I was on the right track earlier in the year...had my cards all paid down, etc....but I am now a backslider! My cards are currently maxed out because of a purchase I needed to make (actually a series of purchases, but it was all for the same result). BUT, I have no late payments. So, that much is good. I did something during this, though, that I am now regretting. I think it might do me more harm than good. Here's the deal...
During all the above, I needed access to some funds while the current cards are maxed out. Of course, my credit score has dropped down a lot with the cards being maxed out (expected), but I figured since I have good standing with CapitalOne, they'd be my best bet for a new card, hoping with a better limit than the one I have with them now. I was approved for QuickSilver, and I initially accepted it, but I then realized it's the one with an annual fee instead of the one without a fee, and I am only approved for $300. I have the card here, but I have not activated it. It turned out that I was able to do things a different way to manage the funds needed. The card didn't come in time anyway.
So, my questions are these....
If i don't activate it, a new account is never opened, I believe. I just wanted to double check that first of all.
The reasons I am shying away from it, even though I could have been interested are... It's the card with an annual fee. I already have one of those (eck card from Credit One, but it's an older card with a good record...it would hurt me to close it), and I am not looking to do a short term card. I'd rather not get going with a "bad" card...would rather get to using a good card i can use for the long haul next. Plus, given that I was only approved for $300, it's not going to be a big help. I could have gotten another one from Credit One with an $800 limit a bit back, but at the time, I shyed away from it because of the annual fee again. Also, adding a new card will, of course, drag down my average age of accounts. If it were a keeper card, I would be fine with that, but not sure if that's something I want to do for this one.
On the other hand, I have the hard inqueries on my reports now. I believe they hurt less if there is a new associated account. I believe the hard inqueries are impactful for a year, although I think the impact lessens. Do you think it would be wise to go ahead and activate the card? The fee is not so much that it will cause a problem...just better things funds could be spent on, of course...anything else.
What do you think? I am leaning towards not activating, but wanted to get opinions from the experts.
I have a Capital One card (newest), Credit One (middle child), and Discover (my oldest active line of credit). So, I have the three that are recommended.
Can this CapitalOne QS card I have been approved for be converted to the one that has no annual fee without it being a new, additional card later on? If so, that would change the situation a lot, I think.
Thanks much in advance.
During all the above, I needed access to some funds while the current cards are maxed out. Of course, my credit score has dropped down a lot with the cards being maxed out (expected), but I figured since I have good standing with CapitalOne, they'd be my best bet for a new card, hoping with a better limit than the one I have with them now. I was approved for QuickSilver, and I initially accepted it, but I then realized it's the one with an annual fee instead of the one without a fee, and I am only approved for $300. I have the card here, but I have not activated it. It turned out that I was able to do things a different way to manage the funds needed. The card didn't come in time anyway.
So, my questions are these....
If i don't activate it, a new account is never opened, I believe. I just wanted to double check that first of all.
The reasons I am shying away from it, even though I could have been interested are... It's the card with an annual fee. I already have one of those (eck card from Credit One, but it's an older card with a good record...it would hurt me to close it), and I am not looking to do a short term card. I'd rather not get going with a "bad" card...would rather get to using a good card i can use for the long haul next. Plus, given that I was only approved for $300, it's not going to be a big help. I could have gotten another one from Credit One with an $800 limit a bit back, but at the time, I shyed away from it because of the annual fee again. Also, adding a new card will, of course, drag down my average age of accounts. If it were a keeper card, I would be fine with that, but not sure if that's something I want to do for this one.
On the other hand, I have the hard inqueries on my reports now. I believe they hurt less if there is a new associated account. I believe the hard inqueries are impactful for a year, although I think the impact lessens. Do you think it would be wise to go ahead and activate the card? The fee is not so much that it will cause a problem...just better things funds could be spent on, of course...anything else.
What do you think? I am leaning towards not activating, but wanted to get opinions from the experts.
I have a Capital One card (newest), Credit One (middle child), and Discover (my oldest active line of credit). So, I have the three that are recommended.
Can this CapitalOne QS card I have been approved for be converted to the one that has no annual fee without it being a new, additional card later on? If so, that would change the situation a lot, I think.
Thanks much in advance.
Damage is done. Not activating makes no difference. Yes the AF can eventually be removed my former one was. Just use it and either have them waive it next year or convert it.
