How can I cancel a Macy's card?

After applying for a credit card, is it okay to cancel?

• I wanted to apply for a credit card for people with bad credit (I have bad credit and found a very good credit card with really good reviews) I have looked into it for quite some time. But what I wanted to know was if I applied for it and didn't like the outcome of what I would get a month, can I cancel it right away before I even get the card? I am nervous to get a card but I need to up my credit score real soon. I do not have any other credit cards, just a debit card. I only have one recurring account (my car), and I paid off all my debt. I really only need the card for gas and what not. When do I find out what I will get for a balance on the card? Right away? When would I be able to cancel and will it affect my credit score?

• Answer:

  Getting a credit card with a high limit these days even with excellent credit is very difficult. I don't think you should cancel the card just because you dont like the low balance. You can request credit line increases after having the account open for a while, and to build a stronger credit history, they like to see that you've held a credit card account for a long time (at least 5 yrs). If the bank/issuer didnt tell you what your credit limit is when you applied, then you will definitely find out when they send you the card. The letter that the card is "glued" to will have your available credit limit and your APR. If you never call to "activate" the card, it will never be reported to the credit bureaus and it will be as if you've never opened the account. Therefore if you really don't like the credit limit, just cut up the card and throw it away. But like I said, you can request an increase in credit limit over time, and according to your current situation, it sounds like you really need this credit card to build up your credit score. I say keep it, charge small amounts on it, pay it off every month on time, and that will help you increase your credit score.