I re-established my credit a few years ago 100% thanks to the myfico community and am now in the process of cleaning up my husbands. He applied for a few cards online and of course got the, "We're processing your application. You will receive notification in a few weeks." So we forgot about it and a couple of weeks later he got two cards in the mail. One is a CapOne card with a $300 limit and the other is CreditOne (1st time I've heard of them) also with a $300 limit. The CreditOne card has a $75 annual fee the first year then it goes up to $99/year. Such a rip off.
He activated the Cap1 and we used it for dinner the other night. I plan on leaving a $5 balance on it every month. But I'm thinking I should just cancel the Credit1 card. My inquiry is two fold:
1. Would it be better to keep both cards and endure the annual fee on the Credit1 for a couple of years or should I cancel it and just try to establish his credit with the Cap1? Would keeping both cards be better for his credit?
2. If I decide to cancel the Credit1 card can I do so without having to pay the annual fee we've already been billed for? The Terms and Conditions say we must cancel in writing so apparently I can't just call and do it over the phone. We have not even activated the card.
Thank you!
