Community Chat

[SahmIam]

@bri20 @missy1   

But unless you activate it, you can't use it. So, it's not open to use the available credit limit (as per the bank).

Here's the situation (in brief):

*SIL want's to consolidate 2 CC's with high interest rate (medical bills due to lay off)

*Bank offered her NO INTEREST CC for... a year? 18 months? something like that (don't have it in front of me).

*Received card but the interest rate was HIGHER than the two she already has.

*Called bank and CS doesn't know why, they don't deal with that and SIL can't speak to the those who pull the reports/approve CC. (I know this because I've tried in the past and they won't). 

*If she closes it, it's a ding. So, what if she doesn't activate it? Bank CS was "Uh....."

NOW you know why I'm asking here because none of us know the answer (and we're ashamed, to be honest). Round and round it went with the bank CS, the supervisor and HER supervisor. So, the fine print must not be read by those folks, you know (not be snarky but it's not really addressed in the fine print-this specific situation).

[missy1]

I do know the answer. Just because you don't activate it doesn't mean it doesn't exist anymore. The answer can easily be found on-line. 

I did find online if the credit card wasn't to your liking (the terms) you can send it back .

[bri20]

@SahmIam, the accout is already opened.  It exists. 

[SahmIam]

..

[SahmIam]

Yes, it exist but you can't use it to purchase anything UNLESS you activate it. The question is... if you don't activate it then it's not opened (as per the bank). If it's not opened, you can't close it (per the bank). So, what do you do? Leave it alone? Activate it and then close it? Will either leave a negative mark on her credit report?

THIS is what we're trying to figure out.

[SahmIam]

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@missy1 wrote:

I do know the answer. Just because you don't activate it doesn't mean it doesn't exist anymore. The answer can easily be found on-line. 

I did find online if the credit card wasn't to your liking (the terms) you can send it back .

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@missy1  That was what we thought. However, we can't find out what that does to the credit report. The bank was clueless.

[missy1]

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@SahmIam wrote:

@missy1 Been online. Been on the phone with the bank issueing the CC and no one appears to know.

Except you. What, exactly, should Iook for in order to know the answer to this as well?

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I saw this info on my credit card pamphlet that came with the credit card. I also looked it up.

At some point the credit card company will call you. So I am guessing you will have to tell them you are not activating it, and you are sending it back.

[bri20]

Does she have access to her credit report?  Maybe call one of the credit reporting agencies and ask them.

How much of a ding is she going to take by activating it and closing it?  I wouldn't just leave it and not activate it. 

[missy1]

http://www.creditcards.com/credit-card-news/unactivated-credit-card-credit-score-impact-1377.php

[SahmIam]

@missy1 I removed my original reply because I felt it was snarky.

This is what we suggested but what we can't find out is what it will do to the credit report. She's already angry because the interst rate was almost 30% and her credit report shows NOTHING that would indicate her deserving an interest rate this high.

I would be ticked too if that happened to me.