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Regular Contributor
Posts: 106
Registered: ‎05-15-2008
0

Card activated and closed in same month, is this bad?

I'm sure this ? been asked , but I can't find it.

I recently app'd for Discover More online, was denied, and then offered the HSBC Direct Rewards Discover. I went ahead and accepted because I didn't want to waste the inq. I hadn't done research on that card yet, so I didn't know what the card was or even that it was thru HSBC. I thought it was something like the BoA 99/500 card that I would eventually be able to graduate to a Discover More. When I got the offer online, I got really nearvous and didn't want to loose the offer if it was a good deal......(I stupidly did that with the 99/500 card before if found this site and realized that its actually a pretty sweet deal...)

Anyway, once I read the terms and found out the limit, I no longer wanted it. I called to cancel right away, but they said it was already open and they would HAVE to report it to the CRA's. When I pulled my reports today, it was there as a new account, but closed by consumer.

Is this bad for my score? Does it look bad if I want to app for another card soon? Is there a way to get it off my CR's?

PS- I did end up getting the Disc More Card about 2weeks later with NO hard inq!!! Yeah!!!
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Frequent Contributor
Posts: 258
Registered: ‎06-03-2008
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Re: Card activated and closed in same month, is this bad?

ferferhess wrote:

Anyway, once I read the terms and found out the limit, I no longer wanted it. I called to cancel right away, but they said it was already open and they would HAVE to report it to the CRA's. When I pulled my reports today, it was there as a new account, but closed by consumer.

Is this bad for my score? Does it look bad if I want to app for another card soon? Is there a way to get it off my CR's?


If you are checking your credit report, can't you see your score...did it stay the same or go up or down?

I wouldn't worry about your score if you're getting the Discover card. They are a finicky bunch and if you qualified with them. . . .

I don't think it looks bad as long as it says "closed by consumer"...."closed by grantor" though....that's a different tune.
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Card activated and closed in same month, is this bad?

How it's closed doesn't affect your score. It might affect on manual review, but closed by consumer is fine.

The bad news is that you are stuck with this account, even if it's closed, and will get the new account ding, etc.

I normally think that Discover is a class act, but I have some real issues with their dumping of applicants over to HSBC, without a clear advisement ahead of time that this might happen. It's easy to say, Uh, OK, yeah, I guess so, when counter-offered the HSBC version, and then regret it.

It reminds me of Ralphie in "The Christmas Story", up at the top of the slide with Santa, when his mind blanks on the Red Ryder BB gun, and he agrees to a football instead. Glad you clambered back up the slide and got what you wanted! Don't shoot your eye out, kid. :smileywink:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Posts: 106
Registered: ‎05-15-2008
0

Re: Card activated and closed in same month, is this bad?

LOL! Thanks Hauling! That's exactly what happened!! Hehehe!
The hardest part is waiting!! I'm an instant gratification girl!!!
06/24/2008: TU 708, EQ 705, EX 712
06/09/2008: TU 699, EQ 688, EX 712
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
0

Re: Card activated and closed in same month, is this bad?

This was also the case with me. My card came, and I scoffed at the terms and immediately called to inform that I refuse to activate and that I wanted it closed.

Sure enough, the account pops up about 2 weeks later. Darn it!
Here we go again...
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