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

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.

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.

Originally Posted by ooxs

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?

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

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)