Cancelling new card

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attrapereves
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Cancelling new card

Postby attrapereves » Sat Jun 28, 2014 8:07 pm

I applied for a card from Fifth Third bank a few weeks ago and haven't really used it that much. I went to pay my bill and found out that I can only pay the bill online if I have a checking account with them (which I do not). My only other option is to pay over the phone (with a fee), at a branch (over 200mi away), or by check (not convenient).

This bank seems really behind on the times. Their website looks like something out of the 90s. I can't even enroll in autopay without sending in a paper form.

It's a shame that I took a HP ding for this card. They only gave me a measly $1500 CL too.

Will there be any effect on my credit score by closing this account?


MemberSince99
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Postby MemberSince99 » Sat Jun 28, 2014 8:16 pm

It's really hard to say. If that's your only card, then yeah it could well drop your score. If it bumps your utilization, yeah it could drop your score.


Since we know nothing about your situation it's just a wild guess what would happen to your score.


If you really don't want the card, dump it. And thanks for the heads up about that bank by the way. A couple of years ago they sent me something in the mail about their card, but since I'd never heard of them I just threw it out. Sounds like I made the right move.

attrapereves
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Postby attrapereves » Sat Jun 28, 2014 8:29 pm

I need to update my sig. I've got 6 other cards with much higher CLs. My utilization right now is around 11%. I'm guessing dumping it won't affect my score.

If you cancel a card before the first statement is issued (and the card is unused), does it even show up on your credit report?

augiedog
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Postby augiedog » Sat Jun 28, 2014 8:57 pm

attrapereves wrote:I need to update my sig. I've got 6 other cards with much higher CLs. My utilization right now is around 11%. I'm guessing dumping it won't affect my score.

If you cancel a card before the first statement is issued (and the card is unused), does it even show up on your credit report?


They will issue you a statement upon cancellation, or they will make one up for your credit report.
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supercoolman
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Postby supercoolman » Sat Jun 28, 2014 9:41 pm

you can app a card conveniently, but not conveniently pay them. sounds familiar...

DONx3
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Postby DONx3 » Sat Jun 28, 2014 9:54 pm

I don't have a 5/3 bank account anymore. You can pay your 5/3 card with whichever bank you primarily use by using their bill pay. I just keep mine to pay my phone bill because of the cell phone protection feature (which isn't all that great).
Amex Blue Cash Everyday 07/01
Amex Starwood Preferred Guest 03/16, BD 01
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Chase Freedom Visa Sig 12/13
Chase Ink Plus Visa Sig 05/16
Chase Sapphire Preferred Visa Sig 07/13
Discover It 01/14
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takeshi
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Postby takeshi » Sat Jun 28, 2014 11:13 pm

attrapereves wrote:Will there be any effect on my credit score by closing this account?

Mainly due to the change to utilization. You already took the hit to AAoA and from the inquiry when you opened the account. The closed account will continue to factor into your AAoA until it falls off.

attrapereves
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Postby attrapereves » Sat Jun 28, 2014 11:27 pm

DONx3 wrote:I don't have a 5/3 bank account anymore. You can pay your 5/3 card with whichever bank you primarily use by using their bill pay. I just keep mine to pay my phone bill because of the cell phone protection feature (which isn't all that great).


I bank with Ally. Any idea if most banks send paper checks or send bill pay electronically?

augiedog
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Postby augiedog » Sun Jun 29, 2014 9:50 am

attrapereves wrote:I bank with Ally. Any idea if most banks send paper checks or send bill pay electronically?


I know BoA and WF send paper checks in the mail with your account number written on them.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

DONx3
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Postby DONx3 » Sun Jun 29, 2014 11:35 am

I am pretty sure most payments made by BOA is electronic. Check the pay to account address shown. If it's not showing then they pay it electronically. I don't know about Ally or WF so give your banks a call.
Amex Blue Cash Everyday 07/01
Amex Starwood Preferred Guest 03/16, BD 01
BOA Cash Rewards Visa Sig 06/07
Chase Freedom Visa Sig 12/13
Chase Ink Plus Visa Sig 05/16
Chase Sapphire Preferred Visa Sig 07/13
Discover It 01/14
IHG Rewards Club World MC 12/14
Southwest Rapid Rewards Plus Visa Sig 08/16



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