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I want to close a CC that's not even a month old... $0 balance.

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Anonymous
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I want to close a CC that's not even a month old... $0 balance.

I have a few cards I'm pretty ashamed to admit I applied for and received, the most recent was the Milestone Gold Mastercard, I just realized this card doesn't give credit line increases (apparently) at least it says there's "currently no credit line increase program available" in my account management.  I paid the initial setup fee of $75 instantly as soon as it was charged so I am wondering if I should wait a few weeks to see if the payment reports first?

If I were to cancel this card before it's even run through a full statement I am worried they'd never report it and I would have wasted that $75 even more so than I already have, I'm also wondering since I have the fees taken care of and a zero balance if maybe I should keep it open for a few months instead -- Not sure if closing an account THAT quick looks bad or not.

I also have other cards I'd like to close, first national legacy visa (lol) which is about to provide me the 5th statement, I think this one is aged enough to where I don't feel strange closing it, plus the limit is only $350 so it won't hurt utilization much ($300 on the milestone)  and lastly I have a CreditOne card with a $550 limit and zero balance, HOWEVER this is my oldest open account so I am thinking maybe I should just make a small purchase every couple months and keep it at $0 balance and open for the long haul?  It's my oldest account by a significant margin.


Message 1 of 5
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Anonymous
Not applicable

Re: I want to close a CC that's not even a month old... $0 balance.

That sucks. From what i read on here. Leave it open for 1 year and cancel it if it doesn't do you any good. Canceling it so early can be frown apon by some creditors so  1 year is the sweet spot. 

Message 2 of 5
Anonymous
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Re: I want to close a CC that's not even a month old... $0 balance.


@Anonymous wrote:

That sucks. From what i read on here. Leave it open for 1 year and cancel it if it doesn't do you any good. Canceling it so early can be frown apon by some creditors so  1 year is the sweet spot. 


That's kind of what I was thinking might be a good idea... I'd keep it open for 11 months and some change then close it right before I'd get hit with the next annual fee, I wonder if that'd be my best course of action, I honestly don't mind keeping it open as long as it's not costing me anymore money it's a non-issue.  I could even use it to buy a meal once every couple months to keep it reporting I suppose.

Message 3 of 5
Anonymous
Not applicable

Re: I want to close a CC that's not even a month old... $0 balance.

It will go to the report. At least, my Sears card did, and I closed it the day it was opened.

Message 4 of 5
amakol
Regular Contributor

Re: I want to close a CC that's not even a month old... $0 balance.

It's your call on whether to cancel any of the cards or not (I believe in doing what you want and if some banker/analyst doesn't like it, they can get replaced by someone else).

 

If you do close anything, don't worry about your history. Closed cards show on your credit report and count toward your AAOA for 10 years since date of closure. So, you won't feel any effects until 2025. One of the most overblown "credit lessons" IMO compared to how little effect it has, especially if you're on myFico and will hopefully be taking good care of your portfolio over the next 10 years.

EQ 740 FICO, 4 INQ | EX 736 FICO, 5 INQ | TU 745 FICO, 5 INQ | CL $175K | AAOA 4 Years
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