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!