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Emmers86

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Opening and closing a card within first week
I opened a credit card yesterday and then found out that itd be better to upgrade one of the cards I already have been a member with for years. The credit limit from this new card is $10,000 which I do not need. How much would this hurt my credit score if I were to cancel the new capitol one card within the first week? I didnt receive the physical card yet but the account is open.

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Your score aren't going to hurt from you close your new account, it would be from inquiries, Cap1 do pull from all 3 bureaus and new account... Not sure which one you applied and which on you want, but you probably can ask Cap1 to product change it to the card you want, or leave it open and apply the one you want, wait six months and combining them to have much larger CL and avoid annual fees if the one you don't want have annual fee.

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Don't cancel!

You don't need $10,000 in available credit?  BALONEY!!  Everyone needs to have as much credit as they qualify for and needs to keep their credit profile good.  I was surprised (shocked) when I was granted $12,500 on a card when I consolidated my credit cards.  I don't use anywhere near that much credit but it is there, available and has increased over time.

Being granted credit shows trust that has been proven by your payment record and the more you have, the more likely you will be able to get lower interest rates on loans and cards as time passes.  I just qualified for a low interest loan for a new car which is something that was totally out of reach 10 years ago.

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