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Can I cancel a New Credit Account?

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Anonymous
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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?
Message 1 of 3
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Anonymous
Not applicable

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.
Message 2 of 3
Anonymous
Not applicable

Re: Can I cancel a New Credit Account?

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


Message Edited by jessep28 on 07-24-2008 02:07 PM
Message 3 of 3
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