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MayGem

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Close recent card because of misunderstanding?
Thought there was no annual fee on recent card but there is, will it look bad if I close account?

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Top Contributor
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if you have never used the card or activated it, then you can merely deny the account and return everything to the credit card company.  As it was a fairly new account, I doubt it would have much of an impact on your average age of accounts.   The credit line allowed, if it was already reported, will have an impact on your Utilization and this could cause some fluxuation.   If the card was not activated or used you can file a dispute if necessary to have all references removed from the account.  If you used the card, then the account is yours and reference to the account will remain on your credit report for the next 7 years. 

Top Contributor
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3022 People Helped

Misunderstanding of what?   Did you read the Terms and Conditions?   It would have stated if there was any Fee as they ( the company that issues the card ) are required to disclose.   Did you not Read it?  Most people don't, like 90% or more.

So basicly you had no idea what your were signing up for,  other then it was a Credit Card and You Had to Have it.  some Impulse you just had to have.  

Well they have your signature or OK that you wanted the Card.  So there was a Hard Inquire  no way to remove that so that dinged your Credit. 

They issues the Credit Card based on what you Wanted ( again you signed ( manaul sign or electronic same thing ) ) the card.  And they sent it. 

Activated or not, there is not much you can do to dispute it on your credit report.

Will it look bad if you close it,  to who?  People Close Credit Cards all the time,  if you don't want to pay the yearly fee Close the Card. 

If you are trying to build your Credit re-think things out. 

How many other Credit Cards do you have?    if you find it hard to get credit now you might want to keep it  ( whats the Yearly Fee ? )  I have my secured Credit Card from CapitalOne still,  over 5 years now.  making that 29.95 yearly fee and don't even use the Card, (  waiting for my Average Age of accounts for the rest of my 14 credit Cards to move up,  should be another few years and then will close it.  This is MY PLAN,  and what I was willing to do for my Credit report and Score. )  

So it's up to you on what to do.   There is no misunderstanding,   You did not read the Terms  thats all.

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