@JayBeast wrote:
....A few days prior to this, I applied through HSBC and qualified for a $500 CL Platinum with a $39AF and 14.9 APR. Given that I can probably pay off $1000 in two months, I don't think I really need this card.
What do you think are my chances of calling and having the TL closed and removed from my report? Do you think they would also remove the inquiry?
I'm afraid that you're stuck with it. Once you hit (or say) apply, it's a done deal.
No harm in having two cards. I'd use the HSBC once a month for a tank of gas and pay it off as soon as it posts to your online account. You don't even have to let the balance report to the credit agencies. HSBC will close you down in a heartbeat for non-usage, so be sure to do that one charge per month.
Since you're coming out of a DMP (congrats, by the way!) I think it would look better not to open and then close accounts. Work your new CU card as your real card, take the HSBC out for a walk in the park every now and then, and after a year or so, if it looks like it isn't going to grow with you, then you can think again about closing. Even then, I wouldn't do it without one, preferably two better cards already open to replace it. I like the idea of three cards total, all from different lenders, because you have some protection against creditor weirdness, and if you ever have an emergency and need to go for a month without paying in full, you can keep the balances low.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
