My Capitol One Platinum card's rate just went up 10 points for no reason at all (they said they did it to everyone). I would like to get a new card but it's been a while since I had to do this and I'm trying to avoid the bait-and-switch interest rate tricks they play. If I apply for a Platinum card that advertises, say 7.9%, then they send me a different card that has a higher rate, can I cancel it before using it without hurting my credit score?
2007-11-13 16:05:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
You dont have to accept the card, and it wont hurt your credit. I would contact the company and say you sent me the wrong card, if they say this is what you qualify for then say " Cancel the card I DO NOT WANT IT. Make sure you get the name of the person and conformation number, do not get off the phone until you have it. They might offer you something else.
There are so many cards out there right now, just type in Credit cards and 100's will pop up. I would go for something that has a low rate and frequent flyer miles.
good luck
2007-11-13 16:35:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is not going to hurt your credit score to cancel credit cards (call the Customer Service number on the back of your card), but it will hurt your score if you apply for more than one new card. Positive factors are Low balances, but High credit limits; however, not using your credit accounts is a negative factor because it doesn't provide lenders with information on how you typically use credit and repay your debts. Negative factors that will lower your credit score is high balances, lots of debt, late payments, and minimum payments. A big negative factor that you may not realize is applying for a new credit card within a short period of time because it goes against your credit history as a "hard inquiry" which makes it look like you are in financial trouble. So try not to apply for more than one card within at least 6 months.
2007-11-14 00:39:09 · answer #2 · answered by ? 5 · 0⤊ 0⤋
You can have the company close the account if the balance is zero - by your request any time.
If the card has a balance, you can have the company stop taking new charges on the account and once it's paid off, you can close the account.
A month or two later - be sure to check your credit report at http://annualcreditreport.com to verify the account is closed.
If you have too many open accounts, even if they have zero balance and you don't use them, when you apply for a loan, they can turn you down for having "TOO MUCH AVAILABLE CREDIT". It happened to me.
2007-11-14 00:19:16 · answer #3 · answered by Hydrox 1 · 0⤊ 0⤋
Yes, simply return it cut in two and decline the terms and conditions. You could also call their 1-800 number to cancel.
2007-11-14 00:08:20 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Yes, cut it up and let them know you want the account closed. Don't let them push you into anything you don't want.
2007-11-14 00:14:25 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 0⤋