My son is 19 and wanted to start building credit. He get a credit card and it specifically said on the paper that here was no annual charge. But when he got the first statement it have a $45 annual fee and some other charges they said he authorized for money protection and such. I was beside him when he called and activate his card. He confirmed with them nearby was no excise. I heard him. Now he is ticked next to the company because he said they have excessive business practices and cancelled his card. He only have the card one month. Will this severely damage his credit? He necessarily has no credit and looked-for to charge something and pay it bad each month to build a positive stipend history. Check the focal credit rating bureaus to see if this has be reported. If not, then no problem. If so, budge back to the credit card company, explain the situation, the misunderstanding on THEIR section, and ask that the negative report be recinded. If they will not do so, after have your son write a one page or smaller number letter to respectively of the big three credit rating agencies explaining exactly what happened and ask them to attach the dispatch to his credit report. They will do so.

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He needs to start reading what he signs and save a copy. If his contract said no fee and he be charged one he needs to fray it not cancel. Since he didn't repay late or anything a short time ago canceling the card won't hurt his credit much. He does need to start acting similar to an adult and reading what he signs in the past he signs it or he will be in big trouble soon.

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If he is not going to pay the excise, it will affect his credit, since that is usually non refundable even if he cancel. Cancel just states he refuse to use their card, for what ever reason. As for the undeserved business practices, it's unlikely the CC company left themselves huge open for that to bring them down especially if their conducting unreasonable business practices. What matters is what he signed and not the phone call. It will likely remain on dictation as a bad debt. For $45 they may not read out much until someone figures they can collect it sometime contained by the future. He may not achieve too many offer for a credit card either.
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