Closing a New Credit Card Account

[AJ67]

Last month I was a approved for a Citizen's bank credit card. They only gave me a $500 CL. It's beyond ridiculous...as my CL in all my other credit cards range from $5000 to $30,000.  I'm basically regretting applying for this credit card. To request a CLI you need to call customer service, they pull a hard inquiry and it might take days/weeks to know the decision (weird) + For balance transfers...you also need to call cs and they still charge 5% fee during the introductory offer. I hate it because they make things so cumbersome!  So I'm not happy with this card at all. I'm thinking to close it, I haven't used it. And if I never use it...would they close it?

I'm wondering how would closing this credit card affect my credit score??

I mean if I close it vs. if they close it for nonuse...

I need your insights on this...thanks

[CorpCrMgr1]

@AJ67 if you don't use it the Citizens will close the card.

[Traveler101]

Your gonna take a small hit for Inq/new account. It also will be a factor in how many accounts you have opened in 6 12 24. Even though limit is low, why not get a little history with it? Buy a newspaper or coffee. Close it down after a year or let it close organically after a year of history.

[AJ67]

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@CorpCrMgr1 wrote:

@AJ67 if you don't use it the Citizens will close the card.

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I think this could adversely affect my credit score. That's why I'm debating whether or not I should close it. Maybe I can use it for small purchases...

[AJ67]

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@Traveler101 wrote:

Your gonna take a small hit for Inq/new account. It also will be a factor in how many accounts you have opened in 6 12 24. Even though limit is low, why not get a little history with it? Buy a newspaper or coffee. Close it down after a year or let it close organically after a year of history.

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I think you're right...I can be patient and simply use it for small purchases so they don't close it. I will not ask for CLI as they pull a hard inquiry.

[FicoMike0]

You've already taken the hits for hard inquiry and new account.  I don't think it makes a difference whether you close it or they do.   Just pay it ontime! 

Did you get a sub for it?  I'm waiting for a $400 checking sub from them.  I'm not taking any new cards or checking accounts without a sub.

[AJ67]

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@FicoMike0 wrote:

You've already taken the hits for hard inquiry and new account.  I don't think it makes a difference whether you close it or they do.   Just pay it ontime! 

Did you get a sub for it?  I'm waiting for a $400 checking sub from them.  I'm not taking any new cards or checking accounts without a sub.

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No SUB. I got a bad deal from them. Even though my score was 790 at the time. I have 0 delinquencies. Everything is paid on time. My credit utilization is very low, I think it was under 5% at the time of the application.

[Horseshoez]

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@AJ67 wrote:

Last month I was a approved for a Citizen's bank credit card. They only gave me a $500 CL. It's beyond ridiculous...as my CL in all my other credit cards range from $5000 to $30,000.  I'm basically regretting applying for this credit card. To request a CLI you need to call customer service, they pull a hard inquiry and it might take days/weeks to know the decision (weird) + For balance transfers...you also need to call cs and they still charge 5% fee during the introductory offer. I hate it because they make things so cumbersome!  So I'm not happy with this card at all. I'm thinking to close it, I haven't used it. And if I never use it...would they close it?

I'm wondering how would closing this credit card affect my credit score??

I mean if I close it vs. if they close it for nonuse...

I need your insights on this...thanks

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In April of 2020 I opened up a card which came whith a limit too low to be of use for me; I closed it less than 7 weeks later in early June.  Like you, I took the hit for the new account and the HP, so damage done, however, when I closed it, nothing happened to my scores, and now, nearly 4 years later it is still showing as a positive on my credit reports.  Personally, I say close that turkey.

[citymunky]

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@Traveler101 wrote:

Your gonna take a small hit for Inq/new account. It also will be a factor in how many accounts you have opened in 6 12 24. Even though limit is low, why not get a little history with it? Buy a newspaper or coffee. Close it down after a year or let it close organically after a year of history.

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I second this.

Oh, BTW which CRA did they do HP from? (Semi different topic, I started to app for a HELOC with them, and they want to do a triple pull). 

[AJ67]

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@citymunky wrote:

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I second this.

Oh, BTW which CRA did they do HP from? (Semi different topic, I started to app for a HELOC with them, and they want to do a triple pull). 

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Citizens pulled an EQ only...