topic Re: Declining card after approval?! in General Credit Topics

Declining card after approval?!

Eyepinpools — Thu, 22 Jul 2021 06:08:23 GMT

If you apply for a card and do not like the SL or apr offered post application process is it possible to decline the card prior to it ever hitting your reports?

Re: Declining card after approval?!

Red1Blue — Thu, 22 Jul 2021 06:15:04 GMT

@Eyepinpools wrote:
If you apply for a card and do not like the SL or apr offered post application process is it possible to decline the card prior to it ever hitting your reports?

If it is pre-approval process then it will not appear. If you accept the offer and later cancel the card it will remain on the report. If the card has no AF then I suggest keep the card and let it age. You already took the hit for credit inquiry and new credit account. Might as well keep the card if there is no AF.

Re: Declining card after approval?!

FireMedic1 — Thu, 22 Jul 2021 09:17:20 GMT

Like the old Stones song. "You cant always get what you want" Read the fine print in the Terms and Conditions. The range of APR's is usually listed. The perks/rewards should be why you'd want a certain card. What card are you speaking of? Many here have just about all the cards and could help you figure out where you'd end up with approval. Posting your scores could help also. Good Luck!

Re: Declining card after approval?!

DivideByZero — Thu, 22 Jul 2021 14:10:39 GMT

@Red1Blue Is absolutely right here, it is better to just sit on the card-especially with no annual fee. Closing the account will do more unnecessary damage after using a HP. Nothing says you have to use it, just sock drawer it.

Re: Declining card after approval?!

coldfusion — Thu, 22 Jul 2021 16:02:03 GMT

@DivideByZero wrote:
@Red1Blue Is absolutely right here, it is better to just sit on the card-especially with no annual fee. Closing the account will do more unnecessary damage after using a HP. Nothing says you have to use it, just sock drawer it.

One already took a hit for the inquiry and new account; the majority of the damage due to the closure would come from if or how the issuer would factor in the quick closure of the card if one chose to do business with them in the future. Unless someone adds a derog in the meantime one's scores normally would start to bounce back within 3 months anyway.

I'm not exactly an advocate of early closures but the sky won't come falling down if someone decides to do it.

Re: Declining card after approval?!

ChargedUp — Thu, 22 Jul 2021 17:07:56 GMT

On Elan apps they do the HP and then "make an offer" if approved and there are accept and decline buttons at the bottom of the page. I'm assuming if you hit decline, they don't create the account and it won't show on reports, but you still have the HP.

This is the only lender I can think of that does their app process this way.

Re: Declining card after approval?!

Eyepinpools — Thu, 22 Jul 2021 19:31:02 GMT

@ChargedUp wrote:
On Elan apps they do the HP and then "make an offer" if approved and there are accept and decline buttons at the bottom of the page. I'm assuming if you hit decline, they don't create the account and it won't show on reports, but you still have the HP.

This is the only lender I can think of that does their app process this way.

It seems as though all lenders should operate this way. It's silly that we app for something with only a range of terms then are stuck with what we're offered by them. Good on Elan

Re: Declining card after approval?!

Credit12Fico — Thu, 22 Jul 2021 21:15:14 GMT

@Eyepinpools wrote:
@ChargedUp wrote:
On Elan apps they do the HP and then "make an offer" if approved and there are accept and decline buttons at the bottom of the page. I'm assuming if you hit decline, they don't create the account and it won't show on reports, but you still have the HP.

This is the only lender I can think of that does their app process this way.
It seems as though all lenders should operate this way. It's silly that we app for something with only a range of terms then are stuck with what we're offered by them. Good on Elan

Apple card also.