Chase slate refusing card & credit score

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mai
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Chase slate refusing card & credit score

Postby mai » Fri Dec 18, 2015 9:08 pm

Hi I applied for the Chase Slate and shortly after I found that I don't need a balance transfer anymore. I called them to cancel my application which was and still is under review. They said they cannot cancel it but upon approval I have the right to refuse the card. How will refusing the credit affect my credit score?


Vermonster
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Re: Chase slate refusing card & credit score

Postby Vermonster » Fri Dec 18, 2015 10:00 pm

The account is still created and the Hard pull will still happen. You will suffer a minor dip for a new account, shorter AAoA and the HP but that should all level out after 3 months.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kdm31091
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Re: Chase slate refusing card & credit score

Postby kdm31091 » Fri Dec 18, 2015 10:28 pm

I hate when credit card companies act as though you can just say "never mind!" to the application because 99% of the time, you can't. Saying you can "refuse" the card implies there is an "undo" button which there really is not.

The HP is still going to occur. The account is still going to hit your reports and ding your AAOA. Even if you literally never use the card and it is immediately closed, it's going to report and ding you temporarily. However, the effects will level out pretty quickly like Vermonster said. You aren't looking at any huge damage IMO. Since Slate is a pretty useless card if you don't need a BT, it makes sense to just close it. The long term impact of the immediately closed account is going to be basically nothing.

mai
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Re: Chase slate refusing card & credit score

Postby mai » Sat Dec 19, 2015 10:50 am

Awesome thanks

takeshi
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Re: Chase slate refusing card & credit score

Postby takeshi » Mon Dec 21, 2015 9:33 am

If you have another Chase card you may be able to transfer the available credit to another card and then close out the Slate.

mai
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Re: Chase slate refusing card & credit score

Postby mai » Thu Dec 24, 2015 2:46 am

In case anyone is interested in an update. I called Chase the first time, inquiring if they could cancel my application. They said they couldn't. Yesterday I called again hoping I'd get another rep on the line who could do it. For some reason I got lucky. They were able to withdraw my application (which was still under review by the way). The moment she cancelled it, Creditkarma sent me an email saying that a change to my credit report was made. I logged on and saw that Chase did a credit inquiry. I expected that. All in all I'm happy I cancelled my application. Thank you very much for replying and helping me.



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