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Question By
CathyCham09

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New Credit account closing
I have a new credit card, applied for less then 10 days ago. I wanted to buy a $1200 TV but they only gave me $500 credit. I want to close the account back up, but wasn't sure if that would hurt my credit. I only have one other credit card that I don't use.

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Top Contributor
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You need to build credit

If you only got a $500 limit, that usually means that you don't have that much positive credit history or this is one of your first credit cards. You need to gain trust and use it for a year with no late payments and don't use more than 30% of your credit limit. I understand that it doesn't leave you with much more than a tank of gas and some groceries, but it is the best way to excellent credit. After about a year, you will probably be able to get your limit it doubled. Keep working at it and you will get to your goal. Technology (like HDTVs) gets cheaper every year.

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