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Damage closing a young card?

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Anonymous
Not applicable

Re: Damage closing a young card?


@Anonymous wrote:

I recently was denied by amex, after being preaporoved for the platinum, etc...

 

One of the reasons given was that the available credit on my smallest card was to low.

 

My smallest card is a sock drawered $200 secured cap one.

 

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you. 


Ok, that's a goofy reason for denying credit.

Message 11 of 19
CreditInspired
Community Leader
Super Contributor

Re: Damage closing a young card?


@Anonymous wrote:

I recently was denied by amex, after being preaporoved for the platinum, etc...

 

One of the reasons given was that the available credit on my smallest card was to low.

 

My smallest card is a sock drawered $200 secured cap one.

 

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you. 


😳

What were the other reasons? I have to surmise that this one had to be the last on the list. 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 12 of 19
SouthJamaica
Mega Contributor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


No damage.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 13 of 19
Rottweilerlvr
Contributor

Re: Damage closing a young card?

I just closed this card. With Capital One refusing to allow me to grow the card, I'm over it. My scores are around 700 but whatever scoring model they use for CLI has me at 648. I just refuse to keep a $400 limit card in my arsenal, when my scores have improved since opening said card. Should be rewarded, not denied CLI. 

Message 14 of 19
Anonymous
Not applicable

Re: Damage closing a young card?

Agreed, that is nonsense 

Message 15 of 19
DONZI
Established Contributor

Re: Damage closing a young card?


@Anonymous wrote:

I recently was denied by amex, after being preaporoved for the platinum, etc...

 

One of the reasons given was that the available credit on my smallest card was to low.

 

My smallest card is a sock drawered $200 secured cap one.

 

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you. 


Interesting. Seems like an awfully simplistic evaluation to even include that reason.

Something change?  IIRC there are 1MM club who have never pruned token limit cards.

 

Recon seems in order IMO.

2014 credit2020 credit2021 credit2023 credit
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[2020-12-09]=[EQ8|786]-[TU8|746]-[EX8|772] .... gardening until I can't (again).
[2023-10-01]=[EQ8|797]-[TU8|776]-[EX8|775]
Message 16 of 19
moto4man
Regular Contributor

Re: Damage closing a young card?


@Anonymous wrote:

I recently was denied by amex, after being preaporoved for the platinum, etc...

 

One of the reasons given was that the available credit on my smallest card was to low.

 

My smallest card is a sock drawered $200 secured cap one.

 

I haven't closed it yet, as i was going to give it to my son for emergency gas money, etc, but contrary to common opinion it seems under the right circumstances leaving small starter cards open may in fact hurt you. 


Have you checked their "offers" to see if they will graduate that card and send your money back?

Starting Score: 547EX
Current Score: 694EX 689EQ 696TU
Goal Score: 750


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Message 17 of 19
SouthJamaica
Mega Contributor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

I'm wanting to close my Capital One Platium card that I opened Nov 2020.  Since it's not even a year old, would there be any damage besides giving Apple the same reason to deny me a card? (Tongue in cheek, looking at you Goldman.) Points wise any damage? Would this effect CLI with Navy? I've always regretted getting this card and the way Kohl's/Capital One have treated me, I'm just over Capital One.. I also haven't used the card since March.. 


Since it wouldn't affect your utilization, there's no point loss in closing it. Since you've always regretted getting it, why not get rid of it.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 18 of 19
SouthJamaica
Mega Contributor

Re: Damage closing a young card?


@Rottweilerlvr wrote:

I just closed this card. With Capital One refusing to allow me to grow the card, I'm over it. My scores are around 700 but whatever scoring model they use for CLI has me at 648. I just refuse to keep a $400 limit card in my arsenal, when my scores have improved since opening said card. Should be rewarded, not denied CLI. 


Good. Maybe you can ask the moderators to close this 7 month old thread. So I don't keep responding to it Smiley Happy


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 19 of 19
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