topic Re: What to do with a new card.... in Credit Cards

What to do with a new card....

AverageJoe1970 — Fri, 27 May 2016 00:05:37 GMT

For whatever (lame) reason I decided to apply for a Venture One Signature VISA - got approved w/ a $15,000. I have NOT activated the card.

I doubt I'll use the card, as I use a AMEX Blue Cash Preferred card for just about everything - and carry no balance. With the exception of a BoA VISA Signature carrying about $20K interest free through the fall. This puts my ultiization about 20%, so the Venture card would lower that number. That said, in the fall, I'll the BoA card will be completely paid off.

I'm primarily concerned about (a. my stupidity for applying for a card I don't need; b. the Venture card's impact on my AoA over the next 3 years).

What should I do?

Re: What to do with a new card....

Anonymous — Fri, 27 May 2016 00:15:52 GMT

did you apply to it with a $400 bonus for $3000 spend? cause it may be worth using for the free money at least just to get the bonus since you have it anyway.

Re: What to do with a new card....

CatOfSpades — Fri, 27 May 2016 00:28:13 GMT

If you're not in the market for any new loans or anything, the impact doesn't matter. I closed a credit card account in January three days after I opened it (before I even got the card) - the impact was very minimal, maybe 15 points, if that, and that has since been recovered.

I ran into this same problem just this week. I opened two cards that I don't want or need. I'm still not sure what to do either. I don't want to close them and then change my mind. But if you're sure you don't want it, I don't see any harm in closing it. Especially if you're not going to have anyone reviewing your credit anytime soon.

Re: What to do with a new card....

Anonymous — Fri, 27 May 2016 00:35:37 GMT

It's the venture one, not the venture; so the bonus is only $200 worth.

Re: What to do with a new card....

woodyman100 — Fri, 27 May 2016 00:44:33 GMT

Get the $200 then SD it.

you might change your mind a little later

Re: What to do with a new card....

Anonymous — Fri, 27 May 2016 00:49:00 GMT

Or just get the $200 and PC it to QS.

Re: What to do with a new card....

Kevin86475391 — Fri, 27 May 2016 02:45:14 GMT

@Anonymous wrote:
Or just get the $200 and PC it to QS.

Yes, I would recommend doing this.

Re: What to do with a new card....

SouthJamaica — Fri, 27 May 2016 02:49:52 GMT

@AverageJoe1970 wrote:
For whatever (lame) reason I decided to apply for a Venture One Signature VISA - got approved w/ a $15,000. I have NOT activated the card.

I doubt I'll use the card, as I use a AMEX Blue Cash Preferred card for just about everything - and carry no balance. With the exception of a BoA VISA Signature carrying about $20K interest free through the fall. This puts my ultiization about 20%, so the Venture card would lower that number. That said, in the fall, I'll the BoA card will be completely paid off.

I'm primarily concerned about (a. my stupidity for applying for a card I don't need; b. the Venture card's impact on my AoA over the next 3 years).

What should I do?

Let me just say, it's not a bad card to just keep. It's not doing you any harm.

1. It has a cash reward or a travel benefit depending on which way you choose to redeem.

2. It's an esthetically nice card.

3. Capital One is a company that won't hassle you if you just use the card a little.

4. It periodically will offer you a choice of balance transfer offers: interest-free, or fee-free.

5. It has no annual fee.

6. It has no foreign transaction fees.

My suggestion is just keep it and use it now and then.

Re: What to do with a new card....

creditguy — Fri, 27 May 2016 02:54:11 GMT

What should you do? How about activating it.

Re: What to do with a new card....

Anonymous — Fri, 27 May 2016 03:41:57 GMT

that's a great limit they gave you. acitivate it, having a limit like that on a no annual fee card is a good thing. besides, you already took the hard pulls for it. in the future, product change it to the no annual fee quicksilver card. swipe the card every few months to keep it active.

Re: What to do with a new card....

AverageJoe1970 — Fri, 27 May 2016 13:50:47 GMT

DOH!

@Anonymous wrote:
did you apply to it with a $400 bonus for $3000 spend? cause it may be worth using for the free money at least just to get the bonus since you have it anyway.

Re: What to do with a new card....

UncleB — Fri, 27 May 2016 14:27:31 GMT

@AverageJoe1970 wrote:
DOH!
@Anonymous wrote:
did you apply to it with a $400 bonus for $3000 spend? cause it may be worth using for the free money at least just to get the bonus since you have it anyway.

If it's a Venture One the bonus is $200, but that's still $200 more than you would have had otherwise.

The AAoA 'ding' has already taken place, so there's no use in closing it now - you might as well make the best of it. The 'ding' to your credit score will likely recover quickly, and like you mention it will help with your utilization. If you need another 'silver lining' the Venture One usually has an APR 1% lower than Venture (and QS), so if by some chance you ever do revolve a balance for a short time there's that.

Like others have mentioned, once the 'dust settles' you can contact Capital One about having it changed to a Quicksilver... they are both no-AF, but with QS you get 1.5% rewards instead of 1.25% equivalent (by 'equivalent', I'm talking about the "miles", which have redemption restrictions as well). Some people are able to get a PC right away, and for some others the PC takes a little while longer... in your case it likely won't matter much anyway since neither card has an AF, and it sounds like you won't be using it too much anyway.

For what it's worth, congrats on the approval... that's a nice SL for a Venture One!

Re: What to do with a new card....

AverageJoe1970 — Sat, 28 May 2016 22:28:47 GMT

I understand what you're all saying. I just hope the card doesn't affect my ability to get CL increases on my other cards, especially AMEX.

Re: What to do with a new card....

Anonymous — Sat, 28 May 2016 22:35:23 GMT

@Anonymous wrote:
Or just get the $200 and PC it to QS.

Exactly.

Re: What to do with a new card....

AverageJoe1970 — Sun, 29 May 2016 18:50:00 GMT

200 bucks doesn't necessarily justify activating a card.

@Anonymous wrote:
Exactly.
@Anonymous wrote:
Or just get the $200 and PC it to QS.

Re: What to do with a new card....

UncleB — Sun, 29 May 2016 18:53:43 GMT

@AverageJoe1970 wrote:

@Anonymous wrote:
Exactly.
@Anonymous wrote:
Or just get the $200 and PC it to QS.
200 bucks doesn't necessarily justify activating a card.

I agree, but if you've already taken the AAoA hit you might as well get out of it whatever you can!

(Not activating the card won't prevent it from reporting.)

Re: What to do with a new card....

AverageJoe1970 — Sun, 29 May 2016 19:01:22 GMT

I did the same stupid thing a year ago - the card - never activated - never showed up on my credit report. (Hopefully I'll remember this in the future.)

@UncleB wrote:
@AverageJoe1970 wrote:

@Anonymous wrote:
Exactly.
@Anonymous wrote:
Or just get the $200 and PC it to QS.
200 bucks doesn't necessarily justify activating a card.
I agree, but if you've already taken the AAoA hit you might as well get out of it whatever you can!

(Not activating the card won't prevent it from reporting.)

Re: What to do with a new card....

Anonymous — Sun, 29 May 2016 19:09:00 GMT

I'm with what everyone else has said so far..You took the inq hit on 3 CRAs when you applied...Ding one...AAoA is going to take a hit whether you activate it or not...Ding Two...Plus Side: Great starting limit your existing UTL is high you need this boost really...the card has no annual fee....Just having a card doesn't mean you have to use it but using it gives you another plus to getting the bonus whether you want it or need it..it's a plus...you've rebutted everything everyone has said but you asked a question for an opinion..IMO you didn't want an answer lol you wanted validation. Sorry just had to throw that out there.

Re: What to do with a new card....

UncleB — Sun, 29 May 2016 19:16:01 GMT

@AverageJoe1970 wrote:

@UncleB wrote:
@AverageJoe1970 wrote:

@Anonymous wrote:
Exactly.
@Anonymous wrote:
Or just get the $200 and PC it to QS.
200 bucks doesn't necessarily justify activating a card.
I agree, but if you've already taken the AAoA hit you might as well get out of it whatever you can!

(Not activating the card won't prevent it from reporting.)
I did the same stupid thing a year ago - the card - never activated - never showed up on my credit report. (Hopefully I'll remember this in the future.)

I guess it's worth a try, but in my experience the account reporting wasn't dependent on it being activated. I think I may have read that Credit One is an exception, though.

I'll also add that I've always followed though with activating my cards, so my experience might not be representative of a larger sample.

That being said, I'll add that with Synchrony accounts I've opened most are reporting before I even get them in the mail, so I can say with certainty you can't simply not activate them to keep them from reporting.

I simply want things to work out for you whatever that entails... good luck no matter what you decide!

Re: What to do with a new card....

Anonymous — Sun, 29 May 2016 19:16:38 GMT

@SouthJamaica wrote:
Let me just say, it's not a bad card to just keep. It's not doing you any harm.

4. It periodically will offer you a choice of balance transfer offers: interest-free, or fee-free.

My suggestion is just keep it and use it now and then.

This. If the Venture One Signature is anything like the Venture Signature, then you may have an open-ended/perpetual balance transfer offer for 0% APR for 18 months with 2% transfer fee. Combined with the relatively high limits Cap One gives out, this is probably one of the best balance transfer cards out there that doesn't require you to open a new account. Better than Discover with their 3% balance transfer fee. Better than FNBO with their 5.99% APR for life with $0 transfer fee or 0% APR with 3% balance transfer fee.