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Declining an approval?

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New Member

Declining an approval?

I was testing the approval waters and applied for a Credit One MC and got approved for $300 credit limit. Feeling brave I applied for the Cap1 Quicksilver with rewards and got approved with a $2k limit. After reading reviews I kind of don't want the hastle and fees for the Credit One card. Can I back out of it now or once I receive it in the mail?  My only other card is a regular Cap1 with $600 limit. 

 

I am working to rebuild credit. 

 

 

Message 1 of 7
6 REPLIES 6
Community Leader
Super Contributor

Re: Declining an approval?

Yes you can decline it ir cancel it, even though you already took the hp. Does your Credit One have af and fees? If so, id let it go as getting 2 Cap Ones is a fantastic start especially a 2k QS. Every time a Credit One card closes, an Angel gets its wingsSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 2 of 7
New Member

Re: Declining an approval?


@AverageJoesCredit wrote:
Yes you can decline it ir cancel it, even though you already took the hp. Does your Credit One have af and fees? If so, id let it go as getting 2 Cap Ones is a fantastic start especially a 2k QS. Every time a Credit One card closes, an Angel gets its wingsSmiley Wink

Yeah the $99 a year and $19 to add an auth user. 

 

 

Message 3 of 7
Member

Re: Declining an approval?

When I was building credit, I fell into the same trap. And had the same immediate regret. I called a day after approval and had it cancelled. They sent a confirmation letter in the mail and the card never appeared on my credit reports.

All Scores >750 | Average Age >2yrs

Capital One QS | Discover It | Amex BCP | Amex Hilton Honors | USBank Cash+ | BBVA ClearPoints | Walmart MC
Message 4 of 7
New Member

Re: Declining an approval?

Yes you can decline the card. Credit one is a sub prime credit card issuing bank. If you can avoid carrying their card it will benefit your overall credit picture. Depending on the time frame between getting the approval and declining it, it may not even show up on your credit history but the inq will still show up. Good luck!!!
Message 5 of 7
Valued Contributor

Re: Declining an approval?

Hmm... let me see...

 

$8 a month fee

NO grace period

$25 per $250 CLI fee

Doppelganging CapitalOne logo

 

I would cancel it ASAP!!!

Get a secured cc if Cap1 isn’t enough.

Good Luck to you!

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 5 EQ 4 TU 1
AAoA 5y2m
UTIL 1% - 3%

$200K+ Total Limits







New cc TLs 1/6 ; 2/12 & 4/24
Message 6 of 7
Regular Contributor

Re: Declining an approval?

I think OP is punking us... Smiley Very Happy Those are night and day differences between the two. Smiley Indifferent Cap1 offered you a +3X CL on the QS with rewards and no AF... then there's the Credit One... I would have Hulk smashed that Cap1 Accept button so hard my keyboard would have protested Smiley LOL

~ This is Chess... It ain't Checkers!!! ~
Message 7 of 7
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