Will not activating a credit card affect my credit score?

[CobraBob]

I have a question for the financial gurus.

I requested a Williams Sonoma Visa credit card to take advantage of a 20% discount offer on some higher end pans. All I had to do was to apply for the Visa card and I'd get a temporary account number for the order I was placing. However, the order that I thought I had placed never went through so no purchase was placed through the card. I ended up buying the pans elsewhere at about the same discount. Again, no charges are on this card and it hasn't been activated. I don't see me ever using it going forward.

If I don't activate it, will my credit score be negatively affected? Is it best for me to call the credit card company and tell them that I no longer want the card and they can cancel it (as I won't be activating it)? I just don't want my credit score affected.

Thanks for your input and advice in advance.

 

[96gt02]

ONCE YOU APPLIED IT WAS ALREADY TOO LATE, OF COURSE YOU CAN CANCEL IT BUT IT WONT REALLY MATTER IF YOU PHYSICALLY ACTIVATE IT OR NOT, ITS STILL THERE UNDER YOUR NAME. WILL IT REALLY HAVE THAT MUCH AFFECT ON YOUR CREDIT, MOST LIKELY NOT UNLESS YOU BUYING A HOUSE OR SOMETHING CRAZY WHERE THEY WOULD QUESTION EVERY ACCOUNT OPENED. YOU MAY LOSE A FEW POINTS JUST FOR THEM RUNNING YOUR CREDIT ETC. BUT YOU DONT WANT IT, THERE IS REALLY NOTHING ELSE YOU CAN DO AT THIS POINT BESIDES CANCEL IT AND MOVE ON

 

[08mojo]

I don't know why 96gt02 is yelling, but he's right. You applied for credit, which means you now have a credit inquiry on your credit report. It might change your score a few points, but it's not a big deal (unless you have credit inquiries all the time). You can cancel the account or leave it open without a balance. If the limit is small, I'd just cancel the card--I would be surprised if it had a high credit limit so it's not doing you much good.

 

[13COBRA]

+1, minus the caps lock.

 

[03cobra#694]

Lol at the yelling comments.

 

[Bouttime09]

It is also beneficial to have open credit, but not use it. Decreasing your debt-to-credit ratio. Shows you know how to control yourself.

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[ford fanatic]

Yes.

 

[NJredfire03]

Canceling credit cards hurts your score as well. Inquiries stick around for 5 years I believe. So to have an inquiry on your score then canceling it on your score without benefitting from any interest free periods of time is just way counter productive. I use CC's during interest free periods of time then just let them sit after they're paid off before the interest free is over. It helps credit to debt, and shows revolving credit. All which help a credit score. Even if you use that CC for Chinese take out once a month, its way better than canceling it.


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[paluka21]

OP- if your credit score is high enough to begin with, who cares about the minuscule points it temporarily subtracts from your credit report? Credit inquiries do subtract points but not enough that it should matter, unless you're already in credit trouble.

 

[Screw-Rice]

 

[96gt02]

HAHAHA SORRY GUYS MY WORK COMPUTER IS ALL CAPS LOL

 

[CobraBob]

OP- if your credit score is high enough to begin with, who cares about the minuscule points it temporarily subtracts from your credit report? Credit inquiries do subtract points but not enough that it should matter, unless you're already in credit trouble.

My credit score is very high. I just like to keep it that way. LOL. All of the advice offered up is good. I only have 7 credit cards, with only three used routinely.

Since activating the card isn't really going to change anything, I'll just go that route and keep the card open. I just noticed that after activating the card I get a $20. certificate to use at Williams Sonoma. So that's a plus.

Thanks again for your input. Much appreciated!

 

[nxhappy]

might as well activate it.

 

[DHG1078]

As said it's already on your credit report. Keeping it open will eventually help though. One for your debt to credit ratio, and 2 is for average credit age. Opening the account dropped it a little but over time should help if you were to open a couple lines of credit for say a house or car loan at the same time.

 

[nxhappy]

also, closing a CC account will usually drop your score...it's best to pay it off and shred it

 

[BlueSnake01]

HAHAHA SORRY GUYS MY WORK COMPUTER IS ALL CAPS LOL

Are you or your computer by any chance related to Samuel L Jackson?

 

[dooberGN]

Well since you have to activate it may I suggest you invest in a nice cast iron pan? Hands down the best item I have bought in years.

 

[DavidHasselhoff]

I believe if the account isn't used in a certain amount of time, they actually close it. I'd use it some & just try & keep getting a better % & increased credit limit to pad your overall credit utilization. That's what I've done to cards I've never used in a while. I'll also take advantage of 0% APR balance transfers on them too. Too many cards isn't necessarily bad..just like to little cards isn't. It's how you use them.

 

[oldmodman]

Bob, a large percent of your credit score is based on percentage of credit actually used. If you had 100K in available credit and never had more than a $3500.00 balance they would see that you were only using 3.5% of your credit. This would translate into a much higher credit score.
You may take a small, short term drop in score until the new, lower usage number is shown.
As an example I accepted a card from one of my stock brokerages. It had a credit limit of 25K. It has gone unused (except for a one time test charge) since I got it. My credit score went down 6 points when I got it, but five months later it has now gone up another 39 points. A pretty good trade off. I have every recurring bill I get (gas, water, power, health insurance, phones and so on) paid automatically by one high return card I have so that one single card shows a high utilization. But since it is paid in full every month it doesn't harm anything. The new card just shows a higher level of available credit, but a lower overall usage, which is a good thing.
So keep the new card.

 

[BigPoppa]

HAHAHA SORRY GUYS MY WORK COMPUTER IS ALL CAPS LOL

Holy heck man, just buy a new keyboard. They're so cheap these days that they give them away in happy meals.