Hey mamas! I have a question regarding credit scores and was wondering if anyone can help me out it with it.
So I've never had a credit card and have never wanted one for many reasons. I've done just fine saving up for things I need/want and never needed a line of credit. Well I am looking into buying a house and so last month talked to a mortgage counselor about establishing credit and was told to open up three credit cards and begin charging them with little purchases. I signed up for one right then even though it had a horrible interest rate (against my better judgement) and went on. Well it got in the main and I had found better interest rates through my bank at that point and so I cut up the new card, never activated it or anything, and then let it be. So Capitol One called me today and said they could help activate it, etc. I told them I'd just like to go ahead and cancel the card and so he did. Then he said they would report to the credit bureaus in one month and I no longer have an account.
I am so bummed. I had no idea that that would impact my credit. I never even activated the card. All they had is my email address and address and a little bit of info about me. I'm so pissed that I have never used a credit card in my life, saved up thousands in cash and now have bad credit. While I know I should have educated myself a bit more about them, I feel so screwed! So I guess I'm wondering if anybody knows if anything can be done to change this situation, or perhaps how badly it will affect my score. Any information is greatly appreciated, thanks!!