How bad is it to close a brand new card?

[Anonymous]

Question, I was at Old Navy buying a ton of stuff and app'd for the card to save 25% I was approved for the card but its a measily $200 limit which is very low compared to the other cards on my profile.  I was approved Friday 11/13 and didn't charge anything to the card I only used the discount and paid with cash, how much would it hurt my score to close the card or should I just keep it open to let it age?  Thanks for your help!

[Anonymous]

It will report whether you close it or keep it open.  What are your other cards?  What are the limits on them?  If you have other cards with higher limits then close it.

[Anonymous]

if you don't need it then ditch it. store cards (unless you frequently shop there) and it's not gonna do much to you if you close it. damage is done

[Anonymous]

i meant to say store cards don't offer much lol. but you can get a CLI i imagine too.

[OmarGB9]

You already took the HP and AAoA hit, so whether you keep it open or close it, the "damage" is done.

[pizza1]

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@Anonymous wrote:

Question, I was at Old Navy buying a ton of stuff and app'd for the card to save 25% I was approved for the card but its a measily $200 limit which is very low compared to the other cards on my profile.  I was approved Friday 11/13 and didn't charge anything to the card I only used the discount and paid with cash, how much would it hurt my score to close the card or should I just keep it open to let it age?  Thanks for your help!

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my advice is this...(youre right, $200 is not much to work with)....Do you read these forums much at all??  Because what Im about to tell you is all over these forums, and is very common knowledge, and hopefully will help you!

Call into credit solutions ASAP!! Tell them the limit you have will not work for your holiday shopping, and you need a credit limit increase on the card.....period. (the number is in the thread located at top of CC under "Helpful threads", look for Synch back door # "credit solutions")....Ask for $5k to start with, they will counter back either a lower approved amount, or $5k. If declined, no big deal...its always a SP!

Your ON card can be used at ON, Gap/Gap kids/Baby Gap/Banana Republic/Athleta.......Call now, and report back! Good luck!!! 

[Anonymous]

^^^ what she said. Synchrony is known for giving large cli. If not immediately, almost always after 4 statements. The damage is done now so you might as well keep it open, and if you shop there frequently, the card offers awesome benefits. It's actually one of the only store cards i might apply for in the future. Otherwise my actual credit cards offer better rewards.

In the future, learn to say no! This time of the year especially, everyone is trying to sign you up for store cards. I've learned to say no, and if i sleep on it and really want the card, i can always go back. Never happens lol.

However, if you feel you want to close the card, that is your choice so do whatevers best for you.

Fyi some of my synchrony card starting limits and current limits:

Walmart 400. Now 5000
Amazon 600. Now 4500
Lowes 800. Now 10,000!

[Anonymous]

yeah synchrony grows quick and easy. got the amazon card 06/04/15 for $900 and when i got it in the mail i asked for a CLI and it popped up to $3,500
then i got the lowes card 11/14/15 for $700 and immediately called and got it to $12k.

that's normal activity. it can raise quickly

[Erusidhion]

    You should never really get a Synchrony card and then just close it. They are known to rarely ever Credit Limit Decrease account holders or even just up and close the account out of nowhere except maybe for inactivity that probably had been going on for a long time and never used. I personally don't shop at Old Navy but it sounds like you do so I think you should keep it. Call the Credit Solutions backdoor number that was provided to you above and see what you can do to get an increase. Ask for whatever you feel is necessary. I've usually just asked for $3,000 and always gotten it knowing I left more on the table. I'll be bumping it up to $5,000 in my next round of Synchrony CLIs.

    Also another big piece of advice that people never do because they don't want to be spammed my mail offers or e-mails. SIGN UP FOR their newsletters and opt-in to outside parties sending you stuff. A lot of retail companies send some pretty amazing coupons in the mail/e-mail lately like 25-50% online or in store purchases. Especially for the holidays.

    I hate endless mail and e-mail spam but I've gotten some pretty good deals that a normal person without being signed up on their site or having their credit card would not even dream of getting. But yes, ask for a CLI. Shop there every 3-6 months to keep it active. Buy a soda, gum, 1 pair of socks, 1 shirt; whatever. It'll boost your credit history, utilization and show you can handle big limits if you keep up on increasing the CLI every 4-6 months.

    Synchrony is Love, Sycnchrony is Life.. I, for one, welcome our new credit overlords!

[Anonymous]

All good advice here. Let us know how it goes.