A question?

BluTac_2

Hello all,

I recently applied for a credit card and was accepted (AA,MBNA) but the card is yet to arrive. This was 15 days ago. I just spoke to the company who told me that it would be better to cancel the card that was originally sent and for them to send me another which would take 10 working days/2 weeks. I questioned the man on the phone about the interest free period on balance transfers and if this began when I activated the card or from when I actually signed up for it. He said it was the latter which means that I have already lost a month. To me this doesn't seem fair so my question (s) is/are this.......

If I was to cancel this card agreement will it have an effect on my credit score and potential to gain a better rate/borrow in the future?

What, if any, downsides would there be in cancelling?


Many thanks for your time and I hope my limited knowledge may be able to contribute to the site in future.

Kind Regards

lisyloo

if this began when I activated the card or from when I actually signed up for it

Normally it's the account activation dates so it's neither.

To me this doesn't seem fair

I agree, but it happens to everyone.
Obviously if you have to get a second card then the delay is longer.

If I was to cancel this card agreement will it have an effect on my credit score and potential to gain a better rate/borrow in the future?

What, if any, downsides would there be in cancelling?

You will have an additional credit check on your credit report.
One on it's own isn't a problem, but if you have too many it is generally inferred to be negative and you can be turned down for credit.

If the account has already been opened then it will show on your credit report for 6 years.
Temporary whilst it shows as open then it increases your available creduuit which can make you look less worthy for more credit.
Eventually (couple of months) once it's updated to settled it won't have much effect, but it will still be there for 6 years.