Cancelling A New Card

[Anonymous]

Hi All,

For god knows what reason my dad opened a Banana Republic Visa (Sync) while shopping, he does not shop at BR and I think was intoxicated by the allure of saving 20% on a $100 purchase...  The statement just came and I paid it.  Is it possible to cancel this ASAP to prevent it from showing as a new account?  He has excellent credit and only one new account (car lease) in probably the last four years. 

If it is not possible to cancel what is the highest CL people have on this card?  He has $3,500 at the moment.

Not a big deal either way, but silly to have a useless account.

[Pikaboo-icu]

Sorry to report, if you cancel it will still show as a new acct, just a closed new acct.

He obviously shops there at least that time, perhaps just leave it open. /shrugs

[rbentley]

I second the advice to leave it open.  You will gain nothing by closing it.  Given that his most recent account was 4 years ago, this is unlikely to hurt his AAoA.  He will take a small hit for the inquiry.  I doubt you are going to see more than a 5 point loss and that will quickly be recovered.

[Anonymous]

However, if he truly doesn't plan to shop there and doesn't want to be bothered with the account, it will also do no further damage to his profile if it's closed. In other words, it doesn't really matter so just do what you/he wish.

[Anonymous]

Thanks, All.  The second I hit post my dad called and I asked him why he did it.  Apparently he got 40% off!  Not worried about his scores (he is in the 820s), but there are other cards he could have appied for which would have been better.  Will keep it open.

Any stats on the highest limit for this card?

[FinStar]

My current BR Visa CL is $10K. Lots of promotions and good deals if he shops there with some frequency. Reward certificates can also be used at other GAP family/brand stores.

Like most SYNCB cards, this one can grow to a fairly decent CL. I've left mine where it is since I have already plenty of overall exposure with SYNCB.

[rbentley]

BR offers both a store card and a Visa card that can be used anywhere.  You don't tell us which one he has or how often he shops there. $4000 is a lot on a clothing store only card, not so impressive on a general Visa line.   I think he was wise in apping for the card to get 40% off.  His credit profile appears to easily take the new account hit.  BR skews young and not a lot of Dads shop there.  Kudos to him.  Maybe you can talk him into using his card there for you sometimes. 

[SweetCreditObsession]

He got the BR Visa. Try to get a CLI via luv button then credit solutions line.

[Meanmchine]

Opening 1 card in four years, I dont see why this concerns you. If your father wants to open an account, thats his business.