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Cancelling credit card question

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Anonymous
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Cancelling credit card question

I have a question....  I opened a new credit card about 4 months ago, which made my "recently opened accounts" score "not good."  Will paying off and cancelling that card raise that portion of the score, or would its effect remain?  It had been years since I last opened an account.  I'm asking because the % of debt I have is "very bad," which has caused a low FICO score is preventing me from refinancing a 2nd home I have to pay off much of my revolving debt.

 

Thanks in advance for any help.

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mauve
Valued Contributor

Re: Cancelling credit card question

Its effect will remain.  It should stay for 10 years after closing.  I'd continue to knock out those revolving balances, and I'd work from highest interest to lowest interest to help you save some cash in the process.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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