I recently got the Capital One VentureOne card in the hopes of using it for an upcoming trip to Europe, as both of my other cards (one debit, one credit) use Discover and it is very rarely accepted there. Despite checking with multiple sources (including an employee), the card they issued me is another Discover.
Even though I know it will lower my credit to cancel it, it seems more ridiculous to now have a card that I know i’ll never use. With that being said, would it be super detrimental to apply for a different card right after canceling one? And if not, are there any good recommendations for cards that are definitely NOT a Discover?
Posted by No-Main-878
2 Comments
Lenders don’t like people immediately canceling. C1 will likely blacklist you and not approve you for *anything* for a while.
With that said, the “damage” (if you even want to call it that) is already done to your credit upon opening the card. If anything, your score will be worse off in the short term because you’ll have a new revolving account and a new inquiry, but no higher credit limit to show for it.
If you don’t care about any of that, you could be best served opening a new card before this C1 card even starts reporting. *Any* lender that’s not Amex or C1 will generally get you a card that’s exclusively Visa or Mastercard.
Don’t close the cards, just get a new one that is for sure visa or MC. Fidelity card is good catch all you can probably get with no foreign transaction fees. You can lock/freeze the C1 cards and throw them in a drawer. They will help your credit profile over time even if you don’t use them. However, C1 will close them automatically after 1 year of non-use, so be sure to use them at least once a year. Unless they have annual fees, then you can close them after 1 year (and get a refund on the new year’s fee).
Otherwise head over to Doctor of Credit and find one with a good sign up bonus that you can achieve and has the features/rewards you want and see if you can get it.
https://www.doctorofcredit.com/best-current-credit-card-sign-bonuses/