I was stopped one day and told that if I signed up I could get a nifty Ryerson bag with the Ryerson logo on it. COOL. Well, the bag got a hole in it, and here I am with no Ryerson bag. But it's three years later...what happened to that credit card?
Anyone who visits my house would see the card cut in two and displayed on my bookshelf--I thought the Ryerson logo on the card was kinda cool, so I wanted to keep it, but cut it to ensure I'd never use it. That kind of debt scares the hell out of me, to be honest. Stacked credit cards---aiyeee!! So I promised myself I'd never use the card, or the personal cheques MBNA would send to me every month. Double aiyee.
But then a friend was talking about difficulties applying to credit cards, which led to credit rating and she told me that if you have a credit card and let it go dormant, that can negatively affect your credit rating. Suddenly my mind raced back to that credit card, attached to my shelf, and I realized that I had never actually cancelled it. I mean, it would make sense right? To cancel it if I never plan to use it. But the thought never crossed my mind. And to make matters worse, I started thinking, "What if someone jacked my account, and now I had this impossible new debt that MBNA would make me pay off???"
With incredible new internet technologies that enable us to bank online, I quickly signed in to my account for the first time, and breathed a huge sigh of relief to see the "innocence" of the account was still intact. No activity. *sigh* Then I looked at the limit....$1500. Perhaps a paltry number to some, but to me that was exactly what a student could use. I couldn't believe that a credit card would give me that much to start, especially when my CIBC Visa hasn't increased my limit for 5 years (not that I want them to).
I remembered my promise and knew that I didn't need the extra hassle that the MBNA credit card might bring with it, promptly calling MBNA to hear the customer services reps say they were sorry to cancel the account. Perhaps they were sorry, but I know that in the end of it all, I certainly am not.