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.