Finstar,
Thank you for the honest feedback. Looking back, I definitely acted out of impulse because I just couldn't accepted the rejection from C1. Should I have calmed down and take a breather? Yes! However, a few interesting things that I'd like to share from my personal experience with canceling all my C1 credit cards are...I was afraid that my credit score was going to drop by closing an account that I've had for a while plus losing the credit line which would increase my overall utilization rate. Surprisingly, my credit score went up. The explanation was closing an account does not always negatively affect your credit. I've been grilled with keeping an account open for so long that it sounded like contradictory info. Another reason why I decided to cancelled my other C1 card is to test out the theory I had that if I no longer have an account with C1, would I be removed from the subprime category that has stuck with me for almost 20 years? Interestingly, I went to their webpage and try the pre-approval process to see if it would deny me again like usual...Lord behold, I was approved for multiple cards with the letter of explaination and my credit score much higher than the one that was shown to me a week prior. I can't help but wonder if this is just a coincidence or did closing my accounts gave me a new credit profile from scratch? I didn't apply again to get ding for another hard inquiry but it was a relief to see that new opportunities are there with C1. Of course if I did try to applied, I could also be denied again because the pre-approval is not guaranteed but it was at least a step in the right direction to see my first C1 pre-approved letter.
