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Author: legalmal One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: I've been had Date: 1/9/2001 1:43 AM
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I try to read these posts objectively (I'm not taking sides with the credit card companies or the fools in the group). Lets take these one at a time:

CANCEL:
* The fee is unnecessary and a ripoff.
If your wife has little or no credit, or bad credit, her credit report may justify a membership fee.

* They sort of conned me into taking it, and I don't appreciate that.
So let us get this straight; Capital One went on the 'net, and entered your wife's information on the website. Or maybe they blackmailed you into doing it. Even better; you committed fraud by entering your wife's info into an application for credit. Most online applications say something like "60 second approvals." You knew what you were doing.


KEEP:
* The card's already here; might as well start using it - it's easier than filling out more applications.
Good point.

* The interest rate is irrelevant.
Another good point.

* The fee is not really that much.
Another good point.

* Maybe she can't do better anyway.
Okay.

* It might damage her credit if she just ordered the card and immediately cancels it.
If your wife wants to cancel it, she can do that with no money owed. She won't "damage her credit" by opening an account and then closing it. Keep in mind that every credit application creates an inquiry on the credit report. Your wife would hurt her credit if she applied for several accounts in a year's time.

It seems to me that you've given more reasons to keep the account than to cancel it. I've given my objective opinion of your reasons for/against.

It's your wife's call to make (with your help).

Good luck.
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