I screwed up I think

Tinkerbell319 · ‎10-29-2019

Well I got approved for a Quicksilver Cap One I came here with the good news. Well I thought it over, I cancelled the card and decided not to go with it. Simply because I’m trying to get a personal loan from my credit union and I just didn’t want this new card to mess up my credit age

So I cancelled it, now I’m worried this still will report to my report as a closed account and knock my credit score down.

KELSTAR · ‎10-29-2019

It will report for 10 years.

If you like the benefits of the card, call CAP1 and ask to have it reinstated.

Good luck!

Signature as of 10/01/21. Clean file. MYFICO 3B. I live in Green Bay, Wisconsin for those tracking what credit bureau is pulled by location.
FICO 8 EQ=796 TU=799 EX=801
FICO 9 EQ=816 TU=816 EX=813
MORTGAGE SCORES EQ=773 TU=782 EX=787
AAoA=4Y3M AoOA=11Y4M AoYA=5M
VANTAGE SCORES EQ=825 TU=813 EX=813
BUSINESS CREDIT SCORES. Formed LLC 6/1/18. YEARLY SALES=3M
EXPERIAN BUSINESS CREDIT SCORE=77 EXPERIAN FINANCIAL STABILITY RISK RATING=1 SMALL BUSINESS SCORE SERVICE SCORE=210 D+B=80
HARD PULLS last 12 months EQ=1 TU=1 EX=1 Three new accounts reporting.
HARD PULLS last 24 months EQ=1 TU=2 EX=2 Four new accounts reporting.
INCOME=$290k as of 10/01/21 for income stated on applications. DTI=2.5% Business sales 300k monthly.
MAIN BUSINESS and PERSONAL BANKING=CHASE
MORTGAGE=800K 03/21 2.25%
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE.

OPEN PERSONAL ACCOUNTS/OPEN DATE
DISCOVER=34k 10/17 CITI COSTCO VISA=16k 06/18 US BANK CASH+=7k 06/18 PENFED PLATINUM REWARDS=10k 07/18 CHASE FREEDOM=10k 07/19 CHASE SAPPHIRE RESERVE=14.1k 09/20 AMEX PLATINUM= NPSL 04/21 AMEX HILTON SURPASS=10k 05/21

OPEN BUSINESS ACCOUNTS/OPEN DATE
CHASE INK CASH=10k 07/18 AMEX MARRIOT BONVOY=10k 02/19 CHASE INK UNLIMITED=10k 09/19 US BANK BUSINESS CASH=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15k 11/19 AMEX BLUE BUSINESS PLUS=35k 02/20 CHASE INK PREFERRED=50k 07/20 AMEX BUSINESS GOLD=NPSL 09/20 AMEX BUSINESS PLATINUM=NPSL 05/21 CHASE BUSINESS LINE OF CREDIT= 225k 09/21

AllZero · ‎10-29-2019

If you want the card, call back and see if they can reopen.

Once approved, new account will show up on your credit report in 30-60 days, regardless if open or closed. Thus, lowering your AoYA, AAoA.

Your triple inquiry will show up immediately.

Not knowing your profile, unable to answer the score situation.

KELSTAR · ‎10-29-2019

Also, your new account shouldn't post for a bit.

It would be time to get that line of credit from your credit union now before it reports.

Signature as of 10/01/21. Clean file. MYFICO 3B. I live in Green Bay, Wisconsin for those tracking what credit bureau is pulled by location.
FICO 8 EQ=796 TU=799 EX=801
FICO 9 EQ=816 TU=816 EX=813
MORTGAGE SCORES EQ=773 TU=782 EX=787
AAoA=4Y3M AoOA=11Y4M AoYA=5M
VANTAGE SCORES EQ=825 TU=813 EX=813
BUSINESS CREDIT SCORES. Formed LLC 6/1/18. YEARLY SALES=3M
EXPERIAN BUSINESS CREDIT SCORE=77 EXPERIAN FINANCIAL STABILITY RISK RATING=1 SMALL BUSINESS SCORE SERVICE SCORE=210 D+B=80
HARD PULLS last 12 months EQ=1 TU=1 EX=1 Three new accounts reporting.
HARD PULLS last 24 months EQ=1 TU=2 EX=2 Four new accounts reporting.
INCOME=$290k as of 10/01/21 for income stated on applications. DTI=2.5% Business sales 300k monthly.
MAIN BUSINESS and PERSONAL BANKING=CHASE
MORTGAGE=800K 03/21 2.25%
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE.

OPEN PERSONAL ACCOUNTS/OPEN DATE
DISCOVER=34k 10/17 CITI COSTCO VISA=16k 06/18 US BANK CASH+=7k 06/18 PENFED PLATINUM REWARDS=10k 07/18 CHASE FREEDOM=10k 07/19 CHASE SAPPHIRE RESERVE=14.1k 09/20 AMEX PLATINUM= NPSL 04/21 AMEX HILTON SURPASS=10k 05/21

OPEN BUSINESS ACCOUNTS/OPEN DATE
CHASE INK CASH=10k 07/18 AMEX MARRIOT BONVOY=10k 02/19 CHASE INK UNLIMITED=10k 09/19 US BANK BUSINESS CASH=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15k 11/19 AMEX BLUE BUSINESS PLUS=35k 02/20 CHASE INK PREFERRED=50k 07/20 AMEX BUSINESS GOLD=NPSL 09/20 AMEX BUSINESS PLATINUM=NPSL 05/21 CHASE BUSINESS LINE OF CREDIT= 225k 09/21

FireMedic1 · ‎10-30-2019

Here's to getting the card back. The card could have helped you build your profile. All the hits to your reports dont get cancelled because you cancelled the card. Please dont do this again. If you can get it back and still want to close it. Wait at least a year to do so.

SouthJamaica · ‎10-30-2019

@Tinkerbell319 wrote:
Well I got approved for a Quicksilver Cap One I came here with the good news. Well I thought it over, I cancelled the card and decided not to go with it. Simply because I’m trying to get a personal loan from my credit union and I just didn’t want this new card to mess up my credit age

So I cancelled it, now I’m worried this still will report to my report as a closed account and knock my credit score down.

Closing it won't help. Sorry.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

SEG-fenced credit union Platinum Visa 10500

Comenity AAA Travel Advantage Visa $6200

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Girlzilla88 · ‎10-30-2019

If anything it may hurt more than help I agree I would try to open it back up and quickly and I do second if you are shooting for the loan do it now before things report (hopefully after you get the card back open)

(12/2018 REFI) 2017 Chevy Malibu -Ga's Own CU 60 months @ 3.49%

Y2K Home -PennyMac FHA 30/yr @ 3.875% (05/2019)

Remedios · ‎10-30-2019

@Tinkerbell319 The account will report at least twice. Once it will be for opening and then closing.

There might be a scoring drop, but that's temporary. In time, you will regain your points.

On a positive side, you've learned something new. It's not the end of the world, and sky wont fall.

You'll be fine. If nothing else, it will stay on your credit report for a while, and help with AAoA as you open new accounts later because it will age just like any open account (minus the points for account aging)

Dont be too hard on yourself

Anonymous · ‎11-18-2019

I agree with most, get it reinsateted, that credit line will do nothing but look better in your favor. Showing more credit available lowering any utilization of any other cards/credit and balances you may or may not owe, can only benifit you, outside of maybe an inquiry which is not a big deal. Best of luck