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The other day I applied for 2 credit cards: CapitolOne and CreditOne.
I first applied for CapitolOne to try to avoice the annual fee, but beleived it was kind of a long shot. When I didn't hear anything back, I applied for CreditOne just so I could start re-building my credit (7 to 700 plan) either way. Well... I just got an email from CapitolOne that I've been approved... so I have 2 cards in the mail.
I'd rather use CapitolOne, but since I was approved I'm pretty sure I already have the $45 annual Fee applied to the CreditOne account.
What should I do? I know the account is open wether I activate the card or not, but is it bad to close a new account? Should I close one account, or would it be more beneficial to keep both cards and use them for gas?
HELP!
@Anonymous wrote:The other day I applied for 2 credit cards: CapitolOne and CreditOne.
I first applied for CapitolOne to try to avoice the annual fee, but beleived it was kind of a long shot. When I didn't hear anything back, I applied for CreditOne just so I could start re-building my credit (7 to 700 plan) either way. Well... I just got an email from CapitolOne that I've been approved... so I have 2 cards in the mail.
I'd rather use CapitolOne, but since I was approved I'm pretty sure I already have the $45 annual Fee applied to the CreditOne account.
What should I do? I know the account is open wether I activate the card or not, but is it bad to close a new account? Should I close one account, or would it be more beneficial to keep both cards and use them for gas?HELP!
It's ok to close the Credit One account.
Just call before you activate it and see if they can cancel it before it reports to your credit and explain the annual fee and limit are not valuable to you. I did that with my credit one card, they tried to send me a second card, and I asked for proof it wouldnt be put on my report.
@jrmalvarez wrote:Just call before you activate it and see if they can cancel it before it reports to your credit and explain the annual fee and limit are not valuable to you. I did that with my credit one card, they tried to send me a second card, and I asked for proof it wouldnt be put on my report.
Do you recall if they still made you pay the Annual fee? I'll definitely call them and see what they can do. I could try to call them even before my card gets here.
Did you have any issues with CreditOne after that?
I cancelled when I received the card without activating. I didn't have to pay anything (no AF) and it is not reporting on any of my credit reports. The only evidence of credit one is the inquiry on Experian.
You have 30 days after they take out annual fee to cancel and they have to refund the fee.
I did not have to pay the annual fee, it was waived.