topic Re: Application Fiasco in Credit Cards

Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 04:58:48 GMT

Hi all!

I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).

I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?

If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).

Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.

(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)

Re: Application Fiasco

ptatohed — Sat, 30 Sep 2023 05:30:19 GMT

I personally don't see the value in the $150 AF Green card. I have no idea what a MR Point is worth but they better be worth something good for $150/yr! But, with that said, you must have applied for a reason? Are you interested in MR points? Can you use the LoungeBuddy or CLEAR credit? If it was me, I think I'd keep it, earn the 40,000 MRPs intro bonus (I assume this is worth more than $150), keep it for a year, and then cancel next year to avoid the second AF. Congrats on your credit comeback!

Re: Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 05:46:46 GMT

Thanks for your response.

To answer, there honestly is no specific reason why I applied. As I said, I was trigger happy. I am an AU on a platinum and a gold card, so I already get my Priority Pass, CLEAR, and all that.

I guess just to reiterate, I'm not asking if the benefits are worth it. I believe I get the benefits elsewhere. My main (and I guess only) concern is... will my credit take any impact by immediately canceling the green card after being approved just a day ago? (I'll go ahead and keep the others)

Re: Application Fiasco

Jeffster1 — Sat, 30 Sep 2023 05:46:07 GMT

@jrosenbaum wrote:
Hi all!

I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).

I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?

If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).

Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.

(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)

I gotta ask...How is this a "fiasco"?

A fiasco is a thing that is a complete failure.

This would have been a fiasco if, for example, they approved your app and then reversed their decision.

Re: Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 05:54:28 GMT

Re: Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 06:30:50 GMT

@Jeffster1 wrote:
@jrosenbaum wrote:
Hi all!

I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).

I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?

If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).

Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.

(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)
I gotta ask...How is this a "fiasco"?

A fiasco is a thing that is a complete failure.

This would have been a fiasco if, for example, they approved your app and then reversed their decision.

Well, thanks for not answering my question. But I'll offer respect by answering yours. The fiasco (albeit maybe my interpretation differs from yours), would have been my applying for cards that I did not need. I really do applaud your ability to use Google for a definition though. Thank you for your response!

Re: Application Fiasco

ptatohed — Sat, 30 Sep 2023 07:09:14 GMT

@jrosenbaum wrote:
Thanks for your response.

To answer, there honestly is no specific reason why I applied. As I said, I was trigger happy. I am an AU on a platinum and a gold card, so I already get my Priority Pass, CLEAR, and all that.

I guess just to reiterate, I'm not asking if the benefits are worth it. I believe I get the benefits elsewhere. My main (and I guess only) concern is... will my credit take any impact by immediately canceling the green card after being approved just a day ago? (I'll go ahead and keep the others)

I do understand what you are saying (asking) and I don't know for sure if it will impact your credit if you close the card. I would suspect not. But, my point is, you already applied (and were approved), so why not take advantage of the one time intro offer? You won't get it again (or at least not for a loooong time). If you can meet the spend requirement for 40,000 MRPs ($3k in 6mo), and these MRPs have value to you above $150, I'd keep it. At least for a year. Hopefully others can help more tomorrow. It's midnight Pacific time right now. GL!

Re: Application Fiasco

SUPERSQUID — Sat, 30 Sep 2023 07:09:54 GMT

Keep in mind Cap One pulls from all 3 cr agencies so you might have a hp on all 3, trans, exp, and eq, ymmv.

Re: Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 08:18:55 GMT

@ptatohed wrote:
@jrosenbaum wrote:
Thanks for your response.

To answer, there honestly is no specific reason why I applied. As I said, I was trigger happy. I am an AU on a platinum and a gold card, so I already get my Priority Pass, CLEAR, and all that.

I guess just to reiterate, I'm not asking if the benefits are worth it. I believe I get the benefits elsewhere. My main (and I guess only) concern is... will my credit take any impact by immediately canceling the green card after being approved just a day ago? (I'll go ahead and keep the others)

I do understand what you are saying (asking) and I don't know for sure if it will impact your credit if you close the card. I would suspect not. But, my point is, you already applied (and were approved), so why not take advantage of the one time intro offer? You won't get it again (or at least not for a loooong time). If you can meet the spend requirement for 40,000 MRPs ($3k in 6mo), and these MRPs have value to you above $150, I'd keep it. At least for a year. Hopefully others can help more tomorrow. It's midnight Pacific time right now. GL!

I see what you mean. Makes sense hahah. Thank you for your response I totally agree with you on taking advantage of the points. But as I said (and you confirmed), I'm just trying to figure out if canceling right away will have a significant negative impact.

Re: Application Fiasco

FireMedic1 — Sat, 30 Sep 2023 09:20:47 GMT

@jrosenbaumPeople do this all the time. Apply then approved.Then.They didnt get what they wanted or expected more. They close it. But the new account resets your AoYA to 0 momths. And it drops your AAoA's. It adds to total accounts on the other end. But charge cards dont act like revolving accounts on a credit report. We always say. Keep it at least a year. Then shut it down. Open for a day and close the next day does affect your age metrics.

Re: Application Fiasco

jrosenbaum — Sat, 30 Sep 2023 09:40:57 GMT

@FireMedic1 wrote:
@jrosenbaumPeople do this all the time. Apply then approved.Then.They didnt get what they wanted or expected more. They close it. But the new account resets your AoYA to 0 momths. And it drops your AAoA's. It adds to total accounts on the other end. But charge cards dont act like revolving accounts on a credit report. We always say. Keep it at least a year. Then shut it down. Open for a day and close the next day does affect your age metrics.

Got it. Thank you for your response I appreciate it!

Re: Application Fiasco

Jnbmom — Sat, 30 Sep 2023 12:14:55 GMT

If you really don't want or need the card you can close . Since you just got the CAP one card that will change your AAoA anyway, so I don't think closing Amex would do any harm .

Re: Application Fiasco

coldfusion — Sat, 30 Sep 2023 13:37:40 GMT

@Jnbmom wrote:
If you really don't want or need the card you can close . Since you just got the CAP one card that will change your AAoA anyway, so I don't think closing Amex would do any harm .

It would probably be a while before AMEX would approve OP for an additional card, but I'd agree that otherwise there would at least be no meaningful harm.

They'd want to doublecheck to confirm whether or not they would still be on the hook for the 1st years $150 AF.

Re: Application Fiasco

GZG — Sat, 30 Sep 2023 15:37:51 GMT

@jrosenbaum

do you have enough spend to comfortably meet the SUB without extra? even at .8c/point in cashback which you can get by just applying for their checking account (which also currently has a bonus) you get $320 for 40k points, well more than your $150 AF.

you can also do cool travel stuff for way more than $320 in value if you go places and do things and want to learn how points work

the harm is already done being approved for the account, except on the off chance that getting them to refund the AF causes them never to report the account, but I doubt that's going to happen, right @coldfusion?

I'd be more worried about making Amex not like me which they will not like you if you cancel, than the harm to my credit if I didn't want it

if you have the spend, earn the SUB, use the points or get cash back with a checking redemption to get $320 and cancel it after a year, after your second AF posts.

Re: Application Fiasco

SouthJamaica — Sat, 30 Sep 2023 16:09:24 GMT

@jrosenbaum wrote:
Hi all!

I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).

I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?

If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).

Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.

(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)

1. It has nothing to do with your credit scores; closing the card won't help or hurt.

2. You can close the card, but you can't cancel the fee. If you were able to close it and avoid the fee, you would probably have trouble with Amex down the road.

3. You should wait until a year passes, and if you still want to close it, close it then.

Re: Application Fiasco

SouthJamaica — Sat, 30 Sep 2023 16:10:55 GMT

@ptatohed wrote:
I personally don't see the value in the $150 AF Green card. I have no idea what a MR Point is worth but they better be worth something good for $150/yr! But, with that said, you must have applied for a reason? Are you interested in MR points? Can you use the LoungeBuddy or CLEAR credit? If it was me, I think I'd keep it, earn the 40,000 MRPs intro bonus (I assume this is worth more than $150), keep it for a year, and then cancel next year to avoid the second AF. Congrats on your credit comeback!

For me, the MR's are worth just a little more than a penny, something like 1.2 cents each. I know that some people have found more value in them, but I'm not one of those people.

Re: Application Fiasco

DSTforlife — Sun, 01 Oct 2023 03:13:19 GMT

If you travel, you can transfer your MR points to your airline loyalty account. You can fly across the country for less than 40k points using delta skymiles...and the conversion is 1 for 1. The airfare savings alone is worth over $150. Of course, it's only if you travel.

I've never used MR points for anything other than air travel.

Re: Application Fiasco

MikeyMagic — Sun, 15 Oct 2023 06:30:42 GMT

@ptatohed wrote:
I personally don't see the value in the $150 AF Green card. I have no idea what a MR Point is worth but they better be worth something good for $150/yr! But, with that said, you must have applied for a reason? Are you interested in MR points? Can you use the LoungeBuddy or CLEAR credit? If it was me, I think I'd keep it, earn the 40,000 MRPs intro bonus (I assume this is worth more than $150), keep it for a year, and then cancel next year to avoid the second AF. Congrats on your credit comeback!

I love Marriott

Re: Application Fiasco

MikeyMagic — Sun, 15 Oct 2023 06:31:16 GMT

@jrosenbaum wrote:
Hi all!

I just turned 30 this year and have been priding myself on trying to rebuild my credit after making a mockery of it during my 20s. (I only mention that because I'm proud of myself for finally getting myself out of my prior situation). Yesterday I decided to apply for the CapitalOne VentureX card, and I was approved for a $20K limit. A few hours later (and maybe a cocktail or two), I got trigger happy and applied for an AmEx blue card and a green charge card. I was approved for both (blue is $10K and no "limit" for the green).

I understand that there's no concrete answer, but generally speaking, would it "hurt" my credit to decide to cancel the Green card?

If it helps, AmEx did not pull my credit for either of the cards. My approval notice said it was "based on my history with Amex". And even a day later, I've still only received one credit pull (which was from Cap1).

Essentially, I would like to not have to pay the $150 fee. However, if my credit is going to suffer, I will suck it up and pay the fee and keep the card. Let me know what you think.

(Again, I understand that nobody knows the exact answer but any advice is greatly appreciated)

Seriously sir is this like a clickbait thread started by you? I feel like you came here to essentially brag about your 20k limit here, unlimited here, etc... And you title this a FIASCO? People post here that their credit is CURRENTLY ruined, BK's, charge offs, collections, denial after denial. Yet you are basically bragging about all these approvals with high limits yet calling paying a piddly $150 fee to you a FIASCO smh.

Seriously man get a clue and stop the nonsense here.

Re: Application Fiasco

Anonymous — Sun, 15 Oct 2023 13:31:33 GMT

@MikeyMagic wrote:
Seriously sir is this like a clickbait thread started by you? I feel like you came here to essentially brag about your 20k limit here, unlimited here, etc... And you title this a FIASCO? People post here that their credit is CURRENTLY ruined, BK's, charge offs, collections, denial after denial. Yet you are basically bragging about all these approvals with high limits yet calling paying a piddly $150 fee to you a FIASCO smh.

Seriously man get a clue and stop the nonsense here.

Don't think it is clickbait, just inappropriately worded (with perhaps a little boasting!). There is a real question which could have been much more simply stated, basically "I went on a bit of a spree and applied for the Amex Green. It got approved but now I realize I don't want it and want to avoid the $150 AF. Will it hurt my credit in some way if I cancel?"

But this forum is full of posts extended with colour, hyperbole and success stories, so I certainly don't think the post was out of line, although I would have adjusted the title.