Originally Posted by Brugge

I sure hope your grad degree is not in accounting. Here is why closing a personal card WOULD negatively affect your credit, and greatly reduce your chances of being approved at the Recon call:

There is only a certain amount of credit Citibank is willing to give you, and since your current credit limit is well in excess of your current income, there is a very good chance you are at that limit right now. When you cancel a Citi personal card, Citi does not put that credit in a bank account waiting for your next application. Instead, they put it in a safe deposit box with a time release lock that will not let it be used again for @ 3 to 6 months.

During that time, as far as Citi is concerned, you still have that credit with them, even though you can no longer access it, and so they will not issue any more. That is why you should move as much of a credit line from an old card to a new one as the bank will allow before cancelling the old card. Otherwise it goes down the rabbit hole, not to be seen again for quite some time.