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Would you still...

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Carloscda40
Regular Contributor

Would you still...

Keep a card you apped for being that you already got that HP?!

Message 1 of 12
11 REPLIES 11
Remedios
Credit Mentor

Re: Would you still...

Would you take a HP for card you dont want? 

 

Applications (for the most part) are like buying cat in a bag, you know you may or may not get a cat, but you don't know anything else about the cat till you pay. 

If you are disappointed over SL, is there a possibility that card will grow? Is card useful for you even if you have to make multiple payments? 

Was this impulse app?  Were your expectations reasonable? 

 

To answer your question, it depends on a reason. I wouldn't close them over SL or APR. APR isnt relevant, and lower SLs are a fun challenge if I need higher limit. 

 

If it was an impluse app with a case of buyers remorse, I'd close it, but I'd also call it a lesson. 

Message 2 of 12
longtimelurker
Epic Contributor

Re: Would you still...


@Remedios wrote:

Would you take a HP for card you dont want? 

 

Applications (for the most part) are like buying cat in a bag, you know you may or may not get a cat, but you don't know anything else about the cat till you pay. 

If you are disappointed over SL, is there a possibility that card will grow? Is card useful for you even if you have to make multiple payments? 

Was this impulse app?  Were your expectations reasonable? 

 

To answer your question, it depends on a reason. I wouldn't close them over SL or APR. APR isnt relevant, and lower SLs are a fun challenge if I need higher limit. 

 

If it was an impluse app with a case of buyers remorse, I'd close it, but I'd also call it a lesson. 


And I would add that for me the most important factor would be if there was an annual fee.   If the card was "useless" and I could avoid the fee or have a prorated refund, I would certainly close.    Other than that, I would try to ignore the sunk cost of the HP and decide "do I want to keep the card"

 

Apart from the SL/APR reasons @Remedios mentions,  another reason is that you apply for a certain card for a feature (such as cell phone protection, no FTF, long 0% APR) and then another card comes along that incluces the features that you care about  but is obviously better in some way.   When this happened to me, since neither had an AF, I kept both, but closing the first would also have made sense!

Message 3 of 12
Carloscda40
Regular Contributor

Re: Would you still...

It was a card credit karma suggetsted, Cerulean. $750 is the starting SL that will grow to possibly 2k?

 

But the kicker is.. (don't flame me to bad) $99 AF which they take out off the bat!

So the card is starting out as $651.

 

I just pulled this up

**You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement.

If you do reject the plan, you are not responsible for any Fees or Other Charges.**

 

Now would that hurt future creditors looking at my profile?

Message 4 of 12
Brian_Earl_Spilner
Credit Mentor

Re: Would you still...

No, the damage was done. If it was a bad idea, I consider it a lesson and reevaluate at the 1 year anniversary.

    
Message 5 of 12
Remedios
Credit Mentor

Re: Would you still...


@Carloscda40 wrote:

It was a card credit karma suggetsted, Cerulean. $750 is the starting SL that will grow to possibly 2k?

 

But the kicker is.. (don't flame me to bad) $99 AF which they take out off the bat!

So the card is starting out as $651.

 

I just pulled this up

**You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement.

If you do reject the plan, you are not responsible for any Fees or Other Charges.**

 

Now would that hurt future creditors looking at my profile?


No one is going to flame you for the card, but paying attention to CK recommendations...that's still on the table. Kiddin', just kiddin' 

 

It really depends on what else you have. If you are rebuilding and you cannot do better at this time, keep it. If you already have better cards, close it. It wont hurt your chances later. 

Message 6 of 12
rostrow416
Established Contributor

Re: Would you still...

It's just an inquiry.  If it's a case of "buyers remorse" or whatever, it's not really going to cost you anything.  The effect of the HP is gone within a few months.  Don't get too hung up on stuff like that.

 

If the terms don't make financial sense to you anymore, it's more important to save the money than to fear the effect to you credit score.

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Message 7 of 12
OmarGB9
Community Leader
Super Contributor

Re: Would you still...


@Carloscda40 wrote:

It was a card credit karma suggetsted, Cerulean. $750 is the starting SL that will grow to possibly 2k?

 

But the kicker is.. (don't flame me to bad) $99 AF which they take out off the bat!

So the card is starting out as $651.

 

I just pulled this up

**You may still reject this plan, provided that you have not yet used the Card or paid a fee after receiving a Monthly Billing Statement.

If you do reject the plan, you are not responsible for any Fees or Other Charges.**

 

Now would that hurt future creditors looking at my profile?


Definitely a learning lesson to never listen to CK's "suggestions" aka paid marketing. Whether to close or not is up to you, depending on whether you're rebuilding and/or can't get better cards at the moment as mentioned above. Closing so soon after opening wouldn't hurt future options with other creditors, unless you start doing that a lot and making it a habit.


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Message 8 of 12
HeavenOhio
Senior Contributor

Re: Would you still...

@Carloscda40, you have the opportunity to avoid paying $99. If you see no use for this card, close it. The pull isn't a big deal.

Message 9 of 12
longtimelurker
Epic Contributor

Re: Would you still...


@HeavenOhio wrote:

@Carloscda40, you have the opportunity to avoid paying $99. If you see no use for this card, close it. The pull isn't a big deal.


And even is it was a big deal, it has already happened. So just look forward: is this card worth paying $99.   Almost certainly, no!

Message 10 of 12
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