Card cancelled within cooling-off period

Krisko

Hi,

I applied and was accepted for a 0% card in December, but as the credit limit was too low for purchase I was going to make I decided to cancel the card as soon as I received it.

My thinking was that if never used and cancelled within the 14 day cooling-off period the card wouldn't show up on my credit report. The customer service representative also confirmed my belief.

Now I just received my monthly credit report and my cancelled card shows up as settled in month 1. It's not the end of the world, but if it shouldn't show up I'd rather try to have it removed.

Thanks,
Kristian

Edit: It looks like it's correct for the new account to show up on my report - https://www.experian.co.uk/consumer/questions/askjames407.html

[Deleted User]

Yes it will show with the opened and closed dates.

There’s no way to remove it other than to wait 6 years when it drops off from close date

Willing2Learn

!!! wrote: »

Yes it will show with the opened and closed dates.

I'm just wondering if the credit account was actually opened if the card was cancelled during the cooling-off period?

Edit: Cancel that question as it has been answered in the OPs edit.

molerat

Perhaps those experts from the CRAs should read the CCA
https://www.legislation.gov.uk/ukpga/1974/39/part/V/crossheading/cancellation-of-certain-agreements-within-coolingoff-period

(4)Except as otherwise provided by or under this Act, an agreement or transaction cancelled under subsection (1) shall be treated as if it had never been entered into.

If it had never been entered into what is there to be shown on a credit report ?

[Deleted User]

Does that apply to credit cards though?

molerat

!!! wrote: »

Does that apply to credit cards though?

Pretty much any regulated credit agreement

66AWithdrawal from consumer credit agreement

(1)The debtor under a regulated consumer credit agreement, other than an excluded agreement, may withdraw from the agreement, without giving any reason, in accordance with this section

(14)For the purposes of this section, an agreement is an excluded agreement if it is—

(a)an agreement for credit exceeding £60,260 [F2, other than a residential renovation agreement],

(b)an agreement secured on land,

(c)a restricted-use credit agreement to finance the purchase of land, or

(d)an agreement for a bridging loan in connection with the purchase of land.]

[Deleted User]

OK.

In that case what about people that consolidated cards?

For example I have a Capital One card with a limit of £2000.

I opened another Capital One card with a limit of £1500 and consolidated it to the existing £2000 card.

The card with the £1500 limit was closed due to this and within 14 days.

Does that mean that this account can be removed from my files?

At present it shows as opened and closed within the same month.