How do I cancel a card I just applied for?

[Anonymous]

I, like an idiot just applied for and approved for the cap1 buypower card, wasted an inquirey, I dont want this card if its only 300 limit. Do i just call and cancel when I get it in the mail? Is there any reason to keep it? I am trying for higher credit lines, not low low like this was approved for.

Thank you

[Anonymous]

If you're looking to stop it from hitting your CR, then don't bother as it will report anyway.

You already took the HP and AAoA hit, so might as well leave it open and see what happens with it.

[Espresso]

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@Anonymous wrote:

I, like an idiot just applied for and approved for the cap1 buypower card, wasted an inquirey, I dont want this card if its only 300 limit. Do i just call and cancel when I get it in the mail? Is there any reason to keep it? I am trying for higher credit lines, not low low like this was approved for.

Thank you

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It's 0%APR and no AF. Keep it and use it and grow it. Some people have 1-3K CL with the card.

You have no reason to close a free 0% card you already paid for with a HP.

[Anonymous]

Yep, done is done. You have a new account that will report to your CB. While the SL might not be favorable to you, it could grow, as others have said. Your choice....leave it open or close it.... really won't impact you either way. At least you got approved. I apped for it and was declined, but they gave me a Venture with a 15k line before that......go figure.

[Espresso]

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@Anonymous wrote:

 I apped for it and was declined, but they gave me a Venture with a 15k line before that......go figure.

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:facepalm: Go figure!

[Anonymous]

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@Espresso wrote:

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@Anonymous wrote:

 I apped for it and was declined, but they gave me a Venture with a 15k line before that......go figure.

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:facepalm: Go figure!

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Yep, underwriting sucks on this card and I wouldn't recommend anybody who isn't 700+ apply for it. My wife was approved for $750 then approved for $10,000 on a Venture a few weeks later.

[Anonymous]

I wonder if they increase or are stingy with this card? like an idiot trying to grow credit too fast,. So the concensus is to keep it open, throw it in the drawer I am thinking. Thanks all for your input.

[Espresso]

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@Anonymous wrote:

I wonder if they increase or are stingy with this card? like an idiot trying to grow credit too fast,. So the concensus is to keep it open, throw it in the drawer I am thinking. Thanks all for your input.

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I am using it and PIF because I suspect that is the only way I will EVER get an increase. I doubt having it in drawer will allow to grow AT ALL. But, all guesses.

[Anonymous]

The thing that interests me about this card is that it's a WEMC with no annual fee and no foreign transaction fee. Although it's a somewhat niche application, it might be useful as a card for use while traveling. As a WEMC, it has some interesting benefits, and while they're not earth-shattering, they're free. The buypower is the only card I've seen that is a default WEMC and has no annual fee. Be sure to check your guide to benefits when it arrives to see what it has. My understanding is that a WEMC provides primary rental car insurance worldwide, even in countries excluded by other cards' benefits. Also, with no annual fee, it's worth keeping around for age and such.

[Anonymous]

No impact if you close it.  Your inquiry unfortunately will be with you for 2 years!  I opened Macys Amex and Bloomingdales in October and Macys Amex was a 4K SL and Bloomingdales was 500.00.  I immediately closed Bloomingdales.  I've paid my dues in rebuilding and it is no way I'm accepting a 500.00 CL now, I don't care who it is.  It was only one pull for both accounts and it never appeared on my reports as a closed account.  

I got a few pre approvals for the Buy Card with Cap One and I know the interest is 0 for a year, but I'm not in the market for a car, so the "rewards" aren't appealing at all.  Just never take away my Ebates Visa, Im in love, lol!