answersLogoWhite

0


Best Answer

Yes, it will have a negative affect on a credit report, usually temporary perhaps 90 days.

User Avatar

Wiki User

โˆ™ 2006-03-25 03:11:17
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Does it hurt your credit if you cancel the card after it opens?
Write your answer...
Submit
Related questions

Is eliminating a credit card bad for your credit?

Yes. Eliminating a card will hurt your credit, not help it. If you have to get rid of a card, cut it up and stop using it, but don't cancel it.


Does canceling a new credit card hurt your credit score?

Canceling your card can hurt your credit score..... SORRY!! You should not cancel even if you intend not to use it. One credit secret is the more available credit not in use the better you look. I.E. percentage of revolving debt compared to available-it helps reduce that and increase your number.


Can keeping inactive credit cards hurt your credit rating?

It can, just because there are a lot of credit lines open, and so your potential debt is higher. If you really aren't using a credit card, it is better to cancel it. However, in terms of things that hurt your credit rating, having an inactive card is relatively low.


Does it hurt your rating to cancel a paid off credit card?

No, you should always cancel them out if you have plans for them. It is viewed as a bad thing when there are more cards available to you. The more cards you have the more can can go into debt. There fore the less is better from a credit rating standpoint.


When a credit card company raises your rate and you opt to cancel the card to stay at the lower rate does that negatively affect your credit rating?

It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.


Does it hurt your credit score to apply for a credit card then not accept it?

yes


If you close a credit card that has a balance on it will it hurt your credit score oppsed to waiting until the balance is paid in full?

Canceling cards usually does lower your FICO or credit score; if you have a balance on a card, pay it off or transfer the balance to a lower-interest card. Then take scissors and cut up the old card (and any new ones they send you in the future). But then you don't need to actually cancel it.


If you close a credit card will it hurt your credit?

It will not affect your credit if you pay off the balance when you close the account.


I just got a new credit card. I dont have any credit cards other then this one. If I cancel this credit card that is new with zero balance will it affect my credit score?

Everything you do related to credit cards will affect your credit. My advice would be to leave the credit card account open and here's why; While just cancelling your credit card (with no balance) shouldn't hurt your credit, here are a couple things to think about; 1) your credit history makes up 15% of your credit score. No history means no points. 2) your payment history is makes up 35% of your credit score. I know you said you don't have a balance, but an occasional purchase and on-time payment will help your credit. The only thing that could hurt you if have too much available credit. If the card has a $50,000 limit, this could work against your. But I doubt it, seeing this is your first card.


Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?

No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.


If authorized user on credit card claims bankruptcy will it hurt primary card holder's credit?

No, presuming the credit card holder makes all the payments he is supposed to...the user is not liable for the debt on the card, and it is not part of his BK.


Say I make a purchase at a store and later on have to return the item. Does it hurt my credit if I return the purchased item Does it matter if money is credited on card or returned in cashstore cr?

No, it does not hurt your credit. No, it doesnt matter, when you return an item that you purchased on credit, they ask for your card and return the money onto your credit card!


Does opening a credit card hurt your credit score?

Actually, it does. It uses the available credit you have so when that goes down the credit score does too.


Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.


Does credit card consolidation show up on my credit report?

Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.


Does it hurt your credit to close out a victoria's secret card?

That would depend on several factors. If your Victoria Secret card has significant history on it, then yes, it can hurt your credit by erasing some of your credit history. Also, if you have a large credit line on your VS card (not likely since retail cards don't often have high limits), then closing it can reduce your credit utilization rate, thereby hurting your credit.


Do joint credit card help both credit scores?

Yes but it will also hurt both credit scores if the payments are not on time.


The amount of credit-card debt a person has?

The amount of credit card debt a person has may hurt them from receiving credit when they apply for loans. It is called debt to income ratio.


Can opening and closing credit cards hurt your credit rating?

NO! Not if you have paid the credit off before you get another one. Or if you are paying one credit card off with another, you can only do that so much befor it will hurt your cerdit.


Can you obtain a credit card if you're checking account is negative?

Your credit history is what is important. If you are overdrawn or have been over drawn many times and the bank is charging you penalties it will hurt your chances of getting a credit card. If you have a credit line that protects your checking account like I do you just start drawing on that and it won't hurt your credit report.


How may a credit card negatively impact an individual credit history?

A credit card may negatively impact a credit history in a few ways. 1. Paying your credit card late will hurt your credit. 2. Keeping a high balance on your credit cards will lower a credit score. 3. Going over the credit limit will negatively impact your credit score.


Can a minor hurt their credit score with an overdue library fee?

No. A library fine is not reported to credit agencies. Late payments on a credit card or mortgage are reported to credit agencies.


Does canceling a debit card account hurt your credit rating?

No, you're using your own money.


How can the frequency of paying your credit card bill hurt you?

The frequency of paying your credit card bill can hurt you in a number of ways. If you keep missing bills, pay late, or default, other lenders will not look upon you favorably, getting you worse rates in the future.


How much does a late credit card payment affect your credit score?

I recent late payment on an open account can hurt your credit score up to 60 points.