Reply
New Visitor
qwerty11
Posts: 1
Registered: ‎10-26-2012

How long should I wait after canceling a credit card before getting another one

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. 

 

Thanks!

Valued Contributor
AndySoCal
Posts: 1,895
Registered: ‎04-07-2009

Re: How long should I wait after canceling a credit card before getting another one

[ Edited ]

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.

 

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012

Re: How long should I wait after canceling a credit card before getting another one

welcome! + 1


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
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+