Ugh!!! So, I've learned that I can never, EVER see the words Pre-Approved when I'm dead dog tired. I app'd Amex ED card and am supposed to be gardening! *facepalm*
I'm trying to build business credit and was reading threads and somewhere someone was talking about getting approved for AMEX business card without a HP. The conversations went on to say that if you are an AMEX customer, they usually SP. So, I take my delirious self over and log into my AMEX account and take a look at the business cards. When hitting "apply now", I see the "30-second decision" thing so, back out, realizing that's not a pre-approval page. Then I head over to the personal cards and hit "apply now" to see if I get the same there but did get "You're pre-approved!" for the ED card. (Keep in mind that I also have a BCP card that I intend to PC to ED card at the end of the first year to avoid the AF.) So I think to myself, I'll use this for business expenses while I'm building business credit. After all, it's only a SP. (smdh!!!) I forgot that I'm in the garden to allow my accounts to age and that a new account is going to work against my progress.
I did this app around 3 am today (sunday). Can I cancel the approval so that the new account won't hit my report? I knew had a WHOLE plan, knew better and still go caught up. *long drawn out siiiiiiiiiiiiigh* Just as my scores are rebounding from my November app spree. smh
In 2009, I was trying to get a fiancing deal from Best Buy that allowed 0% for a certain period of time on a camcorder. I didn't bother to really read what I needed to do and applied for their Credit Card (issued by Cap 1 at the time) ASSUMING that is what I needed (it wasn't). Realized my mistake when I received my card. It also had a $500 limit when all my other cards at the time were $10k, also had a annual fee of $39, so I called them and said thanks but no thanks, didn't activate the card and told them to canceled it. It later showed up on my credit report as opened for 2 weeks and then closed. For some reason they continued to update the account on EQ till 2013 despite being closed and never used with the high balance equal to the AF which was withdrawn when I canceled it.
The initial harm from it was the hard inquiry and the slightly lowering of my average account age, though that dissappeared with time.
I suspect you are stuck with the impact of your mistake like I was.
Why didn't you just app for the business card? Take your behind back in to Amex and get what you want! Amex business cards are as easy as pie to get.
Yeah, go ahead and bite the bullet. Keep the ED card and roll the limit into your Amex business card.
It's not the end of the world and your scores aren't going to go in the toilet.
It will thicken your file and make it less adverse to new accounts in the future.
I cancelled a card before it was ever printed. It still reported and I still have the HP.
Guess what, my credit is better now than when I cancelled that card.
You'll be fine.
Yeah, go ahead and bite the bullet. Keep the ED card and roll the limit into your Amex business card.
It's not the end of the world and your scores aren't going to go in the toilet.
It will thicken your file and make it less adverse to new accounts in the future.
I cancelled a card before it was ever printed. It still reported and I still have the HP.
Guess what, my credit is better now than when I cancelled that card.
You'll be fine.
@Gmood1wrote:
Why didn't you just app for the business card? Take your behind back in to Amex and get what you want! Amex business cards are as easy as pie to get. *hangs head in shame and sniffles* Ok.
Yeah, go ahead and bite the bullet. Keep the ED card and roll the limit into your Amex business card. Hey! I didn't know I'd be able to do this. Thanks!
It's not the end of the world and your scores aren't going to go in the toilet.
It will thicken your file and make it less adverse to new accounts in the future.
I cancelled a card before it was ever printed. It still reported and I still have the HP.
Guess what, my credit is better now than when I cancelled that card.
You'll be fine.
Thanks hunny. I'm on it!
@simplynoirwrote:
@Gmood1wrote:
Yeah, go ahead and bite the bullet. Keep the ED card and roll the limit into your Amex business card.Shame they only do personal -> business credit allocations and not the other way around.
I agree, I've often wondered why it can't go both ways?🤔