02-21-2012 08:42 PM
I have the capital one card. I have had it for about a year and a half but wanted a better card. One that would give me a chance to have CLI and increase my available credit. I pay off my cards every month and rarely have a balance on my statement but have only been increased once to $500.
02-21-2012 09:19 PM
I had the same experience last year. Do not activate the card when it arrives. It will already be reporting, but no worries. Call and cancel.
It will not stay on your report for 10 years or further affect your Aaoa. It will come off your report in less than a month (for me it did).
CRA's are about how accounts are paid. You of course will take the hit for the inquiry and lose a few points. Other than that, no need to sweat it. Hope this helps, but if not toss.
I really wish they would start including an I reject your offer button once they inform you of their trifling terms before they start sending out cards.
02-21-2012 09:35 PM
I'm in a similar situation. I called the backdoor number and asked to cancel the application. They cut my AF to $29 and asked me to call when I got the card to see what they could do with the CL. I called today after the card arrived. They activated it and and told me they would do a manual review for a CLI. If they don't give the CLI I'll most likely close the account.
02-21-2012 10:12 PM
It's the BestBuy Reward Zone Master Card. It automatically applied and approved me for this card when it wouldn't for the store card when I completed the application online.
It did the same for me. When I was approved, I was like "Oh, awesome, I even qualified for the Mastercard! I'll have a HUGe limit and be able to finance a TV!" Sure enough, I was stuck with a $300 CL and a $59 AF that they later cut in half. I think the card reported for two months, then I closed it. Best Buy needs to get with a better bank, lets hope Capital One will be more generous, although I'm not crossing my fingers. I'm still wondering why they ended their partership with Chase...
02-21-2012 10:36 PM
02-21-2012 10:42 PM
Well I called to cancel and they really didn't care to even try and keep my business. They asked why and I told them because I was approved for another card with a much higher limit and not AF. All she told me was that it was a good card to keep while rebuilding. I told her that I already had two other cards with higher limits and no AF so there was nothing their card could do to benefit me. She then canceled the card and said I owed them nothing as of today.
There was no offer of any kind to get me to keep the card. So why stay? Their loss not mine!
Its a Reward Zone Mastercard, it shouldn't even be considered a rebuilder card! If I would have known what bank offers it, I would have never applied. I also had the same experience while cancelling, there was no attempt to get me to keep the card.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.