I have begun the task of repairing my credit. I had applied for this card a few weeks back and just received it in the mail. After reading the info on it and how they have a fee for every conceivable thing, I cut it up and sent it back. My fico is 598 now but I have 6 student loans coming out of default this month because they have been rehabilitated. Hopefully I will be able to find a decent card in the near future. I still have a citibank with a 2200 limit that i have had since before my credit got messed so I will keep using that for now. Was this the right decision to make?
You applied and were approved, so it is going to show up on your reports. Opening and then closing an acct in a short period of time can actually hurt your score. You may even still owe some fees at this point, but I don't know for sure.