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Member
Posts: 10
Registered: ‎12-17-2010
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Approved, but don't want it - how to cancel?

I got approved for a Capitol One credit card, but the interest rate is 24%. No way I'm using that. If I don't activate the card will it be as if I've never gotten the card, or will I have to take a hit on my credit score by canceling? Do I have a time limit to cancel before it effects me? Just applied today.

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Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: Approved, but don't want it - how to cancel?

you already took the hit for the inquiry, may as well keep the card.  i hate hearing this all the time, but if you pay in full, you don't have to worry about the interest rate.  i know it's not always possible, which is why i'm reluctant to give that advice myself.  just use the card for a few months, & then just bug them every month to drop your rate.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Contributor
Posts: 75
Registered: ‎12-08-2010
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Re: Approved, but don't want it - how to cancel?

Well first off, as long as you pay off your balance each month the apr is irrelevant so don't make that your only reason, but once you app the account is open it will show as a tl on your report. No way ariound it.

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Member
Posts: 10
Registered: ‎12-17-2010
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Re: Approved, but don't want it - how to cancel?

Thanks guys! I thought it was 24% on all purchases. I hardly use credit cards anyway, and what I do use I pay off every month. It's more of a way to build credit than anything else. Stiil, I'm curious. What happens if I don't activate? Anything?

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Approved, but don't want it - how to cancel?

 


laz98 wrote:

you already took the hit for the inquiry, may as well keep the card.  i hate hearing this all the time, but if you pay in full, you don't have to worry about the interest rate.  i know it's not always possible, which is why i'm reluctant to give that advice myself.  just use the card for a few months, & then just bug them every month to drop your rate.


+1000 Laz

 

Regular Contributor
Posts: 187
Registered: ‎05-07-2010
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Re: Approved, but don't want it - how to cancel?

If you do nothing, they will activate the account.  Even if you don't activate the card, the account is active, so it will report on your credit.  (ask me how I know).

 

As a matter of law, you have a minimum grace period, where there is no interest.  Its about 23 days after the statement ends.  This grace peiod may not exist on cash advances though.  To pay if off, you can mail them a check, or if you use online bill payment from your bank account. 

 

From the sounds of it, you have little credit history.  If so, keep the credit card open, build your history, and lower APR's will follow.  (when you apply for better credit cards, not from that capital one card)

Established Contributor
Posts: 620
Registered: ‎08-14-2010
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Re: Approved, but don't want it - how to cancel?

Did you notice the apr before you applied?

 

I would keep the account open, since you already made an inquiry.

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Member
Posts: 10
Registered: ‎12-17-2010
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Re: Approved, but don't want it - how to cancel?

I did, but I didn't think they would give me the highest one. My Equifax score is 686

Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
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Re: Approved, but don't want it - how to cancel?


Daymon74 wrote:

I did, but I didn't think they would give me the highest one. My Equifax score is 686


You did apply even you saw their APR is high as 24% .... don't never ever assume ccc will not give you highest APR to you.   Is it FICO EQ  score?

No AF right?  I agree with everyone.  Keep your Cap 1 card and maintain it. 

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Member
Posts: 10
Registered: ‎12-17-2010
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Re: Approved, but don't want it - how to cancel?

Yes, that's a fico score (from here). At the time I applied my EQ Fico was 686. As of today my TU Fico is 668 (post inquiry). The facos were a bit higher, but only slightly. Thanks for all the help, and advice guys. It does appear it's best to keep this card, and pester them after awhile to drop my rates Smiley Happy

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