If a store had a promotion running where you could save money by signing up for their credit card and you were to cancel the application the next day or so before you got the card, would that negatively affect your credit or would it be fine so long as you do not purchase anything?
2007-09-08 19:41:06 · 5 answers · asked by Alan 2 in Business & Finance ➔ Credit
Well, usually when you sign up for the card there are stipulations that you must keep the card a certain period of time. Also, you only save money if you use the card for the initial purchase, not just for signing up.You can cancel a credit card at any time but the inquiry itself will show up on your credit. That can't be changed. If you use the card and pay it off over let's say 6 months it actually builds better credit. Then cancel the card(do not just cut it up, actually call and cancel the card). This shows a card you had in good standing then paid off and closed yourself. Great for your credit! Good Luck!
2007-09-08 19:53:14 · answer #1 · answered by Kristi 3 · 0⤊ 1⤋
Having too many open credit cards will lower your credit score. And no, you don't just want to cut them up. Cancel each card, and follow-up to make sure they show up as closed on your credit report (can take 2 or 3 months). Also, try to keep your balance below 50% of your credit limit. Charging more than 50% will also lower your credit score.
2016-05-20 01:38:52 · answer #2 · answered by latosha 3 · 0⤊ 0⤋
Most likely they'll have already checked your credit report(s). When you apply for credit, there's a 'hard' inquiry on your credit report, something other lenders see. Have too many of these in a short amount of time, and most wont lend to you as they see it as an excess need for credit. If you're not too worried about this (IE you don't plan to apply for more than 2-3 cards in a 4-6 month period) you should be fine.
2007-09-08 19:54:35 · answer #3 · answered by Jim 2 · 1⤊ 1⤋
The credit check already dinged your credit but it will rebound quickly. If you don't want the card (and store charge cards aren't very good anyway), cancel the account in writing and request written verification that the account is closed. Keep copies with your important financial papers.
Some times closed credit card accounts come back and bite you.
2007-09-09 04:32:39 · answer #4 · answered by bdancer222 7 · 0⤊ 2⤋
It would negatively affect it because when you sign up you give them the authorization to check your credit. And that lowers our credit score in itself.
2007-09-08 19:57:18 · answer #5 · answered by Maria2Blue 3 · 1⤊ 1⤋