Impulsively applied, should I keep this card?

[LexieCat]

I've immediately closed cards when the CL or interest rate I got wasn't satisfactory.  So far as I know, it didn't really affect anything.  If it does at all, it certainly wasn't significant.

Is there a downside for you to keeping it?

[kdm31091]

The downside to keeping it is basically just that I don't want to be overwhelmed with too many cards/accounts/payments to keep track of. Other than that no, no downside

[FinStar]

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@kdm31091 wrote:

The downside to keeping it is basically just that I don't want to be overwhelmed with too many cards/accounts/payments to keep track of. Other than that no, no downside

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Lesson learned about impulse triggers!  If they can't PC at this point (highly improbable) then your options would be to keep it and see about meeting the spend to collect the sign-up bonus, don't use it and sock-drawer, or just close it.  Regardless of outcome, you'll still get dinged for AAoA.  So, you might as well put some use on it.  Your decision.

[Anonymous]

Keep the card! The wife apped the Citi Diamond Preferred after getting a targeted mailer with an RSVP code on it. Its done just fine for us.

[kdm31091]

So I recieved the TYP card today, and really looked into the rewards on the website. They're pretty terrible if you redeem for cash or statement credit. It is not even close to 1c/point, which kind of makes the 2x on dining a falsehood because you are only then earning 1c/point!

So I called Citi immediately to see about PC'ing to the Double Cash, as it's a much better card with an actual 2% back. They said you can't PC until after a year, which I have seen stated on these forums by many people, but figured I'd ask.

But the good news is, I decided to just apply for the Double Cash and was approved!! $1000 CL, so not much, but at least it's a foot in with a good card. However, now I guess I should close the TYP right?

[Anonymous]

If you really don't want the card, just throw it into your sock drawer to get aging.

You've already taken the HP hit, might as well let it sit in the drawer adding to your AAoA for later in life.  Throw it in there and fughet about it.  There's really no advantage in closing it as I can see.  You don't charge anything on it so there's nothing to manage.

It also helps on your utilization helping you stay under 10%

You have a great score at 23 but that's still a relatively thin file at 4 cards.  Alot of people here have 20+.  I don't think I'd be far off saying most people here have 10+ cards  So in the grand scheme, at 5 cards is very low here.

And if it closes on its own for non-use in two years, you would have had 12 years boost on AAoA instead of 10

[kdm31091]

Good point. Into the sock drawer it goes. The double cash seems like a far better card to actually use.