Accidentally approved for same card twice

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jeffmega5
 
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Accidentally approved for same card twice

Postby jeffmega5 » Tue Mar 03, 2015 9:24 pm

I don't know why this would even be possible, but I accidentally signed up for the same Capital One Venture card twice. I only need one.

Does this negatively affect my credit score?

I was thinking about cancelling one of them, but then thought that might impact my credit score even more by opening and immeadiately closing an account.

Should I close one or keep both open for a while and only use one?


Brad Bishop
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Postby Brad Bishop » Wed Mar 04, 2015 10:54 am

Easiest path: Call them up, explain the situation, and cancel the second account.

It shouldn't negatively affect your credit as you were presumably approved on the same pull and you were already increasing your available credit so it's not like you going to negatively increase your credit utilization or anything of the sort.

I don't think that the second card will even show up on your credit report because it's such an obvious error and, if you close it, it wouldn't even have a completed billing cycle to show.

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lobbythis
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Postby lobbythis » Wed Mar 04, 2015 3:55 pm

Was it at the same time/day?

CapOne always tells people to keep apping for more cards so they love people applying for any card, even if they already have one.

I was told by customer service twice to just apply for another Venture even though I already have one. When I told them how stupid they sound, they just said sorry we can't help you unless you want to apply for more cards.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Mar 04, 2015 9:34 pm

Brad Bishop wrote:I don't think that the second card will even show up on your credit report because it's such an obvious error and, if you close it, it wouldn't even have a completed billing cycle to show.


I doubt that. Not all issuers bother to wait until after a full payment cycle to report an account's existence to the CRAs. My Sallie Mae was on my TU report about 48 hours after I had been approved by Barclaycard - well before the card had even arrived in the mail. There was no information on it about payment cycles, but it showed the bank, the CL, and account opening date.

The second Cap One account may have been created in error, but it still exists and should appear on the report, even with limited information.

Overall, I'm not sure what the best thing to do is. I am curious as to how the first limit compared to the second one, though.

Is the AF due immediately on the second card? Or it's waived the first year for both?
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Postby flan » Wed Mar 04, 2015 11:22 pm

CarefulBuilder14 wrote:I doubt that. Not all issuers bother to wait until after a full payment cycle to report an account's existence to the CRAs.


When I got a BOA card a couple years ago, I got a "3-7 day" message online. I got an email alert from CK about a new account the same day, and then one from BOA a few days later, the day after the card arrived in the mail. High quality technology at that bank!

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Postby takeshi » Thu Mar 05, 2015 11:05 am

jeffmega5 wrote:Does this negatively affect my credit score?

Consider the standard factors:

Hit from a new account is the hard pull and the reduction to AAoA. As for overall effect, it's difficult to say. In some cases there can be an overall improvement. We really can't tell you that you would gain or lose X points for that. It's not just a matter of the action itself but how it all adds up along with your existing credit profile.

jeffmega5 wrote:I was thinking about cancelling one of them, but then thought that might impact my credit score even more by opening and immeadiately closing an account.

Utilization is immediately impacted by closure. AAoA is not. That's it scoring wise. It would look odd on manual review but no impact on scoring due to closing quickly.

If you're going to close it explain the situation to CO and see if they can prevent it from reporting.

jeffmega5 wrote:Should I close one or keep both open for a while and only use one?

Your call to make. If it reports the damage has already been done.

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Postby Gamma » Thu Mar 05, 2015 2:39 pm

On the plus side of things, you may have gotten the venture offer twice for both cards you applied. Easy 80k bonus spend

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Mar 05, 2015 3:03 pm

Gamma wrote:On the plus side of things, you may have gotten the venture offer twice for both cards you applied. Easy 80k bonus spend


From card terms:

"Existing or previous Accountholders may not be eligible for this one-time bonus."

CO could conceivably give the double bonus - but they legally don't have to. They wouldn't stay in business very long if they didn't limit the $400 bonuses.
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Postby ingramjuan » Thu Mar 05, 2015 11:23 pm

Did they do two hard pulls of your credit report?
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Postby lobbythis » Fri Mar 06, 2015 2:13 am

OP has disappeared. Obviously this wasn't too important.



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