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Approved for Sam's Club store card - want the MC instead

Approved for Sam's Club store card - want the MC instead

So I on a whim I applied for the Sam's Club MC, but instead was approved for the store card. I really don't want the store card so I'm tempted to call and cancel it. I've never been in this situation so not sure if it's a good idea to do this. How could this affect my credit, if at all? Or should I just keep it and not use it? I really don't need this card and shouldn't have applied. And now I have major buyer's remorse. Is it cool to cancel a newly approved card?

Message 1 of 6
5 REPLIES 5
JoeLuvsHisCredit
Valued Contributor

Re: Approved for Sam's Club store card - want the MC instead


@peanutbutterjellytime wrote:

So I on a whim I applied for the Sam's Club MC, but instead was approved for the store card. I really don't want the store card so I'm tempted to call and cancel it. I've never been in this situation so not sure if it's a good idea to do this. How could this affect my credit, if at all? Or should I just keep it and not use it? I really don't need this card and shouldn't have applied. And now I have major buyer's remorse. Is it cool to cancel a newly approved card?


I wouldn't close it because you have already took the HP for it and it will report anyways. They might upgrade you next year Smiley Happy

Message 2 of 6
Medic981
Valued Contributor

Re: Approved for Sam's Club store card - want the MC instead

Welcome to the myFICO forums!

 


Congrats on the approval.

 

I am with Joe on this. You have already taken a hit for the HP. Synchrony is known to convert store cards into MCs with responsible use. 

















Your FICO credit scores are not just numbers, it’s a skill.

Message 3 of 6
AllThingsInTime
Established Contributor

Re: Approved for Sam's Club store card - want the MC instead


@peanutbutterjellytime wrote:

So I on a whim I applied for the Sam's Club MC, but instead was approved for the store card. I really don't want the store card so I'm tempted to call and cancel it. I've never been in this situation so not sure if it's a good idea to do this. How could this affect my credit, if at all? Or should I just keep it and not use it? I really don't need this card and shouldn't have applied. And now I have major buyer's remorse. Is it cool to cancel a newly approved card?


Welcome to the myFICO forum! We're glad you decided to join us! Smiley Very Happy

 

@super Congrats on your approval! And I agree 100% with @JoeLuvsHisCredit .

You should hang onto it and just care and feed your credit like you normally do.

 

BTW, when you applied for the Sam's Club MC you also applied for the store card.

At this time, and for whatever reason, you didn't qualify for the MC. So the system

auto approved you for the store card instead. Besides, 3-2-1 rewards are exactly

the same for the MC and store card. So either way, you'll still accrue statement

credits every month. Smiley Very Happy

 

Congrats again on your approval. And try not to be discouraged.

Things may work out even better for you in the long run if you use

the store card responsibly and establish a good track record with Sam's.

Please keep us posted on your progress. Thanks so much for sharing! Smiley Very Happy

Message 4 of 6
AverageJoesCredit
Community Leader
Mega Contributor

Re: Approved for Sam's Club store card - want the MC instead

Of course its coolSmiley Wink

Regardless what you do, its one of fastest cards to report, maybe 2 or 3 days itll already be on your CR. Thats the chsnce one takes when apping Sams Walmart. Unlike Best Buy where you can choose. What do your stats look like that they didnt give you the MC? if you truely dont want it , no use keeping it . We all go through appers remorse at one time or the other.
NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 5 of 6
AnikinsDarling
Frequent Contributor

Re: Approved for Sam's Club store card - want the MC instead

Congrats on the approval. Like others have stated I wouldn't cancel. Synchrony is super fast at reporting. It'll hit your report and you've taken the hp hit anyway. It'll grow and hopefully convert. Good luck!

SspW.gif

Message 6 of 6
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