Refuse new credit card??

[pattycake]

I applied for the Hooters Card over the weekend, and got the 7 - 10 day message. I am considering not accepting it if I end up getting approved, only because it will lower the age of my accounts.

Have any of you ever done this? I would rather take the small hit on the inquiry than the big hit on average age...

Message Edited by pattycake on 12-11-2007 05:56 PM

[Anonymous]

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pattycake wrote:
I applied for the Hooters Card over the weekend, and got the 7 - 10 day message. I am considering not accepting it if I end up getting approved, only because it will lower the age of my accounts.

Have any of you ever done this? I would rather take the small hit on the inquiry than the big hit on average age...

Message Edited by pattycake on 12-11-2007 05:56 PM

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Once it is opens and reports , the damage is done. 

[haulingthescoreup]

How big of a hit are we talking? Have you done the math, and seen that there is a serious hit to the age? Usually that isn't going to happen unless you have relatively few cards, and they are older.

Don't know your total CL, but if it's not that high, the Hooters might me useful after all. And the new-card hit starts easing as early as 3 months after opening. just a thought

[Anonymous]

True hauling, but if the account is opened and it reports to the bureaus the damage is done.  More than likely the issuer will not remove it since it was a valid app. I say keep it for at least 6 mos.

[haulingthescoreup]

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@Anonymous wrote:

True hauling, but if the account is opened and it reports to the bureaus the damage is done. More than likely the issuer will not remove it since it was a valid app. I say keep it for at least 6 mos.

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That's what I was trying to say! Once you've got it, you might as well find what's good in it. I'm guessing that after six months, this will wind up being positive.