I just applied for a credit card and was approved however I changed my mind and am scared I'll fall right back into credit card debt so want to close it-I haven't even gotten the card yet, what can I do once it arrives? Will this affect my credit?
If it is a fee-laden card, annual fees, etc. you will not be able to cancel them right away except once you pay those fees. If it is feeless account just don't use the card. It will only affect your credit if the card is a fee-laden card and you don't pay the fees.
First, the account does not become active, until you activate the card. Once the card arrives in the mail, you should write a letter requesting the account to be closed, note that the card/account has never been activated, and that the physical card is enclosed. You should request that the account not be reported to the Credit Reporting Agencies also. Depending upon the account, you may be liable for some fees. If the account is "fee reasonable", that is no excessive fees, interest rates,etc., you may want to keep the account "open", but destroy the physical card. It could help your credit rating, longer term, to keep the account open. Should you find yourself "truly" needing the card, or feel you've grown responsible enough, you can always request a replacement card.
I agree with Bizwiz. Or instead of destroying the card, lock it up somewhere. You'll have it if you really need it. If you can discipline yourself, use it every few months for something you're going to buy anyway, like gas or groceries. Then when you get the bill, pay it immediately (you can pay online before you even get the bill in many cases). That way you'll build a history of card usage if you need it, your utilization will be good, and you'll have current, open accounts.
