Best Buy card and application cancelation

[Anonymous]

I just applied for the Best Buy card and had to call in for verifcation.  After verifying my address and sending a text code, they said I had the choice of the store card or the visa card with a $1k limit.  I only wanted the card for the initial 10% rewards on the first day, but the limit was too low for what I wanted.  I asked if I could cancel and he said I could and it would not be a new account.  Does anyone know for sure that this will not be a new account?

[OmarGB9]

It'll still be a new account. If you cancel, you'll just end up with a new account that was never used, but the new account hit and AAOA hit will still happen regardless once it reports on your credit.

[CreditCuriosity]

Depends really had Discover low ball me once on a call in and asked if could cancel and did and account never reported.. Not sure how Best Buy aka Citi retail works though

[Anonymous]

The only reason I was thinking there was a possibility that a new account won't show up is that I still had a choice between the store card and the Citi card.  Oh well, it isn't a big deal either way. Thanks for the input

[barca]

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@OmarGB9 wrote:

It'll still be a new account. If you cancel, you'll just end up with a new account that was never used, but the new account hit and AAOA hit will still happen regardless once it reports on your credit.

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If the card was never activated - why would it be a new account.

Decades ago, I was approved for couple of crefit cards with low starting limit. I rejected it and it never reported to CRA.

of course the inquiry stands

[blindambition]

Some lenders won't report when canceled at that stage, but OP will still have HP and point loss that may have initiated.

[Anonymous]

The HP already shows on my Experian.  He also said that the applicaiton would remain open (60 or 90 days, can't remember).  I don't know if that changes anything.

[OmarGB9]

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@barca wrote:

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@OmarGB9 wrote:

It'll still be a new account. If you cancel, you'll just end up with a new account that was never used, but the new account hit and AAOA hit will still happen regardless once it reports on your credit.

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If the card was never activated - why would it be a new account.

Decades ago, I was approved for couple of crefit cards with low starting limit. I rejected it and it never reported to CRA.

of course the inquiry stands

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Card activation doesn't matter. I'm not sure how Citi BBY works since as OP pointed out, they have a choice between store card and visa, but in general, when one applies for a card and is approved, the account still shows up on your reports whether you activate the physical card or not, or whether you call and immediately cancel the account after approval.

[imaximous]

Your situation is pretty much exactly the same as mine a few months ago. I applied for the BBY card and got a crappy $1k limit. I called their credit department right away and asked for $20k or more. They denied any increase so I told them to close the card. 

The account ended up getting reported and it shows as opened one day and closed a day later. I disputed the account with all 3 bureaus because the information was incorrect and asked for a removal. Nope. No luck. I've thought about disputing it again, but haven't bothered yet.

[FinStar]

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@imaximous wrote:

Your situation is pretty much exactly the same as mine a few months ago. I applied for the BBY card and got a crappy $1k limit. I called their credit department right away and asked for $20k or more. They denied any increase so I told them to close the card. 

The account ended up getting reported and it shows as opened one day and closed a day later. I disputed the account with all 3 bureaus because the information was incorrect and asked for a removal. Nope. No luck. I've thought about disputing it again, but haven't bothered yet.

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@imaximous - IIRC, you accepted the card back in the beginning of March.  I believe you stated there was $20K worth of goods in your cart?  At any rate, the OP *may* have a case in that no account assignment occurred since they didn't accept either store or Visa product, although CR was pulled.  

In your situation, you accepted, but weren't happy with the SL so you told CSR to cancel the card right away.  Big difference once you accepted the T&C upon clicking 'submit.'

As your post in March stated "I didn't get a HP for the approval yet and I'll probably see a new open and closed account on my credit reports, but it is what it is."

So, it's doubtful dispute route would be fruitful in removal.