Help! I just applied for a store card about 15 minutes ago, and now have regrets!

[Anonymous]

This is my first time posting on this board....any board.   I get so much information from reading, but couldn't find anything about this.

I just applied for a store account, but changed my mind right after the submit button when I realized it was for a credit card and not a payment plan, my credit limit was $3500.  I saw that I could get 12 months of 0% financing but realized that the balance would go against my Util% like a regular credit card.  Total my ignorance.  

We added my husband on my large balance credit cards to get him good history to purchase a home in his name only.  We go to closing on June 4 and I wanted to purchase a few pieces.  Should I cancel the store Card now?  Is it going to hurt my credit card age and scores.  I am recovering from a pre-foreclosure short sale from April 2016 and finally out of credit card debt and slowly asking and being approved for credit increases.  I've been working hard to not spend more than my cash on hand to rack up rewards and paying it off the next month to raise my credit.  Now I feel like I made this terrible mistake.  Will the 30 minutes of an opened card and closed card decrease my avg length of credit account opened dramatically?

676 EQ

690 Tran

691 Exp

Payment History -last late payment 18mos ago for school loan

Most recent opened card 2y 10m

Avg Length 10years

Oldest 19 years

Utilization CC balance $368  2% of 23,330 (Home Depot, 8700: Kohls, 3000: Discover, 8000: CapOne, 1250: Credit One, 950: Barclay, 1430)

about to be 0% when I get paid

Should I keep it open not use it, use it and pay it off next month, or cancel it?

[Anonymous]

Sweetie, it's yours now.  It will stay on your record for ten years even if you cancel it.  The best thing to do is keep it open and use it until you build some credit to be able to get yourself a CC from a major bank (not co-branded).

The submit button is like your signature on a document after the mail truck has left.  It is legally binding.  Hopefully you learned something.

[Anonymous]

as @creditcontractor noted the account is open and you are now the proud owner... just use it responsibly and let it grow take advantage of the 0% sub,, good luk

[atst2000]

Can you please tell us who the card is with? Walmart, Lowe’s etc....

[Anonymous]

Get8001 when searching for closing on the purchase of a residential dwelling, the mortgage loan folks and the lender prefer not to see any credit seeking activities within six months plus. Speaking with experience, I did not know this and the lender had me write a letter explaining everything I did and provide various types of information for the underwriters so, be careful until you have closed on the property.

There are many writings in this Forum on the Mortgage Loan Process and many members that can chime in on the mortgages "Do's and Dont's" before closing. Yes, in my mind it is sort of a game too. But, sometimes it is what we need to do.

[sarux3]

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@Anonymous wrote:

...We added my husband on my large balance credit cards to get him good history to purchase a home in his name only.  We go to closing on June 4 ...

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I think this is the key piece of information.  So your name is not on the mortgage application, just him, correct?  If that's the case, then you opening up a credit card in your name only will not affect his mortgage application since they aren't pulling your credit reports.  Now if you did a joint application on that card, then there might be cause for concern... but it sounds like that's not the case, so I think you're in the clear.  Take deep breaths, it'll be fine

[Anonymous]

sarux3 ... good point, I read that but did not comprehend it. Glad you added what you did!

[pinkandgrey]

As others have said: it’s too late to “undo” the CC. If you have use for it, just keep it and enjoy. Congrats! Lol if you don’t want it, then close it. If you’re applying for a mortgage under your husband’s name only, your credit doesn’t matter anyway. 

[xaximus]

One thing I would like to point out is to close CreditOne as soon as possible. You already have 3 prime lenders, you don't need a sub-prime lender like Credit1 now.

[coreysw12]

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@xaximus wrote:
One thing I would like to point out is to close CreditOne as soon as possible. You already have 3 prime lenders, you don't need a sub-prime lender like Credit1 now.

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Doesn't need to be "as soon as possible", just any time before the next annual fee gets charged.  And even then, it only "needs" to be closed if the OP is concerned about paying the annual fee - for some people, it may be worth paying the AF to keep the AAoA higher for a while.