promotion image of download ymail app
Promoted

Will canceling a recent credit card, that is only a month old hurt my credit score?

8 Answers

Relevance
  • 1 month ago

    Better to keep it open & just don't use it.

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    Possibly but not very much.

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    It does hurt your score, at least in Britain anyway and possibly other places, the entry they send to your file is that the account is closed and they don't put why, it's the same message as if the account was closed because you mismanaged it. If you don't want the card any more, get the balance to zero, cut it up and chuck it away.

    • Commenter avatarLogin to reply the answers
  • 1 month ago

    Not exactly. But the mere fact that you applied for the card will hurt your score (whether or not you cancel it). And deciding to cancel means that the card won't be able to build up your score to make up for what you lost by applying.

    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • GTB
    Lv 7
    1 month ago

    Reducing the number of credit cards and paying off balances on time only help improve the score

    • Commenter avatarLogin to reply the answers
  • ?
    Lv 7
    1 month ago

    Not as long as its all paid off

    • Commenter avatarLogin to reply the answers
  • Shay
    Lv 7
    1 month ago

    It already hurt your score when you applied for the card.

    If there is some reason that you don't want the card, then cancelling ASAP is better than waiting.

    Also, part of your score is determined by the average age of all your accounts.  If you start a new account, it drops the average age of your accounts.  So, if you have other accounts that are at least two or more years old, then dropping this account now might actually help your score because the average age of your accounts would go back up.  (this is why you should avoid closing your oldest credit card if possible.)

    • Commenter avatarLogin to reply the answers
  • Anonymous
    1 month ago

    Yes it will. ............. The application hurt. Closing it will not help and may hurt. 

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.