Approved for a Circuit City card with a $4000 limit!

[BKSinAZ]

I was jusat approved for a Circuit City card with a $4000 limit!, however the bad news is that the interest rate is 19.9% and they did not tell me that till after I was approved. I did not buy anything with it and I am thinking of calling them back up and telling them they can shove it.

What do you all think? Will it hurt my credit score if I close it too fast?

I definatly will look into GM or Corvette instead as I've read that they might have a 9.9 percent interest rate.

[pjwife27]

it won't hurt your score if you close it right now. The only thing that will make your score drop a few points is the inquiry from them.

That is a pretty hefty interest rate though. I'd call them and see what they can do about it. I got the UP at 9.99 and my scores are way lower than yours!

[cabledude]

If your looking for a good TL on your report keep it and buy something cheap and pay it off every month. Did they give you a grace period? If so I'd use it to your advantage if you need a good TL.

[wert]

I wouldn't close it.

Take the card and throw it in a drawer. Just because you have it doesn't mean you have to use it. Thats a nice limit. Let time add to the account and enjoy the point addition.

[Ravenous Wolf]

BK, the damage is already done.

You will make it worse if you close it.

Right now, it really depends on how many new accounts and inquiries you have on your credit report.

Too many new accounts (revolving ones) and too many inquiries trigger flags in the scoring models. Like you are hungry for more credit.

If that is the only new account or inquiry in the past 12 months, then you are fine.