04-28-2009 04:46 PM
Almost two weeks ago, I applied for 4 credit cards are was approved for all:
Discover Student Card
Bank of America Student Card
State Farm Student Card
I am really regretting getting the Hooters card (and on the fence about the State Farm card) I also have a Ciitbank Student Visa.
What is the best way to handle the Hooters card?
I checked my EQ Fico score a couple of days ago... 16 point drop and TU was a 14 point drop. (I expected the drop, not worried because time will bring my scores back up and I do plan on applying for any new credit) but one of the negative factors was low credit limit. (Hooters) From what I have read, the Hooters card is not one that will grow with me. Another negative factor was that all of my accounts had a zero balance! (banging my head against the wall!)
I would like to get rid of this card but I have read that closing a card is not good.
Any advice on what I should is greatly appreciated!
04-28-2009 05:36 PM
04-28-2009 05:48 PM
04-28-2009 06:07 PM
Thanks Hauling and Hobojon,
No annual fee 14% APR (ouch!) I called Merrick bank when after I found out I was approved and asked for a CLI and was told that I would have to wait 6 months I don't need the card for utilization because I pay my balances in full each month and I do not have any negative marks on credit report.. Currently my utilization is 0% which I recently found out is lowering my credit score! I think I will give it 6 months and see what they offer for a CLI.
04-29-2009 06:30 AM - edited 04-29-2009 06:31 AM
04-29-2009 10:44 AM
04-29-2009 11:33 AM
doesn't matter- even if you didn't activate would most likely still report to the bureaus.
I already activated the card! I wish I had posted before! UUGGGHHH!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.