Hello,
So DH and I are hoping to buy a house in the nearish future (1-2 years) and are presently saving up in something called a "dreamsavers IDA" account. Every $1 we put in, they put in $3. It's not a scam (my parents work for the company, so I kinda know...). If you're wondering how we're getting that kind of interest it's probably because we're technically "poor" so we qualify (although, we almost didn't, but they stopped counting retirement so yay!).
That's off topic a lil' though, so sorry. My point is we're saving for a home. We're coming from a zero credit standpoint, so we're not worthy of a loan. It doesn't matter that we have zero debt, paid all our bills on time for 8 years straight, and have an emergency fund. We have to play the game to prove we can pay money, so here we go!
IF YOU'RE OVER THE RAMBLE - JUST READ BELOW :-)
To get to the credit card/credit point - I applied for a credit card through our bank (USbank, no, I didn't research nor think about this much...I just did it). They made it sound like we were denied, and at the end of the denial, they suggested we apply for a secured credit card. So I did.
THAT didn't even approve us right away, which is kind of sad, since I had to give them $300 upfront (also through USbank).
Anyway, a couple weeks later I got TWO credit cards in the mail. Yes, we were approved for both after all. Only, I don't want both. We just need one (I think?). Obviously, I'd prefer the no annual fee, cash rewards card and love to kick the secured card to the curb and get my $ back.
So, we've been using the regular ol' rewards card since March. The secured card, however, is just sitting in my kitchen - with junk mail - not activated and hanging on to my $300 (and...we're not rich, so I'm kinda sad about that).
I'd love to cancel that card, but that'll screw our already less than impressive credit, right? Does it even COUNT as cancelling if it's never been activated? Are we already screwing our credit by never activating/using it?
Thanks in advance!