After re-applying i'm approved for the everyday card with $2500 line
and I haven't found out my APR yet. Did i screw up? How much of a hit is my credit going to take? I'm pissed that my credit line is $4000 less
Closing a card with a limit of $X doesn't mean that you'll be approved for $X on a new card. The limit you qualify for at a given point in time is based on your credit and income at that point in time. Your credit is not static. After you were approved for the Blue Cash (which one?) it changed you credit and that's why you qualified for a lower limit on the Everyday.
Going forward, carefully research before taking action. If you want to PC then you should have waited until you were eligible to PC instead of closing and reapplying. We can't tell you the exact impact but every new account reduces your AAoA and incurs a hard pull.
drmcstford wrote:i decide yes because i really want the everyday card for points.
Speaking of carefully researching first, make sure you're running the numbers for your spend on any rewards card that you're considering. For point/miles cards don't just look at the earn rates but also look at redemptions to determine how the redemption method(s) you intend to use will affect point/mile value. Also make sure you're considering total cost/benefit and not just deciding based on whether or not a card has an AF.
drmcstford wrote:Well my credit profile includes the BofA Cash back rewards 4k Disocover it 4k Carecredit 6.7k and Kohls 1k and now this Amex at 2.5k. I don't know if thats considered thin?? I would like to refinance my truck which is currently under my dads name and put it under mine early next year.
Credit profile is not the same thing as card lineup. Your credit profile and how it is assessed based on the typical relative weights of the standard factors is what you need to consider.http://www.myfico.com/crediteducation/w ... score.aspx
Your profile doesn't sound thin with that many cards and an auto loan. However, in addition to any other recent activity you just opened 2 new accounts. We can't say what sort of activity your credit profile supports but the decreasing limits should be taken as a sign IMO.
The good thing is that CLI's with AmEx are easy as long as your credit profile qualifies for one. Google and read up on "3x CLI". 60 days no longer seems to be enforced but the rest of the guide is still valid.