Does anyone know the Credit Score impact of activating and then canceling a credit card almost immediately? I sure it doesn't do super justice to my credit score but can I calculate the expected impact?This is a hard question in the sense that you don't answer if you purchased anything. If you were billed. But in the big picture you have to figure out your utilization ratio. Your debit compared to your available credit. If your debit to available ratio is higher after you canceled your card then yes you are impacting your score and same as the other way around. Now having a card for a short time and canceling wont hurt your score if the credit card company hasn't billed yet. Make sense? if not go to: http://www.creditcards.com/credit-card-n...Cancelling a credit card regardless of how long you held the card would negatively impact your credit score. Don't cancel. If you don't need it, don't use it but don't cancel.Anytime you close a credit card it will impact your score. But its only a few points. Dont worry about it, I would just cancel it. It will end up getting you in trouble in the long run. Dont use credit, just pay cash. best advise ever. No more credit. Dont live beyond your means. If you cant afford it with cash, dont buy it. Thats how we got a depression on our handsIt will be like shooting yourself in the foot two times.
First, your score got dinged when the CC Co made the inquiry on your credit report.
Second, canceling it will now change you ratio of debt to available credit, which also dings your credit score.
Keep the card#If you have any other info about this subject , Please add it free.# |
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