on my CLI request in October. Needless to say they told me it was their final decision with the 8k. I then told them that I didnt want to accept the card with that sl. Called 3 days after originally approved date to check the status of the cancellation since I saw the card show up on my portal just to make sure I was ok and that it wouldn't show up on my credit and/or as a closed account. Question is that since the account was created, will it show up on my credit report still or did I cancel it in time. Second question is will this affect my next 91/3 for my next card since I was approved on 11/7 or am I still eligible to get another card if I choose to? Really appreciate your feedback in advance everyone!!!

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

M_Smart007 — Sat, 16 Nov 2019 18:30:05 GMT

@Anonymous wrote:
Hello fico friends, I have a question that I need advice on. After my 91/3 on 10/23 with Navy, I requested an increase on my cash rewads card and was approved the increase after POI. Then on 11/7 I called and checked the prequalification and was qualified for all cards and chose the Flagship. I was approved for 8k. Reached out thru the secure message to get a reconsideration on the limit with the POI I gave them on my CLI request in October. Needless to say they told me it was their final decision with the 8k. I then told them that I didnt want to accept the card with that sl. Called 3 days after originally approved date to check the status of the cancellation since I saw the card show up on my portal just to make sure I was ok and that it wouldn't show up on my credit and/or as a closed account. Question is that since the account was created, will it show up on my credit report still or did I cancel it in time. Second question is will this affect my next 91/3 for my next card since I was approved on 11/7 or am I still eligible to get another card if I choose to? Really appreciate your feedback in advance everyone!!!

Keep your card!, that is a decent SL compared to the $500 i have seen others get.

It will report to your Credit regardless if you close it. Give Navy a Chance. They will increase it after

some time of proper use. they dont't hand out $50K limits to everyone. use it for 6 months or so,

and ask for a CLI, or apply for another card with them. Honestly NFCU is a good lender. Wish you the best.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:30:06 GMT

It will show on your credit report.
Not that you asked, but I would have kept it. When I was approved for my FS, it was for $10K. After one CLI, it was the limit I actually wanted.
As for the reset, I'm not sure, maybe someone else can jump in.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:33:21 GMT

@M_Smart007
I closed/canceled it already yesterday. Is it possible to reopen it. I was expecting a much better SL with it being my second card and since it wasnt over 10k I thought that I would have the option to accept or decline.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:36:02 GMT

And also the POI I provided in Oct after reading the threads here with lending with high limit incomes.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

M_Smart007 — Sat, 16 Nov 2019 18:43:21 GMT

@Anonymous wrote:
@M_Smart007
I closed/canceled it already yesterday. Is it possible to reopen it. I was expecting a much better SL with it being my second card and since it wasnt over 10k I thought that I would have the option to accept or decline.

You can try to call ASAP and see if they can reverse the closure?,

and I understand I closed a Lowe's card because I was Pissed they gave me a $1K limit.

had i not closed, it would probably be at $35K by now. seems like I always have to learn by my mistakes.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:50:26 GMT

I will call since its goin to affect my credit. As far as my next 91/3. It will be from the date of the approval of the flagship I'm assuming and saying since I got my cli on my first card in October, i have to wait 6 mths for another correct?

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 18:50:41 GMT

@Anonymous wrote:
.... I was approved for 8k ... then told them that I didnt want to accept the card with that sl ...

I'm torn whether this action is better characterized as "biting the hand that feeds you," or, "can't see the forest for the trees."

Either way it would be advisable to call them back and politely inquire if they might restore your CC.

DP:

My initial Navy SL was 7.8K. Within 14 months that card was at 25K, along with an additional 25K added on via a later card. Not to mention the 15K PLOC.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 19:09:21 GMT

@James_A
I can understand your perspective on the topic, Like other issuers, I thought i had the option to accept or decline offer which is why I called to decline offer(1st call). Once I called the ne t day and they told me that it goin to be closed instead of canceling it, made me make this post about my credit report. I will visit a branch today to see about reinstatement of the cc. I understand that Navy cards can grow very quickly but I looked at it as burning my second card app and trying to save it for a better outcome. Totally unaware that you dont have the option to accept or decline like other issuers.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

AverageJoesCredit — Sat, 16 Nov 2019 19:59:52 GMT

Im sorry to hear you felt the sl wasnt sufficient. Im kind of suprised because its in line with your other limits if not more. Just know providing POI does not gaurentee a higher limit no matter how much money you make. Navy uses msny other factors besides income to determine starting limit. Navy is one of the few lenders that sn 8k card can become 25k in one cli attempt at appropriate time and usually not that long. Most people can eventuslly move limits to suit their needs when time comes so i would just caution against closing a good card because of its starting limit, especially Navy. Best of luck going forward

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 20:09:44 GMT

Thanks @AverageJoeCredit

Just got off the second call with Navy to try to restore that card but there is no luck with doing so since they advise me that its in a disclosure that once you close an account, they cant reopen it no matter the time frame. Goin forward what does this mean with appling for another cc and also is there anything I can do once it appears on my CR to possibly get it removed or Im stuck with it for the next 10yrs?

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

CreditInspired — Sat, 16 Nov 2019 20:21:31 GMT

Honestly OP, I am dumbfounded! Why would you turn down an $8K SL? Why?

So yes, you applied for the CC so it will appear on your credit report as active until you ask NFCU to close the card. Cancelling does not work. And if you close it, it will show up as closed by you, not NFCU.

So now you're contemplating applying for another NFCU card. Question. So what happends if the next one is approved for $5K? I'm assuming you will close that one too because the SL is not acceptable to you.

OP, this is not the way it works. Every CCC wants to see how you handle their card: your spending, your payment history, your useage. IMHO, since you won't even give NFCU an opportunity to see how you would treat them, which was a BIG mistake, HUGE, they may not want to give you another card because now they see how you treat them. Of course, this is just my 2cents.

My feedback is please step back and take a moment to understand that an $8K SL was truly a GREAT SL. And with a CU like NFCU--ahhh man, I sure hope you didn't shoot yourself in the foot.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

AverageJoesCredit — Sat, 16 Nov 2019 20:24:07 GMT

Sorry to hear. Unfortunately if it appears on your report its pretty much a done deal. Its a legitimate credit that was applied and approved. I wouldnt sweat it .i have plenty ofclosed accounts on my report , no big deal. If you want another Navy card i would give it a couple months to let things calm down. I dont think it will damage you internally to open and close so fast but one never knows if they mark your account internally. Chalk it up to s learning experience. Happens to the best of us

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

CreditInspired — Sat, 16 Nov 2019 20:25:17 GMT

@M_Smart007 wrote:
@Anonymous wrote:
Hello fico friends, I have a question that I need advice on. After my 91/3 on 10/23 with Navy, I requested an increase on my cash rewads card and was approved the increase after POI. Then on 11/7 I called and checked the prequalification and was qualified for all cards and chose the Flagship. I was approved for 8k. Reached out thru the secure message to get a reconsideration on the limit with the POI I gave them on my CLI request in October. Needless to say they told me it was their final decision with the 8k. I then told them that I didnt want to accept the card with that sl. Called 3 days after originally approved date to check the status of the cancellation since I saw the card show up on my portal just to make sure I was ok and that it wouldn't show up on my credit and/or as a closed account. Question is that since the account was created, will it show up on my credit report still or did I cancel it in time. Second question is will this affect my next 91/3 for my next card since I was approved on 11/7 or am I still eligible to get another card if I choose to? Really appreciate your feedback in advance everyone!!!
Keep your card!, that is a decent SL compared to the $500 i have seen others get.
It will report to your Credit regardless if you close it. Give Navy a Chance. They will increase it after
some time of proper use. they dont't hand out $50K limits to everyone. use it for 6 months or so,
and ask for a CLI, or apply for another card with them. Honestly NFCU is a good lender. Wish you the best.

+100

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 20:26:11 GMT

@Anonymous wrote:
Totally unaware that you dont have the option to accept or decline like other issuers.

Not sure what you mean by this. AFAIK, almost no issuers do this, Apple/GS created a lot of excitement here when you were able to see the limit before accepting, and someone mentioned another bank that does this.

But for the vast majority, you apply, and before you see anything this creates (usually) a record of an inquiry and, if approved, a new account on your credit report, even if you close straight away

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Remedios — Sat, 16 Nov 2019 20:29:40 GMT

OP, I think you really need to reexamine your credit card strategy.
You declined a card from a great lender, while keeping My Jewlers Club and New Coast Direct.
That just really makes no sense
Also, as close to a rebuild as you are, $8K is hardly something to scoff at. It's higher than most of your cards
I dont really get it

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

CreditInspired — Sat, 16 Nov 2019 20:31:47 GMT

@Anonymous wrote:
@James_A
I can understand your perspective on the topic, Like other issuers, I thought i had the option to accept or decline offer which is why I called to decline offer(1st call). Once I called the ne t day and they told me that it goin to be closed instead of canceling it, made me make this post about my credit report. I will visit a branch today to see about reinstatement of the cc. I understand that Navy cards can grow very quickly but I looked at it as burning my second card app and trying to save it for a better outcome. Totally unaware that you dont have the option to accept or decline like other issuers.

Can you tell me what other issuers allow one to accept or decline? The first time I had ever heard of this was with the GS/Apple card.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

CreditInspired — Sat, 16 Nov 2019 20:32:47 GMT

@AverageJoesCredit wrote:
Im sorry to hear you felt the sl wasnt sufficient. Im kind of suprised because its in line with your other limits if not more. Just know providing POI does not gaurentee a higher limit no matter how much money you make. Navy uses msny other factors besides income to determine starting limit. Navy is one of the few lenders that sn 8k card can become 25k in one cli attempt at appropriate time and usually not that long. Most people can eventuslly move limits to suit their needs when time comes so i would just caution against closing a good card because of its starting limit, especially Navy. Best of luck going forward

+10. My sentiments exactly.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous — Sat, 16 Nov 2019 20:46:11 GMT

@CreditInspired
Im not sure if you read thru the whole post or not but its not me being greedy of a such its more so thinking i had the option to accept or not like my Last cc app which was with BECU. I had to accept the offer afer the conditionally approved amount. Certainly thats a great SL by all means. If i knew what i knew today the outcome would've been different. Like @Averagejoecredit said, this is definitely a learning experience. I'll be a good student to the game and learn from my mistakes and move on but I appreciate all the comments. Was in no hard need for another card but just wanted to know what my options were in general.

Re: CREDIT CARD CLOSING AFTER UNWANTED CL

Remedios — Sat, 16 Nov 2019 20:56:22 GMT

With BECU, did they perform the HP prior to giving you conditional offer?

I dont remember that step from my applications at all.