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I have a Capital One product that I've on had for less than 30 days that I don't think I'm going to be happy with. My question is:
1. If I qualify for a new product will I get the reporting history from the original product?
2. Sock drawer the card and only use it once every three months?
3. Cancel the card immediately or wait 6 - 12 months?
Any suggestions or advice are welcomed......
1. Amex is the only company that backdates. Your Cap One card is going to stay on your report for 10 years after you close it. Any new Cap One card will be a new tradeline. It will not have the opening date of your original Cap One card.
2. Might as well. If it has no AF, you've already applied for it. Might as well leave it open.
3. There was some talk of being able to cancel cards without activating them and having them not report. I think it was part of the CARD Act, but I can never remember if that provision remained in the final act. You could search around for that. If you haven't activated the card, you may be able to cancel it and not have it report. Otherwise, see 2.
1. If I qualify for a new product will I get the reporting history from the original product? No. Cap1 does not backdate new accounts.
Before answering, can you share why you are unhappy only after 30 days ? Were you expecting a higher CL ? If there is no annual fee then why not go with option 2.
2. Sock drawer the card and only use it once every three months?
Does the card have terms that you do not like ? Were you expecting to receive a different product ?
3. Cancel the card immediately or wait 6 - 12 months?
Thanks for replying so soon.
@Pizzadude I was on a "non-thought-out app spree".
After continuously reading these forums, I seem to have made a little mistake. The APR is high and there is a annual fee. Not much I can do with the scores I have so I've decided to sock drawer the card and join the "December 2011 Gardening Club" next month. Thanks for the advice.
I hear ya on the annual fee, I try to avoid those whenever possible too.
I would hang in there and give it at least a year - perhaps you will get a CLI or two. Cap 1 does give out CLIs, although they are erratic and unpredicatble. Are you in their credit steps program ? If so then you will at least get 1 CLI out of it.