GabeCR wrote:Hi. I've done some searches on a topic that I am very curious about.
Because I applied for 2 credit cards thinking I might get rejected by one. But in case I get approved for both, does that mean I am compromised to open both?
This is a bit confusing. In the first sentence, it indicates that you already applied for 2 cards with the assumption that one was going to reject you. But the second sentence is unclear "...in case I get approved for both..." indicates that you didn't get automatically approved. Is that the case? Did you get an instant approval for either one, or did you get a "7-10 day decision" message, or a "30 day" decision message.
Once you get approved, either automatically or in a 7-10 day message, you're approved. Your account starts then. But that's not to say that you cannot close one of the accounts. If you only want one, you certainly can close the other one immediately. However, it will still report on your credit report, and show a notation of "closed by consumer". That in and of itself doesn't hurt you.
I did exactly that with a loan that I opened, just because I needed a quick approval, and then immediately closed it within the first month, when I did a re-fi of an existing loan to include the new one, at a better APR than the fast/first loan. There's now a "closed by consumer" notation on the closed loan TL, but it had absolutely no adverse effect.