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| *Loan,banking and credit>>>bank loan |
If I change my mind about accepting credit card from bank, will that affect my future application for a loan? |
The place I've banked at for almost six years, has offered me a credit card which I accepted over the phone, and I should receive in a few weeks. If I change my mind and decide not to activate the card, and call in to canel it, will that count against me next year if I apply for a loan through the bank(for school or realestate)? Or does refusal of a previous offer not matter? The bank has authorized access to review my credit report either way. Thanks I am a certified credit and financial counselor. I would suggest that you destroy the old card and start using the new card, as it is a better deal for you all around. You should leave both cards open. Closing a credit card can actually lower your credit score, because it reduces the proportion of "balances to credit limits," which is a major factor of your credit score. Furthermore, a creditor may not take an adverse action against you (like denying a loan) just because you don't use one of their products. No. This has no bearing on future loans. They are seperate transactions. You can always activate the card, use it sparingly and pay off the total each month. This will avoid interest rate and build your credit rating. You may have an annual fee though. It will not make a difference unless it is used and not paid. Take away the temptation and the possible abuse of it being stolen and wait a few weeks and cancel it. It may have annual fees that you have to pay even if you don't use it, so better to not activate it. Get it off your account. I think this is a smart move. If it's a debit card all a person has to do is sign your name to use it, it's easier than a credit card. Really. Get rid of it through the bank and then cut it up. Depending on the credit limit I would activate it use it responsibly paying it off each month. It'll raise your score as well. <<I've heard that can lower credit rating.>> Usually that is not the case. |
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