10-26-2012 07:12 PM
I don't know how the credit system works so maybe somebody can help. I am wanting to cancel my credit card that doesn't have any good beneftis (zero ballance) and get one that does that I like. I was wondering if there is a certain amount of time I should wait after canceling the card before I apply for the other one. Didn't know if those changes are reflected in credit report instetaneously, or it takes some time.
10-26-2012 08:22 PM - edited 10-26-2012 08:24 PM
I would apply and get the card you want first. If the card you have does not have any annual fees I would consider keeping it open. One it does not cost you anything.. Also, you the account couple times a year to keep the account active. Doing so will continue to help build your credit history. Also you have a secondary card just in case something unexpected happens. I am doing a similiar thing with one of my credit cards I use 3 or 4 times a year for a small purchase.
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