@Chris92881 wrote:I've had a secured Citi Bank card for a few years now while I've been working on building up my credit. During that time I've managed to raise my credit score by around 250 points or so. Tonight I was browsing new card options on their app and decided to apply for a Rewards+ card. I was approved and the card should arrive in about a week. However, I've decided to opt for a Chase Freedom Unlimited card instead. I called Citi Bank to ask if they could cancel it, but they said I'd need to wait till the card arrived then call Customer Service to see what they could do. The Rewards+ card has no annual fee. So I could definitely just throw it in a drawer and forget about it. But would just cancelling the card once it arrives put a big dent in my credit score or have any unforseen future consequences? I appreciate any help offered.
By taking the hard pull and opening up a new account, the damage to your credit score is already done; closing it or keeping it will make no difference in the short term.
Canceled or not, a HP and a new account will still report, so you might was well keep open and hit the sign up bonus and apply for the Chase Card later on.
If you are under 5/24 app for Chase too, let them both age and down the road you may want to PC your Citi card to something else!
@Chris92881 wrote:I've had a secured Citi Bank card for a few years now while I've been working on building up my credit. During that time I've managed to raise my credit score by around 250 points or so. Tonight I was browsing new card options on their app and decided to apply for a Rewards+ card. I was approved and the card should arrive in about a week. However, I've decided to opt for a Chase Freedom Unlimited card instead. I called Citi Bank to ask if they could cancel it, but they said I'd need to wait till the card arrived then call Customer Service to see what they could do. The Rewards+ card has no annual fee. So I could definitely just throw it in a drawer and forget about it. But would just cancelling the card once it arrives put a big dent in my credit score or have any unforseen future consequences? I appreciate any help offered.
There would be no point in closing the account at this stage. It won't hurt you. And it won't help you. So you might as well just keep it.
As others have said, the hit to your credit report is done; no reason to close it.
@Chris92881 wrote:I've had a secured Citi Bank card for a few years now while I've been working on building up my credit. During that time I've managed to raise my credit score by around 250 points or so. Tonight I was browsing new card options on their app and decided to apply for a Rewards+ card. I was approved and the card should arrive in about a week. However, I've decided to opt for a Chase Freedom Unlimited card instead. I called Citi Bank to ask if they could cancel it, but they said I'd need to wait till the card arrived then call Customer Service to see what they could do. The Rewards+ card has no annual fee. So I could definitely just throw it in a drawer and forget about it. But would just cancelling the card once it arrives put a big dent in my credit score or have any unforseen future consequences? I appreciate any help offered.
Get the SUB on the rewards+ card at least...Also the card has some perks and can be combined with other citi cards to give you a "multiplier" of sorts on your cashback/points. Don't count it out.
3/3/24