CREDIT: what should I do??? I ordered a credit card I do not want, my first card (capitalone) how do I get rid

Question

how do I get rid of it without distorying my none existent credit stat

how do I get rid without distorying my credit or lack of?
cutting up a card does not dismiss your credit score or canceling an acount upon arrival

there is a fee

Answer 1

You claim you have no credit. With no credit you will find that the cards you are approved for will come with annual fees.

Your only option, if you want to build credit other than opening a card with a fee, would be to open a secured card.
You could open a loan but loans do not count as high in the scoring factor as major cards and in fact an installment loan could actually hurt you until the loan is paid.

You have applied for Cap One, who lately is not sticking to pulling just from one single bureau but from all three. Because of that you have dings from the inquiries on all three reports.

Because your file is so limited, you will have a small ding when it starts to report.

If you feel that you can afford to pay the fee, you might want to keep it open and request that the fee be waived when it comes due next year.
As long as you keep the account in good standing, Cap One is very good with giving credit limit increases.
If you keep it in good standing, it should also help you gain credit with other creditors.

Either way, if you keep it open or you close it, it will report. If you close it then it will be reported as being closed by you.

If you decide you would rather close it, then you should not use the card. You should call Cap One and request the account be closed and the fee be waived.

Follow that call up with a letter telling them that you contacted them by phone on xx/xx/xxxx and spoke with . That your phone contact was to request closure of the account and the fee waived. That you are sending the follow up letter so that you will be providing, in writing, that you want the account closed and the fee waived.

Answer 2

It sounds as though you haven't actually used the card yet. If you have not begun to establish your credit you may want to consider keeping the card and using it for small expenses. Just be sure to pay it off every month when your bill comes. That way you will be building a good credit history and score so that when you want to purchase a home or car you won't have such a hard time. Having no credit is sometimes worse than having bad credit.

Answer 3

Most banks will not give anyone an increase in credit limit until you have a proven record of timely payments and more then minimum. This usually takes a year at least. Once you have had it for a year, no harm in calling and requesting an increase. If your credit history is not too great you may not ever see an increase (Capital One is tight on giving out increases) I know, I have one account that I have used maybe 4 times in the past (going on 10 yrs now) and they never increased it. Good luck and hope this answers your question

Answer 4

It's a big hassle closing an account. It will bring your score down and be added to your credit report as a closed account. If you still want to close it then read the terms of service a lot of companies require a written notice. I suggest putting your card some place safe for emergency use only hopefully you don't have annual fees on this card.

Answer 5

Its very simple call the credit card co. if you have no balance on the card request the account be closed. Your credit report will reflect that the account was closed by consumer . That actually looks good on your credit report as it appears your responsible and do not want credit card debt. The c.c. must report it as closed by consumer its the law . If this or the rest of the answers didnt help you go here http://www.creditinfocenter.com Good Luck

Answer 6

Call the credit card issuer ( usually there is a phone
number at the back of the credit card ) and request
for the cancellation of your account.

Make sure that you don't have any outstanding balance
( bills payable ) on the credit card that you want to cancel.

Answer 7

call them and tell'em you wan to close the account, if you haven't bought anything with the card and there are only fees and finance charges on the balance they may try to talk you into not closing it, but you can close it and they will clean your balance. However if you have purchased something with the card, they will require that you pay the balance, and it's better to have a note on the credit report saying "Closed per cardmember's request" than "closed by collections"

Answer 8

Call the number on the back of the card and cancel it.

Use words like..Cancel, Close, Stop.

Words that don't work... inactive, hold.

There is no credit score consequence here.

Answer 9

you can close out the account but i believe it will appear on your credit report as a closed account but i dont know if it will show that you closed it. just keep it and only buy stuff like gum and going to the movies. pay the credit card bill as soon as it comes and this will increase your credit tremendously.

Answer 10

Cut the card up, send it back to them and tell them to close your account. I do not think that will affect your credit rating. It is best to use cash anyway, it keeps you out of financial trouble.