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Does anyone know what happens when/ if you cancel a card you were approved for? I havent received it yet. Nothing against Walmart, i just thought the FICO score would be neat. However, I JUST noticed I get my FICO score with my other cards. So now, I really don't see the benefit of having this card. Also, how bad will this new account affect my score? I guess I'm trying to weigh the pros and cons and need help from some smart people.
Thank you in advance
Might as well keep it... you already took the hit for it
@fltireguy wrote:Might as well keep it... you already took the hit for it
I agree.
Did you get the Visa or Store Card?
What limit were you approved for?
@dls80 wrote:Does anyone know what happens when/ if you cancel a card you were approved for? I havent received it yet. Nothing against Walmart, i just thought the FICO score would be neat. However, I JUST noticed I get my FICO score with my other cards. So now, I really don't see the benefit of having this card. Also, how bad will this new account affect my score? I guess I'm trying to weigh the pros and cons and need help from some smart people.
Thank you in advance
Look at the bright side.. Its an approval and not a denial and it maximized your available credit.
How much was the SL anyways?
In the short term, any new account will have a mostly negative effect on your score. You get an inquiry (no changing that), and your AAoA will go down (a little or a lot depending on how many other accounts you have). Even if you close right away, it will still show as a new account on your reports, and stay their for 10 years from the point you close it. The positive effects would be high limits available to help buffer utilization, and over time the AAoA hit will become an AAoA boost as the card ages.
So as others have suggested, you might as well keep it for now since you're already subjected to the negative effects. Since there's no fee, I'd suggest just waiting a year to see if you get any use out of it, and if not, go ahead and close it if you don't want to keep track of it.
kind of like me with care credit thought i need it and don't but still open with no use
@happypill wrote:In the short term, any new account will have a mostly negative effect on your score. You get an inquiry (no changing that), and your AAoA will go down (a little or a lot depending on how many other accounts you have). Even if you close right away, it will still show as a new account on your reports, and stay their for 10 years from the point you close it. The positive effects would be high limits available to help buffer utilization, and over time the AAoA hit will become an AAoA boost as the card ages.
So as others have suggested, you might as well keep it for now since you're already subjected to the negative effects. Since there's no fee, I'd suggest just waiting a year to see if you get any use out of it, and if not, go ahead and close it if you don't want to keep track of it.
Agreed. We have to weigh opening accounts carefully because there's truly no "undo" button. Once you are approved that account is going to report for 10 years even if you close it the same day. This dings your AAOA, which isn't a huge scoring factor, but still is something you don't want to unnecessarily hurt. The inquiry will remain for 2 years.
I'd just keep it since the hit has already occured, and closing really provides you no benefit. On a recon/manual review, analysts do not like patterns of cards only being kept for a short time. I agree with closing unused cards in general, but I'd at least let it remain open 6+ months on your report.
Thinking of applying myself. What bureau did they pull, and what's your current score?
@Anonymous wrote:Thinking of applying myself. What bureau did they pull, and what's your current score?
Depends but usually they pull TU for the majority. but sometimes sync is known to switch that up. The free FIco they give is usually Sync too.
OP I'm in agreement with others, you took the hit, keep it a bit, it grows and just may come in handy in the long run, especially for those that do most of their shopping on walmart.com or large $199 or more purchases in store for the special financing (usually a statement offer or under offers on the card login page)
Got WM Visa CL $6000 (backdoor recon SL)