this post was submitted on 26 Mar 2025
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I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don't accept that card and you have to pay for it yearly so I canceled it.

Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.

Don't leave yet and please don't make fun of me but I'm not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.

Again I know I'm fucking stupid but how bad did I just fuck up my credit?

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[–] [email protected] 10 points 1 week ago

You most likely have a number of credit inquiries on your account now. The bad news is that it hurts your credit score. The good news is that they go away over the course of a few years to five years. I'd do a lot of research before getting another card. Get a basic one. I use mine for modest purchases like groceries. Credit cards also benefit from purchase protection, and serious tradeoffs like Rewards, which come from transaction fees (which in turn tend to raise prices on all goods that accept credit cards. There's no such thing as a free lunch).

You shouldn't be maxing your credit anyways, so 5k should be fine. Pay it off every month, the interest rate is insanely high if you fall behind. It's better to get a loan from a bank for massive purchases.

Ps- I wouldn't get a card that has annual charges, unless you are doing like, a shitload of foreign transactions whose transaction fees exceed the cost of the annual CC fee. Usually this doesn't pencil out unless you are Canadian and there's an American Costco a 25 minute drive from your place near the border.

[–] [email protected] 9 points 1 week ago

find one that has no fees. pay it off every month. it doesn't matter what your credit limit is

[–] [email protected] 9 points 1 week ago (4 children)

Opening and closing a new accounts has literally no effect on your credit score.
The credit agencies pulling your report has a pretty minimal and very short lived.
Your score was an 830. I'll be surprised if it dips below 800. And that is still exceptional.

Unless you have an immediate need to get a really good interest rate, you should not lose any sleep over this.

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[–] [email protected] 7 points 1 week ago

If you really want to spend lots of money to reap the rewards from the credit cards, you can prepay them, so that your balance will be negative. You'll also be seen as having "low revolving utilization."

The downside is you need the money upfront of course, money that could've been being invested.

[–] [email protected] 7 points 1 week ago (1 children)

You're financially ruined.

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[–] [email protected] 7 points 1 week ago

Why would you ever think that dealing with Wells Fargo was going to be in your best interest?

[–] [email protected] 6 points 1 week ago (1 children)

Hard inquiries stay on your report for 2 years but stop impacting your credit after a year

It’s not a huge deal unless you’re planning to buy a car or a house or something relatively soon

You can dispute them but they were all legitimate so you might as well just wait, it’s not that long. Your score was excellent so unless you incur a ton of debt It shouldnt go down all that much. And again, unless you’re planning to do something that is contingent on your credit within the next year or two it doesnt really matter

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[–] [email protected] 6 points 1 week ago (7 children)

How much limit do you need exactly? Also, why did you sign up for AmEx?

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[–] [email protected] 5 points 1 week ago (3 children)

I mean, pretty hard to tell since I don't work for a reporting agency, but that many credit pulls and cancellations close together, along with the rapid increase and decrease in available credit, plus multiple closed accounts isn't going to do you any favors.

Do any of your current cards have a credit score option on them? Will be interesting to see how that changes.

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[–] [email protected] 5 points 1 week ago* (last edited 1 week ago) (1 children)

The amount this matters in relation to your 830 score is likely going to be negligible. Are you making a large purchase via a line of credit anytime soon that would rely on a stellar credit report? If that answer is no, fuck it, go make some more mistakes you earned it

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[–] [email protected] 3 points 1 week ago (2 children)

I cancelled a credit card in 8 yrs. Is that bad for my credit score? (Serious)

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