promotion image of download ymail app
Promoted
darrojo asked in Business & FinanceCredit · 2 months ago

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

8 Answers

Relevance
  • 2 months ago

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

    • Commenter avatarLog in to reply to the answers
  • 2 months ago

    Possibly but not very much.

    • Commenter avatarLog in to reply to the answers
  • 2 months 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 avatarLog in to reply to the answers
  • 2 months 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 avatarLog in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • GTB
    Lv 7
    2 months ago

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

    • Commenter avatarLog in to reply to the answers
  • ?
    Lv 7
    2 months ago

    Not as long as its all paid off

    • Commenter avatarLog in to reply to the answers
  • Shay
    Lv 7
    2 months 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 avatarLog in to reply to the answers
  • Anonymous
    2 months ago

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

    • Commenter avatarLog in to reply to the answers
Still have questions? Get answers by asking now.