12-19-2013 11:55 AM - edited 12-19-2013 11:55 AM
Lets say you apply for a card,get approved, change your mind within a day or 2 of approval and close the account.
Would it still report to the CRAs?
I know if you use a card it always will, but I was curious what happens in a situation like this.
The reason it got me to thinking, was a friend of mine had a Kay Jewelers store card for a while. (I recommend this for building as its a good tradeline for those with little to no history)
He apped recently for a LeRoys card, which is also Sterling Jewelers, and was approved.
I mentioned they share the same credit line and he called to confirm I was correct, and closed the account. he didn't want 2 cards sharing the same line.
This was just a day or 2 after approval. So what happens? Is that going to cause more harm than good?
I didn't know what to say .... other than I have no clue and Hopefully it wont show.
12-19-2013 12:23 PM
Yes it will still report, it would basicly take an act of a higher power for it not to report. If the card doesn't have an AF, don't close the card, get the card use it or not, wait till the creditor to close it, it will help your AAoA. You have paid the price, got the INQ and had a new tradeline added to your report you might as get the benefit of the AAoA help.
If the card has an AF, then you have a choice as to how long you want to pay it, perhaps call the company and get it waived, if not you may want to close it, should only be an issue later under manual review, but 1 or 2 cards closed with a short history isn't an issue.
12-19-2013 12:23 PM
The account will stay on his report. He applied for the card. It will report to the bureaus anyway.
12-19-2013 12:26 PM
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