If you're not in the market for any new loans or anything, the impact doesn't matter. I closed a credit card account in January three days after I opened it (before I even got the card) - the impact was very minimal, maybe 15 points, if that, and that has since been recovered.
I ran into this same problem just this week. I opened two cards that I don't want or need. I'm still not sure what to do either. I don't want to close them and then change my mind. But if you're sure you don't want it, I don't see any harm in closing it. Especially if you're not going to have anyone reviewing your credit anytime soon.
@AverageJoe1970 wrote:For whatever (lame) reason I decided to apply for a Venture One Signature VISA - got approved w/ a $15,000. I have NOT activated the card.
I doubt I'll use the card, as I use a AMEX Blue Cash Preferred card for just about everything - and carry no balance. With the exception of a BoA VISA Signature carrying about $20K interest free through the fall. This puts my ultiization about 20%, so the Venture card would lower that number. That said, in the fall, I'll the BoA card will be completely paid off.
I'm primarily concerned about (a. my stupidity for applying for a card I don't need; b. the Venture card's impact on my AoA over the next 3 years).
What should I do?
Let me just say, it's not a bad card to just keep. It's not doing you any harm.
1. It has a cash reward or a travel benefit depending on which way you choose to redeem.
2. It's an esthetically nice card.
3. Capital One is a company that won't hassle you if you just use the card a little.
4. It periodically will offer you a choice of balance transfer offers: interest-free, or fee-free.
5. It has no annual fee.
6. It has no foreign transaction fees.
My suggestion is just keep it and use it now and then.
