Can we cancel a card before actiation ?

[Red1Blue]

I am having second thoughts on First Savings Mastercard. It is approved for $350Cl and $75 AF. I am not sure if the AF justifies the cafd. I am debating if I can cancel the card. Should I wait for the card to arrive ? Or should I call them now and ask them to cancel the card and not ship it. I have not received the card yet. Once I receive it, can we cancel a card before it is activated ? Will they still charge AF ? Will they report the account the Credit Report and affect the AAoA?

[dragontears]

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@Red1Blue wrote:

I am having second thoughts on First Savings Mastercard. It is approved for $350Cl and $75 AF. I am not sure if the AF justifies the cafd. I am debating if I can cancel the card. Should I wait for the card to arrive ? Or should I call them now and ask them to cancel the card and not ship it. I have not received the card yet. Once I receive it, can we cancel a card before it is activated ? Will they still charge AF ? Will they report the account the Credit Report and affect the AAoA?

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99% of the time if is going to be reported even if you cancel it before receiving it.

If you cancel before using it you should not have to pay an AF but be vigilant as some subprime companies don't close accounts properly and people are hot with late payments, etc.

[SweetCreditObsession]

Yes you can cancel it prior to activation. It is possible they will report the account as closed but you shouldn't be liable for the annual fee as you're not using the line. It will simply report as a positive tradeline. At one point I had one such account as my oldest tradeline. I had totally forgotten about it! Best wishes.

[Red1Blue]

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@SweetCreditObsession wrote:

Yes you can cancel it prior to activation. It is possible they will report the account as closed but you shouldn't be liable for the annual fee as you're not using the line. It will simply report as a positive tradeline. At one point I had one such account as my oldest tradeline. I had totally forgotten about it! Best wishes.

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Thanks. I'll call them and see what they say. I am having buyers remorese. Not sure if I want to pay $75 AF for card with $350 Limit. If they waive the AF, I'll go ahead and cancel it.

[Jnbmom]

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@Red1Blue wrote:

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@SweetCreditObsession wrote:

Yes you can cancel it prior to activation. It is possible they will report the account as closed but you shouldn't be liable for the annual fee as you're not using the line. It will simply report as a positive tradeline. At one point I had one such account as my oldest tradeline. I had totally forgotten about it! Best wishes.

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Thanks. I'll call them and see what they say. I am having buyers remorese. Not sure if I want to pay $75 AF for card with $350 Limit. If they waive the AF, I'll go ahead and cancel it.

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They will not cancel AF that's how these banks make their money.

it will probably report but as pointed out above although you are not responsible for AF if you cancel, make sure they don't charge you anyway .

[Red1Blue]

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@Jnbmom wrote:

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They will not cancel AF that's how these banks make their money.

it will probably report but as pointed out above although you are not responsible for AF if you cancel, make sure they don't charge you anyway .

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Thanks for your input. I'll call them and find out if they would waive the AF since I have not received or activated the card. Not sure if I want to pay $75 AF for a card with $350 Limit.

[SweetCreditObsession]

Escalate it if they still attempt to charge you. You can't make a person pay for something they haven't used.

[FireMedic1]

You have been advised by many of us to stop getting anymore secured cards once you hit 5 cards. You already took the hit for a new account and it hit your AAoA's. Keep it until the next annual fee hits. Cancel it in month 11. You saw the fees associated with it before you applied. You have asked about so many cards. Now you got them. Let them do their thing. Build a profile. Thats what it takes to rebuild. You posted today in a new thread you got the Blaze card. Now you want to close a card. Stop applying. Let them grow and all the hits that your reports took to cool off for a year at least. Its rebuild time. Not pick and chose after you apply and change your mind. Sorry.

[Red1Blue]

I called First Savings and cancelled the card. I have not received the card yet. They said they will credit the Annual Fees. I did not feel like paying an AF of $75 for a card with $350 limit. More than all they would not let me make more than 2 payments / month. That means I can not use the card often and justify the fees of $75/year. Even Indigo card with $300 limit, I can use it as often as I want and pay for it right away and keep using it. With only 2 payments allowed with First Savings Card all I can do is fill up the gas couple of times. Not worth keeping the toy card and going through the hassle. 

[Red1Blue]

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@FireMedic1 wrote:

You have been advised by many of us to stop getting anymore secured cards once you hit 5 cards. You already took the hit for a new account and it hit your AAoA's. Keep it until the next annual fee hits. Cancel it in month 11. You saw the fees associated with it before you applied. You have asked about so many cards. Now you got them. Let them do their thing. Build a profile. Thats what it takes to rebuild. You posted today in a new thread you got the Blaze card. Now you want to close a card. Stop applying. Let them grow and all the hits that your reports took to cool off for a year at least. Its rebuild time. Not pick and chose after you apply and change your mind. Sorry.

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Sorry @FireMedic1. I did call First Savings and cancel the card. I do not think I was impulsive when I applied for the card. The deal breaker for me is they do not allow more than 2 payments / statement cycle. That means I can not use the card enough to justify the AF. I would rather let it go now than dealing with it for a year. Even after a year nothing is going to change. Even if the waive AF by allowing only 2 payments / statement with very low credit limit is a head ache. Time to say let it go and move on.