Credit One Approval Regret

[Anonymous]

HI, I applied for a Credit One Platinum Visa and was approved for 500$ with a 75$ annual fee but the problem is I also got approved for 3 store cards that has no annual fees on them and I no longer need the Credit One Visa. I got the card in the mail and the terms say :

You may still reject this plan, provided that you have not used the Account or paid a fee after receiving a billing statement.

If you do reject the plan, you are not responsible for any fees or charges.

So I called them to cancel before activating and they assured me the card is canceled and I owe a 0 balance. Will they surprise bill me or my credit be negativly affected ? 

[M_Smart007]

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@Anonymous wrote:

HI, I applied for a Credit One Platinum Visa and was approved for 500$ with a 75$ annual fee but the problem is I also got approved for 3 store cards that has no annual fees on them and I no longer need the Credit One Visa. I got the card in the mail and the terms say :

You may still reject this plan, provided that you have not used the Account or paid a fee after receiving a billing statement.

If you do reject the plan, you are not responsible for any fees or charges.

So I called them to cancel before activating and they assured me the card is canceled and I owe a 0 balance. Will they surprise bill me or my credit be negativly affected ? 

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You probably will take the new account hit on score.

Keep your eye on the account, Credit One is known to tack on Fee's .. YMMV

[DebtStinks]

Your credit card agreement (should have been included in the envelope) with your new card should state the terms by which you're bound...assuming you activate and/or use the card. Otherwise, as stated by the rep, you're good to go without any fees, etc incurred. It might be a good idea to keep the terms in a safe spot in case something gets reported/was already reported and doesn't get correctly updated with the CRA's.

Best of luck on your credit journey!

[BmoreBull]

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@Anonymous wrote:

HI, I applied for a Credit One Platinum Visa and was approved for 500$ with a 75$ annual fee but the problem is I also got approved for 3 store cards that has no annual fees on them and I no longer need the Credit One Visa. I got the card in the mail and the terms say :

You may still reject this plan, provided that you have not used the Account or paid a fee after receiving a billing statement.

If you do reject the plan, you are not responsible for any fees or charges.

So I called them to cancel before activating and they assured me the card is canceled and I owe a 0 balance. Will they surprise bill me or my credit be negativly affected ? 

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Unless the store cards are visa versions, the credit one may actually have helped you more, IMO. As someone who has 3 store branded cards, I can say I would do it differently if I could. The Express card I have used once since it was open. I'm trying to keep it open until it hits a year and close it. The VS card I have, I will keep. Wife loves their stuff and the daughters love bath and body works. So that one at least gets some use. My other store card is a Kay Jewelers with a $4k limit. This card gets no use, other than buying clearance junk to keep it open. I would have much rather had visa or mc branded cards that I could use everywhere. Of course this is a ymmv situation. If the cards that you got fit your spend and you shop at those places a ton, then they're good cards for you. Congrats on the approvals. 

[Anonymous]

But the account is probably still gonna report to your credit report. therefore you still take all the penalties for age and all that good stuff.

do you have any other visas or MasterCard? I’m just baffled because store cards are definitely not a substitute for real credit cards, so unless you have other credit cards I don’t understand why you would cancel it.

[Anonymous]

I have no other cards other than the 3 store cards from Comenity. If I would have kept the Visa from Credit One would it have improved my credit score more than the store cards?

[Anonymous]

Yes, I’m sorry. You can’t even properly do AZEO without a real credit card. Store cards are great, if they fit your spend, but they do not carry the same weight in credit scoring and they’re also adverse when it comes to insurance scoring.

[Anonymous]

I called them back and they stopped the acount closing. They gave me an extra 100$ credit line increase to 600$ total. Also they said my account should be eliglble for a 50$ credit when the annual fee gets posted

[Anonymous]

Congratulations that’s great! Now when you want your best scores, that’s the only card you report a balance on! Wow I don’t know how you pulled that rabbit out of a hat but good job!

[Anonymous]

Now after you build a year or so history you can get some that don’t have annual fees, as a matter of fact you may have been able to have gotten a secured card that didn’t have an annual fee, if you had researched it and I definitely encourage you to do that for the future. You may still be able to.

You may be able to check with Discover secured or many of the other options there are many secured cards do not have AFs, but no matter what, this will build payment history for you.