Can you cancel a new credit card before receiving it?

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Kicker
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Can you cancel a new credit card before receiving it?

Postby Kicker » Wed Jun 13, 2012 3:51 am

Hey everyone, I received an offer from a bank called "Credit One" and I foolishly applied and got approved. I am seriously not liking what I'm hearing about this company and would like to cancel it. I checked the status of my application and it says, they'll notify me when the card is mailed out.

So I'm planning to call tomorrow and should I just simply say I want to cancel my credit card account? I haven't even received my card but is that the way I should go about doing this? The agents are those outsourced foreign people so communicating will be a bit tough too...

Thanks a lot!
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


MemberSince99
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Postby MemberSince99 » Wed Jun 13, 2012 6:29 am

You can try but I'm willing to bet you hit a wall asking them to cancel and they tell you they "can't" and to simply wait until the card arrives and cancel it then, and of course they will charge you the fee for it (which is likely why they "can't" cancel it).

So don't be surprised if you get stuck paying the AF but sure you can cancel it. I just would not expect them to be eager to help you do what you are looking to do.

Kicker
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Postby Kicker » Wed Jun 13, 2012 1:01 pm

Thanks membersince99. I called right now and said I wanted to cancel the application. The lady responded: Why? I just said the annual fee is too high...almost 80 dollars a yr for a 300 CL. So she just said okay it's been cancelled.

After calling, I checked the status of my application on their site and it says: Application Cancelled Our system indicates that the application was cancelled.

So I'm guessing that's pretty much the end of that. Do you think this might still show up on my credit report? I just checked my credit report and they didn't do a hard-pull on me or anything as of yet. I don't think they automatically do it because on the site it states that they need to process my account one more time or something to that effect.

Thanks again!
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


Kicker
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Postby Kicker » Wed Jun 13, 2012 2:05 pm

Never mind, I checked Experian and they did a hard-pull on me yesterday. Doesn't say I have an account with them though.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)

CC Deville
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Postby CC Deville » Wed Jun 13, 2012 4:24 pm

Saw your posting on MyFico too. Yes, you can cancel and hopefully you got to it before they build an account. I made the mistake of opening a Wal Mart Discover in 2009. Never activated it, never used it. Unfortunately though it reports on my bureau....ugh. You did the right thing, Credit One is scandalous.

Kicker
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Postby Kicker » Wed Jun 13, 2012 4:38 pm

Thanks for the reply Deville.

Yeah I've been worried sick! After I submitted the application yesterday night, they said they would mail out my card after pending final verification of info and identity. I checked the status of my application this morning and it said it hadn't been mailed out yet. So I called to cancel and the lady said I should not have anything posted on my credit report..excluding the inquiry of course.

So now, I check the status and it says:Application Cancelled Our system indicates that the application was cancelled.

I'm guessing I should be okay...the reviews for Credit One is quite horrendous.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)

Kicker
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Joined: Tue Jun 12, 2012 5:37 pm
Location: California

Postby Kicker » Wed Jun 13, 2012 5:47 pm

By the way, did you call and had the discover card cancelled?
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)


CC Deville
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Postby CC Deville » Wed Jun 13, 2012 7:03 pm

Kicker wrote:Thanks for the reply Deville.

Yeah I've been worried sick! After I submitted the application yesterday night, they said they would mail out my card after pending final verification of info and identity. I checked the status of my application this morning and it said it hadn't been mailed out yet. So I called to cancel and the lady said I should not have anything posted on my credit report..excluding the inquiry of course.

So now, I check the status and it says:Application Cancelled Our system indicates that the application was cancelled.

I'm guessing I should be okay...the reviews for Credit One is quite horrendous.


Yeah, it sounds like you got to it in time. If for whatever reason a trade line pops up on your bureau, just write to the address associated with the account and let them know that you cancelled the application and that you need the trade line to be removed. What makes me so leary of Credit One is that they used to be called First Bank of Marin. They were always subprime but it seems like they try very hard to trick people into thinking they are Capital One: they changed their name to Credit One and their logo even looks similar.Very shady. A secured credit card from a reputable bank or credit union is always a better choice.

"By the way, did you call and had the discover card cancelled?"

I did, but only after two weeks....so now I have that darn trade line on my bureau. I have had luck with GE removing trade lines (all in good standing) early: (Mervyn's, closed 4/99 deleted 6/05 4 years early; Best Buy closed 4/02 removed 4/06 six years early and Care Credit closed 1/01 removed 1/06 five years early). So I will keep disputing the Walmart Discover until they delete it. Hopefully this year if not next year.

Kicker
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Joined: Tue Jun 12, 2012 5:37 pm
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Postby Kicker » Wed Jun 13, 2012 8:03 pm

Thanks for your reply Deville..really appreciate it. Yeah I'm hoping I cancelled it in time. I'm guessing if I were to call too late, they might've said something about how I would still need to pay the annual fees and what not. If a trade line does pop-up, do you by any chance know how long it would take for it to pop up? Is it as soon as the card is mailed out?

Well I'm glad things turned out okay regarding your discover card. I definitely will read the information on credit-cards from now on and also google to see what other people have to say. I still can't believe I applied for that damn card haha.

Thanks again.
My Wallet:

Wells Fargo Visa - $1200 (Obtained 2011)
AMEX Green - NPSL (Obtained 2012)
Chase Freedom - $3000 (Obtained 2012)
Citi Diamond Preferred - $2000 (Obtained 2013)

Ratfacedudeguy
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Postby Ratfacedudeguy » Wed Jun 13, 2012 9:16 pm

Typically a new trade line doesn't show up on your report until the first statement closing date, or a couple days afterward.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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