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Just wanted to know if anyone has apped and approved for card. But then decided to cancel the account almost right away.
How did the new TL report? Or not?
My plan is to app for new cards..and if the CL is too low will cancel the card right away.
Would banks take AA on people who app, get approved, then close within a month or 2?
Is that a concern? Your signature indicates it has been a while since you got any new cards. It would seem likely the CL should be reasonable.
Which cards are on your list? What is your current MyFICO?
If you don't activate the card, I'm not sure you've actually completed the application cycle. What you get in the mail with the card is a boatload of legal documents you are supposed to read through (including the proposed CL) before you decide to activate. If you agree to the contract, you can activate the card and begin using it. If you don't accept the terms of the contract, do not activate the card, and then write the bank a letter, mail it, refusing the terms of the contract. You can even send the card back. I don't see how the bank could report the card even issued at all in that scenario. My 2 cents.
@NRB525 wrote:Is that a concern? Your signature indicates it has been a while since you got any new cards. It would seem likely the CL should be reasonable.
Which cards are on your list? What is your current MyFICO?
If you don't activate the card, I'm not sure you've actually completed the application cycle. What you get in the mail with the card is a boatload of legal documents you are supposed to read through (including the proposed CL) before you decide to activate. If you agree to the contract, you can activate the card and begin using it. If you don't accept the terms of the contract, do not activate the card, and then write the bank a letter, mail it, refusing the terms of the contract. You can even send the card back. I don't see how the bank could report the card even issued at all in that scenario. My 2 cents.
Most credit apps online include the terms and agreement when you click submit. I would imagine and I could be wrong that the minute you click submit you will have accepted the terms of the card. As for activation of the card I dont have enough data to say one way or the other.
My ficos are now in the mid 700s. I have not apped in a short while but dont want to be stuck with puny CLs.
I have all my favorite cards now and any new card is as good as any new card for UTIL.
@Kenny wrote:
It will always report. And it tanks your AAoA.
Well then I must be an exception. I applied for and received my Chase Freedom card, but closed it before even activating it and moved the limit to my Marriott card, and the Freedom tradeline never reported.
@yfan wrote:
@Kenny wrote:
It will always report. And it tanks your AAoA.Well then I must be an exception. I applied for and received my Chase Freedom card, but closed it before even activating it and moved the limit to my Marriott card, and the Freedom tradeline never reported.
Definitely an unusual circumstance! Congrats!
@Fico2Go wrote:
@NRB525 wrote:Is that a concern? Your signature indicates it has been a while since you got any new cards. It would seem likely the CL should be reasonable.
Which cards are on your list? What is your current MyFICO?
If you don't activate the card, I'm not sure you've actually completed the application cycle. What you get in the mail with the card is a boatload of legal documents you are supposed to read through (including the proposed CL) before you decide to activate. If you agree to the contract, you can activate the card and begin using it. If you don't accept the terms of the contract, do not activate the card, and then write the bank a letter, mail it, refusing the terms of the contract. You can even send the card back. I don't see how the bank could report the card even issued at all in that scenario. My 2 cents.
Most credit apps online include the terms and agreement when you click submit. I would imagine and I could be wrong that the minute you click submit you will have accepted the terms of the card. As for activation of the card I dont have enough data to say one way or the other.
My ficos are now in the mid 700s. I have not apped in a short while but dont want to be stuck with puny CLs.
I have all my favorite cards now and any new card is as good as any new card for UTIL.
Yes, there are written terms and an "Are you sure you want to apply?" moment. But the negotiation is not complete when you click submit.
The bank then thinks about the application you submitted (anywhere from nanoseconds to 7-10 days, YMMV) and then if they decide to send you a credit card with paperwork, they have then made a firm commitment to offer a specific amount of credit on specific terms. We still aren't done.
Until you activate the card, a contract has not been completed, because you have not accepted the terms of the agreement. If their range of APR is 11.99 to 22.99, and they offer you 22.99 when you really wanted 11.99, there is no agreement, no meeting of the minds.
You still have the HP on your CR, but you have not accepted the terms, not taken out a CL yet.
Only the activation step completes the negotiation.
This is interesting info. My Barclays USAir card reported days before I ever received the card, and within 2-3 days from approval.
@msbia wrote:This is interesting info. My Barclays USAir card reported days before I ever received the card, and within 2-3 days from approval.
It reported you had an open CL of $x, or it reported the hard pull inquiry?