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Need Advice - What Constitutes Opening an Account?

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Vivid
Valued Member

Need Advice - What Constitutes Opening an Account?

I applied for a First Premier card and then a different card. Turns out I didn't need First Premier Bank after all. So I called and rejected the plan/canceled right away. I never recieved said card, never activated or used said card. Now I see today that First Premier added a tradeline to my credit reports. It lowered my score and I obviously dont want it there. Im pretty pissed off about it. Has $0 bal...Account closed at consumer s request - Closed or Paid Account/Zero Balance - Credit card. Does that constitute a tradeline? Did I really even "open an account"?

Message 1 of 7
6 REPLIES 6
myjourney
Super Contributor

Re: Need Advice - What Constitutes Opening an Account?

You app'ed and the approval with your permission constitutes an open account.....Sorry

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 7
heyarrnold
Valued Contributor

Re: Need Advice - What Constitutes Opening an Account?

Yup. As soon as you submitted the application, you agreed to the terms and conditions. And thus, it constitutes an open account, if approved, like in this case. 

Message 3 of 7
Vivid
Valued Member

Re: Need Advice - What Constitutes Opening an Account?

So when will that drop? 7 or 10 years? Can any positives be found with regards to my new tradeline or just negatives?

Message 4 of 7
myjourney
Super Contributor

Re: Need Advice - What Constitutes Opening an Account?


@Vivid wrote:

So when will that drop? 7 or 10 years? Can any positives be found with regards to my new tradeline or just negatives?


Drops in 7 years and the only bad thing is it will never show any history 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 7
heyarrnold
Valued Contributor

Re: Need Advice - What Constitutes Opening an Account?


@Vivid wrote:

So when will that drop? 7 or 10 years? Can any positives be found with regards to my new tradeline or just negatives?


It will stay on your credit report for up to 10 years. At the moment, it mostly is negative since you added an inquiry and decreased your AAOA. But that's just a little ding. 

 

Next time be more careful when applying. Lesson learned Smiley Happy Do not worry too much about it. 

Message 6 of 7
Creditaddict
Legendary Contributor

Re: Need Advice - What Constitutes Opening an Account?


@heyarrnold wrote:

@Vivid wrote:

So when will that drop? 7 or 10 years? Can any positives be found with regards to my new tradeline or just negatives?


It will stay on your credit report for up to 10 years. At the moment, it mostly is negative since you added an inquiry and decreased your AAOA. But that's just a little ding. 

 

Next time be more careful when applying. Lesson learned Smiley Happy Do not worry too much about it. 


+1 10 years for positive accounts

Message 7 of 7
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