Do I HAVE TO activate it once I get it?

[681jim]

The other night, I applied for (and was approved for) a Capital One Platinum plain jane card with a $300.00 credit limit. Normally, most people would be happy about that, buuuuuuut, here's my CC lineup:

NFCU Flagship @ $15,000
NFCU Cash Rewards @ $15,000
Capital One Quicksilver @ $1,000
Capital One Spark Biz @ $1,000

I canceled my Huntington Bank Voice Card earlier this year because they kept cutting my CL, which was just dinging my credit report. ($1,000 to $827 then to $500.)

Anyway, that $300 CL, to me, is like a fart in a windstorm. I'm supposed to be getting the card by the end of the month, but I'm not so certain I want it. Do I HAVE TO activate it, or can I just send it back to Capital One and ask them to cancel it?

[wasCB14]

It's still going to appear on your credit reports, even if you ask them to close it or never activate the physical card.

What was the reason you applied for it? That may guide your decision of whether to keep it or close it.

[kdm31091]

Activation has little to no bearing on anything. The card is going to report on your credit file even if you cancel it, and/or don't activate it. Even if you cancel a card immediately after approval, it is still a valid account and going to report. So there isn't much advantage in cancelling it, although if it's truly worthless there's not necessarily much advantage in keeping it either. The damage is already done though and can't be revoked.

[681jim]

Honestly, the reason I applied for it was just to see if I could get it. See, my Credit Score (according to CK TU and Equifax) is 572, and my NFCU cards are being paid down every month. I suppose I may as well put a tank of gas or two on it every month and then pay it off.

[Anonymous]

I'd look into combining that $300 into either of your other CapOne cards, then close this new card. However, you'll still have a score ding from opening that new card, regardless of activating it or not. Or consider transferring just $200, and keep the new card open, use it for a small automatic monthly charge, and PIF to bring your score back up. It may grow with CLIs, and it may come in handy down the line, you never know.

[vic6string]

When I got my Cap 1 Platinum, it had a 1k limit. 6 months later it was 4k (all auto increases, I never asked for any). I just product changed it a couple of months ago to a Quicksilver, so now it is actually a useful card. Just use it, pay it, and ride it out to see where it goes.

[AverageJoesCredit]

Remember Navy is an outlier and usually their credit limits dont match some peoples profiles as they are prone to give huge limits to profile challenged members. Hunnington is not slashing limits they are balance chasing you for some reason and if your scores are in 500's there must be a vslid reason somewhere. I would be ecstatic to get approved for any credit card on a 542 and even if its $300 its still a Cap One, better than most out there on that score. Perspective is always best 20/20

[681jim]

How would you "combine" 2 CapOne cards? I've heard of it, but not exactly sure how to go about it. Would love to combine it all onto my Quicksilver, because at least they have rewards.

[FinStar]

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@681jim wrote:

How would you "combine" 2 CapOne cards? I've heard of it, but not exactly sure how to go about it. Would love to combine it all onto my Quicksilver, because at least they have rewards.

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Unfortunately, the poster further upthread may not have been aware of those changes, but Capital One is not able to combine accounts at this time.  That feature has been disabled for sometime.  It's uncertain when that feature, if at all, will become available again. 

[FinStar]

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@Anonymous wrote:

I'd look into combining that $300 into either of your other CapOne cards, then close this new card. However, you'll still have a score ding from opening that new card, regardless of activating it or not. Or consider transferring just $200, and keep the new card open, use it for a small automatic monthly charge, and PIF to bring your score back up. It may grow with CLIs, and it may come in handy down the line, you never know.

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That feature is currently unavailable.