I think I damaged my credit, need advice (2024)

@Suki_O45wrote:

Thank you so much for your reply, it's very reassuring. Chase has always given good service so I'll keep this card for a few years knowing I'll have the option of canceling and consolidating credit cards down the line. I could kick myself for being such an idiot that I didn't think to research deeper before singing up, a valuable lesson has been learned. Again, thank you so much for your help!

If you shop at Amazon and don't have a card giving you 5% cashback on Amazon that is more stupid to me than what you did. I don't even know why you are worried honestly. Chase doesn't care that you have 3 credit cards with them. You are worrying about something that don't need worrying about.

3/3/24

@Lou-naticwrote:

@Suki_O45wrote:

Thank you so much for your reply, it's very reassuring. Chase has always given good service so I'll keep this card for a few years knowing I'll have the option of canceling and consolidating credit cards down the line. I could kick myself for being such an idiot that I didn't think to research deeper before singing up, a valuable lesson has been learned. Again, thank you so much for your help!

If you shop at Amazon and don't have a card giving you 5% cashback on Amazon that is more stupid to me than what you did. I don't even know why you are worried honestly. Chase doesn't care that you have 3 credit cards with them. You are worrying about something that don't need worrying about.

Remember the 5% at Amazon (and Whole Foods) is if you have Prime. Otherwise 3%

@Suki_O45wrote:

My new Amazon card is $5000 limit and $18000 in 6 months.

@FicoMike0wrote:

You've gotten fine advice, your score is high enough you can afford a small drop and still have fantastic credit. I have two questions. Why did it concern you that your new card was with chase? When you said, "My new Amazon card is $5000 limit and $18000 in 6 months.", what does that mean?

@ptatohedwrote:

@FicoMike0wrote:

You've gotten fine advice, your score is high enough you can afford a small drop and still have fantastic credit. I have two questions. Why did it concern you that your new card was with chase? When you said, "My new Amazon card is $5000 limit and $18000 in 6 months.", what does that mean?

^^^^ Same 2 questions I wanted to ask!

What OP likely saw was a temporary limit and then a full limit when the card is physically recieved and activated.

so OP has access to a $5,000 limit digitally and access to the full limit of $18000 when they get and activate the card

0Kudos

*I have two questions. Why did it concern you that your new card was with chase? When you said, "My new Amazon card is $5000 limit and $18000 in 6 months.", what does that mean?

a) My father always used to tell my mother not to get too many credit cards with the same bank, and I've always remembered that.

b) When I received the confirmation email from Amazon Chase they said my credit limit was K5 initially and then it would increase to K18. Both of my other Chase cards have a limit of K20 each.

0Kudos

0Kudos

@Lou-naticwrote:

@Suki_O45wrote:

Thank you so much for your reply, it's very reassuring. Chase has always given good service so I'll keep this card for a few years knowing I'll have the option of canceling and consolidating credit cards down the line. I could kick myself for being such an idiot that I didn't think to research deeper before singing up, a valuable lesson has been learned. Again, thank you so much for your help!

If you shop at Amazon and don't have a card giving you 5% cashback on Amazon that is more stupid to me than what you did. I don't even know why you are worried honestly. Chase doesn't care that you have 3 credit cards with them. You are worrying about something that don't need worrying about.

LOL, THAT is true, I never thought about it like that before.

0Kudos

I have 3 with Chase - Marriot - United - Amazon

each has their own purpose

no, you don't want too many eggs in one basket - but if the basket is Chase, that is a hell of a lot better than Sync or Comenity

you should have zero issues with your score or with having 3 CC with Chase

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k

0Kudos

@Suki_O45wrote:

(I've laid out dates here, don't know if it makes a difference)

Myfico score is 835.

I have 3 credit cards, all over 16 years old, never late on a payment and all paid up each month. 1 BankOfAmerica, 2 Chase. We have our house and cars paid off in full 12 years ago, and live quite frugally.

Here's where I made a mistake: 2 days ago I wanted to order a rare book on my Amazon account and a screen popped up saying I could save $60 on it if I applied for an Amazon credit card. I have not applied for a new credit card in around 16 years and thought it wouldn't hurt if I applied for Amazon as I use it all the time. I was accepted online within 5 minutes and all seemed ok until I went through the fine print today and discovered that it was a CHASE card. I already have 2 Chase cards and don't want a third. My new Amazon card is $5000 limit and $18000 in 6 months. I don't want them to think I tried scamming them to get a book with $60 off so my question is this:

Can I return the book (I'd rather purchase it and pay full price) and cancel this Chase Amazon card within 7 days or is it going to affect myfico score badly? I know It IS my fault for not realizing that it's a Chase card and I accept repsonsibility for it. I have zero big purchases in the future but I'm concerned about my score taking a bad hit.

Any advice would be appreciated.

1. No you can't change anything by cancelling the card.

2. Your score will take a modest hit, which will go away in short order.

3. Don't fret; it's a great card. Just keep it and enjoy it.

Total revolving limits 657200 (536700 reporting) FICO 8: EQ 706 TU 710 EX 715