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californiadreamin

Can I Stop This Card From Opening?

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I am not sure if this is even possible to do, but can I cancel a credit card that I was approved for online so it won’t show up on my credit reports?

 

I am in the process of rebuilding my credit. I filed for Chapter 7 BK last October and it was discharged in February, 2019. Obviously I had to include all of my creditors, so i figured I will be on the blacklist for every issuer out there that had a balance when I filed - Amex, BofA, Barclay, BBVA, Capital 1, Chase, Citi, Comenity, Discover, FNBO, NFCU, Synchrony, USAA and Wells Fargo.

 

As for the other cards that had no balance, all of there were closed, except for my Firestone account that was opened in 2014 with a credit limit of $2,200.

 

In February, After my discharge, I got a share secured loan through SDFCU ($500.00 loan amount - paid off now) and a Secured Credit Card with $1,000.00 (utilization is around 18% at last reporting - I try to keep it under 20% max). I also got a “Quick Loan” for $1,000.00 though DCU (paid off). At that time, I applied for both Cap1 Secured and Discover Secured and was denied for both.

 

In July, Credit Karma recommended I apply for the Target card and I was approved for a $500.00 limit. I’ve used it and paid off each month, except on month that reported a balance of less that 20% utilization. I received an Auto CLI in October to $700.00. 

 

I also took out another “Quick Loan” in July though DCU for $1,000.00 that is paid off. I also got an Affirm 6 month financing deal through Walmart for an Apple Watch. It’s also paid off (was trying to get a positive trade line reporting.

 

So as of today I have the following revolving accounts:

 

Firestone (I used it for an oil change and paid off next month): $2,200.00 limit.

SDFCU Secured: $1,000.00

Target: $700.00

 

This morning I decided to unfreeze my reports to check the preapproval links for the major credit cards. None of them said I was pre approved except for Discover. I applied and got the 5-7 day message and was instructed to call in. I did that and the representative said they had all the info they needed and that I would get something in the mail (another denial it appeared).

 

I checked Carvana to see what rates I would qualify for if I decide to buy a car and it came back with a rate range of 3.9% - 8.6% with zero down. After my BK discharge it quoted me something like 16.9% with $200.00 down. That was positive.

 

I also did the Creditcards.com preapproval and it gave me Indigo and Milestone. Indigo had an annual fee between “0” to “$99.00” per year. The Milestone was $35.00 a year. So I went forward with Indigo and it approved me with a “0” annual fee and a credit limit of $300.00. 

 

I then read that it was one of the accounts that CB listed as an account to NEVER get. Hindsight, right? I’m sure you know where I’m going with this. I didn’t realize this card was so bad and do not want it. The limit is lower than what Target started me at.

 

This evening I decided to follow up on Discover on their application status and I was approved with a 12k limit. I was shocked as I was expecting a denial or possibly a counter for their secured card. They were also included in my BK as well. I’m not complained, just utterly shocked. They pulled Experian and my FICO 8 per USAA is 664. 

 

So is there anything I can do to refuse the Indigo card or am I stuck? The BK on my credit report is bad enough, but to have this card start reporting after reading about how awful it is seems like it would hurt me instead of help me.

 

i know that this is First World Problem and I’m probably freaking out more than I should be, but I really want to start fresh after my BK.

 

 

 

 

 

 

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Hopefully you've learned your lesson on these pre-marketing lead generator websites like KreditKarma and KreditKards dot com.

 

The stain is already there - you have the inquiry and they approved you. Even if you don't activate the card, it will likely report open. At this point, close it then wait out the reporting period. Now you have a ton of inquiries so you just need to chill out on the new accounts and let these age a bit.

 

Keep in mind, FICO itself doesn't care where your accounts come from for the most part. Capital One and Credit One is all the same to the math formula. Its under manual review by an underwriter where accounts from known scumprime lenders like Credit One stand out as a marker of previous credit issues. If you're on a knife edge of approval, that could lead to a "Evidence of Prior Financial Problems" sort of denial.

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you can ask them to "unwind" the approval and close the turd right away. pay whatever they claim you owe and put this behind you -- never look back. and every time you look at your reports for the next 10 years remind yourself of this moment.

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I will take the contrary view. Since you applied and got approved for Discover, you really can't erase what you did. Your $12K credit line is larger than my $10K. I've never directly asked for a credit line increase. My FICO is about 835 or so.

Just keep the card. Some here think it's made from bird turd. It might be, but it's still a credit card.  Use it for small purchases to keep it active and immediately pay it off. A new credit line eventually becomes not new. Eventually it helps your credit score, assuming you don't get behind in payments.

 

Edited by Burgerwars

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