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Unhurried

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Received card with very low credit limit: can I minimize negative impact to credit score?
Hello all,

I have a high balance-to-limit ratio, and I recently opened some new accounts to transfer the balances to lower interest cards.

One of the cards was approved with a credit limit of only $250. This impacted my credit score by lowering the average age of my accounts while barely increasing the overall limit of all of my cards combined. If I had known that I would have been approved at such a low limit, I would not have accepted the offer.

Is there a way to minimize the negative impact to my credit score? I called the credit card company about closing the account, and they said that as long as I have never used the card, closing the account would not reduce my score, although it would still show on my credit history.

I've also thought about asking them to increase the credit limit on the card, but of course that puts a hard inquiry on my credit history.

Does anybody have any thoughts or advice about the best way to proceed?

Thank you!

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Opening multiple new cards

When you have high balances always results in new cards with low limits.  It's that high balance that does it.  Credit is easy to get when you don't owe a lot.

Closing that new account, It will only hurt you in the long run with a hard inquiry and no rise in your available credit.   Instead wait until your overall utilization is below 30% and then ask the credit card companys to raise your limits

Good luck

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