Credit One credit card offer accepted, then I saw the fees!

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yo0123yo
 
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Credit One credit card offer accepted, then I saw the fees!

Postby yo0123yo » Wed Oct 12, 2011 1:36 pm

About 2 weeks ago I got a pre-approved letter in the mail for a Credit One Bank credit card (Visa Platinum) and said I can have a credit line up to $1700. so I applied for it online and instantly got accepted and said my line will be $400 because I have 4 other credit cards which are all near their max and today I got an email saying they shipped it out.

I didn't realize they had an annual fee of 79$ for the first year then 39$ after the first year so my question is, when I receive the card, if I choose not to activate it will I have to pay the annual fee or would it hurt my credit in any way? I know its my mistake but I didn't even read the annual fee before I applied..and my credit score is 655 if that matters..thanks everyone any help is greatly appreciated.


ooxs
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Postby ooxs » Wed Oct 12, 2011 6:09 pm

You will be fine as long as your cancel the card upon receipt (Do Not Activate). The only harm done is you will have a hard pull on your CR for a while.

yo0123yo
 
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Postby yo0123yo » Wed Oct 12, 2011 7:05 pm

ooxs wrote:You will be fine as long as your cancel the card upon receipt (Do Not Activate). The only harm done is you will have a hard pull on your CR for a while.


i'm still fairly new to credit cards so sorry if it seems like a dumb question but what bad would a hard pull do to my CR? would it effect my credit score in any way if i do not activate it?

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bisbicos
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Postby bisbicos » Wed Oct 12, 2011 10:26 pm

A hard pull will last for two years on your CR. A few arent bad but having 8 or 9 can sometimes tell the credit card companies that you're desperate and a high risk. So they will deny your application
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ooxs
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Postby ooxs » Sat Oct 15, 2011 2:32 pm

Yo0, the only dumb question, is the question you never asked. :-)

As mentioned above by Bisbicos, the more hard pull the more of a risk you are. “Hard pull” usually refers to credit inquiries that are initiated by you (for new account) and "soft pull" are initiated by the lender (mostly for account review)



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