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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: 1,949
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
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wallyworld123
Posts: 455
Registered: ‎01-04-2012
Re: How long should I wait after canceling a credit card before getting another one

welcome! + 1