Opened An Account that I Don't Want, Should I Close It?

[Anonymous]

Hi Everyone

I am new here but have been lurking for many years.

I did an 8 card App Spree and went a little crazy on the Synchrony/Comenity approvals. It didn't help that it was Friday evening and I was drinking so when I got my first approval, like any sane person would, I quickly app'd for 5 other cards.

Now that the damage is done and I am sober, I am looking at a Toyota Card (Comenity) that I will never use because I don't have a Toyota. I accepted it because it was the first Pre-Qualify I ran and it said $2000 limit and I don't have many cards with a limit that high so I got all excited and accepted it now I am regretting it.

Here is my question. Should I close it now? Should I leave it open for 6 months then close it? Should I just leave it open and let Comenity close it when they don't have any activity on it? Grrr, very mad at myself for not planning this spree better. But oh well, you live and you learn.

[GApeachy]

According to your siggy you have the Toyota Visa cc.  You can use it anywhere Visa is accepted.  Keep it, use it, enjoy it....esp. since it's one of your higher cl cards.  Comenity cards grow pdq! 

[Anonymalous]

I'm laughing at this a little (not in a mean way), because while I've never known someone who went on a drunken binge of credit card applications, I can definitely see it happening because I've known a few people people who went on drunken online shopping binges, and ended up with weird things showing up at their door over the next couple weeks.

Are there any annual fees? If there aren't, they're probably harmless to keep around.

[Anonymous]

Since it is the Visa version I would keep it open. If it was the store version I would close it. You can use the visa card for a small purchase here and there to just keep it active. You took the inquiry hit and it will help your utilizaton so I would keep it open.

Thanks

Mark

[Anonymous]

Any majors like Visa or Mastercard I would hold onto since the HP / new account damage is done AND they are Universal. Toy limit store cards that dont expect to see any serious spend should always be avoided. That being said, the issue you may face and that has yet to be seen is AA from Comenity or Synchrony, possibly other issuers as well depending on your profile. Let it play out over the next month or so and see what transpires. Hopefully the INQs dont raise too many eyebrows.

Pretty sure you wont be apping any time soon so you have some self reflection ahead of you to plan what you want to do in say a year or two. Research which cards in the stable are SP growers and focus on those. Nurture your Majors. Let everything age 2+ years. By then you should know which direction you want to go and just before your next app you may want to trim your lowest toy limit cards as that detracts from your profile for new larger SLs. In the meantime deep dive research each of your existing cards on how to grow the CLIs, frequency, SP only and what max limits you may be looking at. Stay calm and Fico on. The garden awaits.

[Rebuild2019]

Congrats 🎊🎈🍾🎉 on your approvals.

[SouthJamaica]

---

@Anonymous wrote:

Hi Everyone

I am new here but have been lurking for many years.

I did an 8 card App Spree and went a little crazy on the Synchrony/Comenity approvals. It didn't help that it was Friday evening and I was drinking so when I got my first approval, like any sane person would, I quickly app'd for 5 other cards.

Now that the damage is done and I am sober, I am looking at a Toyota Card (Comenity) that I will never use because I don't have a Toyota. I accepted it because it was the first Pre-Qualify I ran and it said $2000 limit and I don't have many cards with a limit that high so I got all excited and accepted it now I am regretting it.

Here is my question. Should I close it now? Should I leave it open for 6 months then close it? Should I just leave it open and let Comenity close it when they don't have any activity on it? Grrr, very mad at myself for not planning this spree better. But oh well, you live and you learn.

---

Since the points are redeemable for statement credits on a 1:1 basis, and you can earn 2 points per $1 on dining, gas, and entertainment, you might as well just hold on to it.

[Anonymous]

I want to thank everyone for your responses. You have all given me some funny chuckles and some great advice as well as laying low and growing the cards that are capable of growing.

Next time it is Friday evening and I am having too many whiskeys I will make sure that I don't apply for any other toy cards. Lol.

[GApeachy]

---

@Anonymous wrote:

Next time it is Friday evening and I am having too many whiskeys I will make sure that I don't apply for any other toy cards. Lol.

---

Instead, tag me, I'll shoot some down and we can play a game of tag and make stupid posts.....get AA here. 🥸🍷🍸🍺🍻👍

(jk...maybe😁)