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IF I APPLY ONLINE FOR A CREDIT CARD AND THE INTEREST RATE IS HIGHER THAN WE WANT , ARE WE... |
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Date:
May 4, 2008, 7:58 pm |
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IF I APPLY ONLINE FOR A CREDIT CARD AND THE INTEREST RATE IS HIGHER THAN WE WANT , ARE WE OBLIGATED TO TAKE THE CARD OR CAN WE WITHDRAW OUR APPLICATION? |
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Answer:
Do not be afraid to withdraw the credit card you have just applied for. As a matter of fact, when you close a credit card account, you delete part of your credit history and so lower your debt ratio. In your case, you have very little, if any, history on the card, especially if you did not activate it. So your credit score will only take a small hit which will soon disappear from your credit report. If you are not going to make a big purchase in the nearest future, feel free to withdraw the application you made. However, we would not recommend you to practice this thing. Remember, that every application you make involves checking your credit (hard inquiry) which hurts your rating all the same. So try to make fewer but right credit card applications. Apply for a credit card no more that two times a year and choose as reasonably as you can, so as not to cancel it soon later. |
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