Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Borninnyc

2 Contributions
0 People Helped
Closed new c.c. account
Hi everyone...I opened a new capital one card and got a $10k limit. I then realized that I already have some balances on other cards. I really did not want to dig deeper in debt so I ended up closing the account that same day. Yes I know I should have kept it opened but it was for my own good. Is this going to hurt my credit score negatively since I opened and closed it already? All my credit cards are being paid, 2 car leases and student loans are being paid. I have no late payments whatsoever.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3672 People Helped

You will take a hit on your score.

your report will show a hard inquiry as well as the opened account. It may also show the account as closed.  The fact that you closed it won't have a big impact on your score overall but it will for a couple of months.  

You say that you closed it for your own good.  That may be the most honest answer i've seen here.  But the fact remains that you want to build up your available credit, Some say you should have an amount of available credit equal to a years income. You will need it if you ever want to see your scores in the upper levels.   having more credit doesn't you will have more debt. Fact is you never want to charge more than 30% of the credit limit to any card to keep your credit scores high.

I veiw all my cards as having a limit of 1/10th of the actual limit.  I write it on the card with a sharpy so i never forget. Thats the most i will charge on any of my cards except in an emergency or a planned large purchase.

keep making your payments.  Learn to ristricted your use of the cards so that you  don't over spend and you should be ok. 

Good luck

Reply by
Borninnyc

2 Contributions
0 People Helped

I've been good with my cards...right now my credit debt is $3600/$10,000 across 3 cards. I owe most to Chase Freedom since I used it for a down payment for my new car lease so that's why it went up so much. Usually i only used like 10% or my available credit so i had around $9,000 available across the 3 cards. My score went from 755 to 728 because of my debt going up but I'm sending big payments to Chase so by next month or so I should be good. Thank you:)

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.