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Can you decline a credit card after being approved?

Established Member

Re: Can you decline a credit card after being approved?


FinStar wrote:

maddox74 wrote:

I've got a Chase card reporting on my account as open for 8 months that I applied for then declined to use because of the rate/limit.  I am going to try to get them to remove the TL, as it's affecting my AAoA, but the fact that I didn't ever accept/activate/use the card didn't stop them from reporting it to the CRA's.


As Lexie mentioned previously, and if your read the fine print (which is quite large if you ask me), clicking submit (and checking the box) indicates your acceptance of the T&C.  Therefore, that is a binding agreement.  You can close it if you don't want it down the road but that doesn't mean the lender is obliged to remove it.  It doesn't matter if you don't activate the card and don't use it.


I was just a little bummed that applying to see what I qualify for, then instantly calling to decline after getting a response with the rate and limit, they not only still report the line, but leave it open for 8 months. I'm sure it is legal and is covered by the T&C, it just seems illogical that someone has to commit to a contract before they are able to even know the terms of the contract (CL and rate).  Kinda like the 'pass it and we'll show you what is in the bill' phrase from goverment (not to get political ha).

Message 11 of 16
Senior Contributor

Re: Can you decline a credit card after being approved?


maddox74 wrote:

FinStar wrote:

maddox74 wrote:

I've got a Chase card reporting on my account as open for 8 months that I applied for then declined to use because of the rate/limit.  I am going to try to get them to remove the TL, as it's affecting my AAoA, but the fact that I didn't ever accept/activate/use the card didn't stop them from reporting it to the CRA's.


As Lexie mentioned previously, and if your read the fine print (which is quite large if you ask me), clicking submit (and checking the box) indicates your acceptance of the T&C.  Therefore, that is a binding agreement.  You can close it if you don't want it down the road but that doesn't mean the lender is obliged to remove it.  It doesn't matter if you don't activate the card and don't use it.


I was just a little bummed that applying to see what I qualify for, then instantly calling to decline after getting a response with the rate and limit, they not only still report the line, but leave it open for 8 months. I'm sure it is legal and is covered by the T&C, it just seems illogical that someone has to commit to a contract before they are able to even know the terms of the contract (CL and rate).  Kinda like the 'pass it and we'll show you what is in the bill' phrase from goverment (not to get political ha).


Totally understandable.  That's why it's best to do the research beforehand (and guidance from this forum generally helps you gauge things a bit) and kind of evaluate your individual goals/profile, CR information and any items that would be relevant for getting the best terms if approved.  When it comes to credit, you have to ask yourself, do I need the CC?  Is the lender known to be laxed or conservative?  Do I qualify for the best terms?  Are there any items on my CR along with my income that may prevent me from getting the best CL?, etc.

Message 12 of 16
Super Contributor

Re: Can you decline a credit card after being approved?


FinStar wrote:

maddox74 wrote:

I've got a Chase card reporting on my account as open for 8 months that I applied for then declined to use because of the rate/limit.  I am going to try to get them to remove the TL, as it's affecting my AAoA, but the fact that I didn't ever accept/activate/use the card didn't stop them from reporting it to the CRA's.


As Lexie mentioned previously, and if your read the fine print (which is quite large if you ask me), clicking submit (and checking the box) indicates your acceptance of the T&C.  Therefore, that is a binding agreement.  You can close it if you don't want it down the road but that doesn't mean the lender is obliged to remove it.  It doesn't matter if you don't activate the card and don't use it.


+2.

Generally, the only situation where a lender is willing to remove the account from CR entirely is when the account is fraudulently opened.

 

Some lenders may be nice about deleting / preventing the account from reporting onto a customer's CR, but like Lexie and Finstar said, it is the exception to the rule. When I contacted Chase about 3 years ago about wanting to close my Amazon account, a rep told me that it could be done and the account will not report onto my CR as long as the account closure is done within 30 days of account opening. I don't know if it's the typical "I don't know the correct info but I'm going to feed him whatever info I think is right" speech by a lot of the subpar CSRs, or if that policy was indeed true. I eventually opted to keep my account open and it was a good decision.

 

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 13 of 16
New Contributor

Re: Can you decline a credit card after being approved?

I agree with the idea that it's kind of strange that you cannot decline a credit card account after you have applied for it and they have come back at you with an 'offer' Like shopping for mortgages, you may only want to settle for one credit card that offers you the best rate/CL. 


Chase Freedom Visa: 11/2009, $4,700 CL
Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
U.S. Bank Cash+ Visa Signature: 11/2013, $15,700 CL
Message 14 of 16
Senior Contributor

Re: Can you decline a credit card after being approved?


maddox74 wrote:

it just seems illogical that someone has to commit to a contract before they are able to even know the terms of the contract (CL and rate). 


Logic really doesn't have anything to do with a lot of things, unfortunately, thought it might make a bit more sense if you view the matter from the perspective of the creditors versus the consumers.  While I agree, it is what it is and everyone's stuck with playing the exact same game.  We all have the same tools available to use to research and should look at our own credit and experience to get an idea of what to expect when applying.

Message 15 of 16
Contributor

Re: Can you decline a credit card after being approved?

I applied for a Paypal Extras MC back in April, submitted and all, but felt that I made a mistake and didn't need the CC afterall.  I called the next day to have the card cancel or to stop the application from going through.  They were nice enough to cancel everything for me and the only thing that showed up on my CR is a hard pull by TU.

Message 16 of 16