Capital One - Cancelling card before even activating

deadhac

I recently got the capital one card; in the mean time I have decided that it is not for me. The card has arrived and I have yet to activate it, If i were to cancel the card without activating it would there be any impact on my credit score?

(I know there are going to be people telling me that this probably been answered before; however I have yet to find this!)

izools

You are covered by a 14 day right to cancel.

The account may or may not (in capital one's case I suspect it will) appear as an opened and immediately settled credit card account.

This will have no long term effect whatsoever but may reduce your creditworthiness somewhat for the next six months.

Some companies may see it as a new obligation and mark you down for it, others won't.

The fact it will show as immediately settled means long term the effect should be neutral, short term also neutral but possibly slightly negative. Depends on the lender.

Which Cap 1 card did you get and why don't you like it?

deadhac

I think its the capital one classic card...the one with the 1% cashback but the poxy credit limit. I was only given a £200 limit which was too low, I could have handled £500 and paid it off twice a month. I have a amex though work for expenses but intended to use a cashback card due to the amount of fuel i put in my car, train tickets and hotels I use but it really isnt worth the hassle in this case. I might keep it now that I have it unless I can cancel within the 14 days. The issue with that is that I cannot remember the date I applied and capital one dont seem to date the letter containing the card or the PIN

Cheers

PNPSUKNET

it doesnt really matter as you can cancel at anytime anyway

izools

deadhac wrote: »

I think its the capital one classic card...the one with the 1% cashback but the poxy credit limit. I was only given a £200 limit which was too low, I could have handled £500 and paid it off twice a month. I have a amex though work for expenses but intended to use a cashback card due to the amount of fuel i put in my car, train tickets and hotels I use but it really isnt worth the hassle in this case. I might keep it now that I have it unless I can cancel within the 14 days. The issue with that is that I cannot remember the date I applied and capital one dont seem to date the letter containing the card or the PIN

Cheers

It might still be worth it though as Cap One Classic with cashback offers the best "fee free" percentage I know of... and you can pay it off as many times throughout the course of the month as you like.

And you're likely to get a good limit increase in 4-7 months time anyway.

dgtazzman

Cap one says they review every 4 months, waiting to find out if I got accepted for one, it's hard getting a card when coming from abroad, even with a perfect credit record...