I recently applied for a credit card at the Gap. It was approved and my purchases that day were applied to my temp account. I have not received the permanent card yet and have not received my 1st bill. My question is: Since I have not activated my card am I able to decline it without it hurting my credit score? We plan to purchase a new home this year and this would be a new card with a very short history.
I cannot give you a definitive answer because the calculations behind credit scores are complex, secret, and known only to the mathematicians who wrote them. Plus, the answer varies by person. If you have a fantastic credit score then the slight dip in opening a new account will be inconsequential.
I can say this: The act of opening and then closing a Gap credit card in rapid succession is not a good thing. Unless you already have a dozen or more tradelines, then this Gap credit card will probably not cause you any harm.
See the Bills.com article All About Your FICO Score to learn more about credit scores.
I hope this information helps you Find. Learn & Save.