topic Re: I screwed up I think in General Credit Topics

I screwed up I think

Tinkerbell319 — Wed, 30 Oct 2019 02:18:59 GMT

Well I got approved for a Quicksilver Cap One I came here with the good news. Well I thought it over, I cancelled the card and decided not to go with it. Simply because I’m trying to get a personal loan from my credit union and I just didn’t want this new card to mess up my credit age

So I cancelled it, now I’m worried this still will report to my report as a closed account and knock my credit score down.

Re: I screwed up I think

KELSTAR — Wed, 30 Oct 2019 02:28:27 GMT

It will report for 10 years.

If you like the benefits of the card, call CAP1 and ask to have it reinstated.

Good luck!

Re: I screwed up I think

AllZero — Wed, 30 Oct 2019 02:30:26 GMT

If you want the card, call back and see if they can reopen.

Once approved, new account will show up on your credit report in 30-60 days, regardless if open or closed. Thus, lowering your AoYA, AAoA.

Your triple inquiry will show up immediately.

Not knowing your profile, unable to answer the score situation.

Re: I screwed up I think

KELSTAR — Wed, 30 Oct 2019 02:30:33 GMT

Also, your new account shouldn't post for a bit.

It would be time to get that line of credit from your credit union now before it reports.

Re: I screwed up I think

FireMedic1 — Wed, 30 Oct 2019 13:26:50 GMT

Here's to getting the card back. The card could have helped you build your profile. All the hits to your reports dont get cancelled because you cancelled the card. Please dont do this again. If you can get it back and still want to close it. Wait at least a year to do so.

Re: I screwed up I think

SouthJamaica — Wed, 30 Oct 2019 14:26:41 GMT

@Tinkerbell319 wrote:
Well I got approved for a Quicksilver Cap One I came here with the good news. Well I thought it over, I cancelled the card and decided not to go with it. Simply because I’m trying to get a personal loan from my credit union and I just didn’t want this new card to mess up my credit age

So I cancelled it, now I’m worried this still will report to my report as a closed account and knock my credit score down.

Closing it won't help. Sorry.

Re: I screwed up I think

Girlzilla88 — Wed, 30 Oct 2019 14:45:22 GMT

If anything it may hurt more than help I agree I would try to open it back up and quickly and I do second if you are shooting for the loan do it now before things report (hopefully after you get the card back open)

Re: I screwed up I think

Remedios — Wed, 30 Oct 2019 14:53:08 GMT

@Tinkerbell319 The account will report at least twice. Once it will be for opening and then closing.

There might be a scoring drop, but that's temporary. In time, you will regain your points.

On a positive side, you've learned something new. It's not the end of the world, and sky wont fall.

You'll be fine. If nothing else, it will stay on your credit report for a while, and help with AAoA as you open new accounts later because it will age just like any open account (minus the points for account aging)

Dont be too hard on yourself

Re: I screwed up I think

Anonymous — Mon, 18 Nov 2019 11:16:10 GMT

I agree with most, get it reinsateted, that credit line will do nothing but look better in your favor. Showing more credit available lowering any utilization of any other cards/credit and balances you may or may not owe, can only benifit you, outside of maybe an inquiry which is not a big deal. Best of luck