New Visitor
Posts: 2
Registered: ‎07-24-2008

Can I cancel a New Credit Account?

Will it make a difference?  I opened the line to get a discount on my purchase, and then found out it was hurting my FICO score as a new account.  Will it help my score if I immediately close that account?
Frequent Contributor
Posts: 405
Registered: ‎10-20-2007

Re: Can I cancel a New Credit Account?

The damage is done now with the inquiry and the impact on your overall account age. You won't get any benefits from closing it, FICO-wise, especially if you have a balance. You may as well let it age and contribute to your history and util - unless of course there are some crazy account fees that would prompt you to close it.
New Contributor
Posts: 68
Registered: ‎05-09-2008

Re: Can I cancel a New Credit Account?

[ Edited ]
If your drop was due to the inquiry, then it won't help.

Message Edited by jessep28 on 07-24-2008 02:07 PM
TU 767 EX 761

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+