CREDIT CARD CLOSING AFTER UNWANTED CL

Anonymous · ‎11-16-2019

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!!!

M_Smart007 · ‎11-16-2019

@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.

Anonymous · ‎11-16-2019

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.

Anonymous · ‎11-16-2019

@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.

Anonymous · ‎11-16-2019

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

M_Smart007 · ‎11-16-2019

@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.

Anonymous · ‎11-16-2019

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?

Anonymous · ‎11-16-2019

@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.

Anonymous · ‎11-16-2019

@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.

AverageJoesCredit · ‎11-16-2019

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