Does cancelling credit cards affect your credit score?

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ESFCE

Sicc OG
#1
Dec 4, 2004
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#1
Im trying to book this trip on Expedia and they say if i sign up to their credit card i can save 100 bucks off the first purchase. then theres no interest for 6 months and a $75 annual fee. not like that matters but im probably gonna pay the whole amount up front, all i want is the discount.

so will it hurt my credit score if i just pay it off then cancel?

yes i know teh google, but i'd rather hear from peoples experiences on the sicc.
 
azryda420

azryda420

Sicc OG
#2
Jun 23, 2003
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#2
yes. im not sure how much. but it will have some sort of an effect. might not be worth the 100 bucks vs. time and hassle in the long run.

thats my opinion.
 
PhantomOfFunk

PhantomOfFunk

Sicc OG
#3
May 27, 2008
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#3
ESFCE said:
Im trying to book this trip on Expedia and they say if i sign up to their credit card i can save 100 bucks off the first purchase. then theres no interest for 6 months and a $75 annual fee. not like that matters but im probably gonna pay the whole amount up front, all i want is the discount.

so will it hurt my credit score if i just pay it off then cancel?

yes i know teh google, but i'd rather hear from peoples experiences on the sicc.
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yes, don't do it. you'll most likely end up fucking yourself over somehow.
 
E

ESFCE

Sicc OG
#7
Dec 4, 2004
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#7
I have a very good credit score so whatever hit i take from cancelling it Im sure wont be too big a deal. I tried to do some reading up on this before posting and supposedly older cards you used alot will affect your score, i read nothing on new ones you just use once. whatever.
 
MaKaVeLi_420

MaKaVeLi_420

Sicc OG
#8
Sep 29, 2003
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#8
I bought some gordon ramsay by Royal Doulton pots and pans at the Bay (Canadian equivalent of Nordstroms or JC Penny) and signed up for a card there to get an extra 25% off, but never activated the cards when they came....

also signed up for a Home Depot card to get a free slow-cooker (i like chili). Cancelled that shit and still managed to qualify for a new house

edit...I think it actually does hurt your credit score, not sure by how much. My old man told me it's better to leave the card open (assuming it's no annual fee) and they will eventually close it after no activity. The other side is if you want a credit check, that also hurts your credit score LOL....nobody wins cept the bank....
 
NiNe2FiVe

NiNe2FiVe

Sicc OG
#9
Apr 26, 2003
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East Oakland, USA
#9
ESFCE said:
Im trying to book this trip on Expedia and they say if i sign up to their credit card i can save 100 bucks off the first purchase. then theres no interest for 6 months and a $75 annual fee. not like that matters but im probably gonna pay the whole amount up front, all i want is the discount.

so will it hurt my credit score if i just pay it off then cancel?

yes i know teh google, but i'd rather hear from peoples experiences on the sicc.
Click to expand...
Be careful doing that, I heard thats what happened to MC Hammer.
 
Sydal

Sydal

Sicc OG
#14
Apr 25, 2002
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www.idealsentertainment.com
#14
MaKaVeLi_420 said:
I bought some gordon ramsay by Royal Doulton pots and pans at the Bay (Canadian equivalent of Nordstroms or JC Penny) and signed up for a card there to get an extra 25% off, but never activated the cards when they came....

also signed up for a Home Depot card to get a free slow-cooker (i like chili). Cancelled that shit and still managed to qualify for a new house

edit...I think it actually does hurt your credit score, not sure by how much. My old man told me it's better to leave the card open (assuming it's no annual fee) and they will eventually close it after no activity. The other side is if you want a credit check, that also hurts your credit score LOL....nobody wins cept the bank....
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If you run a credit check constantly then it will hurt your score. You get a pass from the 3 Credit Bureaus in the U.S. once a year.

@ ESFCE...I'm not sure about canceling credit cards. If you're worried about it, get the card and don't cancel it...but don't use it. You aren't paying shit if you don't purchase anything with that card. So my advice is save yourself a little bit of money, use the card once if you have to, and don't use it again after.
 
E

ESFCE

Sicc OG
#16
Dec 4, 2004
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#16
Sydal said:
If you run a credit check constantly then it will hurt your score. You get a pass from the 3 Credit Bureaus in the U.S. once a year.

@ ESFCE...I'm not sure about canceling credit cards. If you're worried about it, get the card and don't cancel it...but don't use it. You aren't paying shit if you don't purchase anything with that card. So my advice is save yourself a little bit of money, use the card once if you have to, and don't use it again after.
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thanks for the tip.

one thing i am sure about, checking your own credit report does not hurt your score. thats what you call a soft credit check. what does hurt your score is when a hard credit check is made, like if you sign up for a new card and they check your score, then that does affect it.

this was the myth for the longest, then i did research and found out that it's not true. Im signed up to credit secure and I monitor my score month to month with the 3 different bureaus.
 
E

ESFCE

Sicc OG
#17
Dec 4, 2004
6,223
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#17
Also, What your thinking of when it comes to a pass for a yearly credit check. In actuality your entitled to one free credit report a year, if you want to check it again within 12 months you have to pay. So free or paid it affects nothing since it's a soft check.
 
Sydal

Sydal

Sicc OG
#18
Apr 25, 2002
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www.idealsentertainment.com
#18
ESFCE said:
Also, What your thinking of when it comes to a pass for a yearly credit check. In actuality your entitled to one free credit report a year, if you want to check it again within 12 months you have to pay. So free or paid it affects nothing since it's a soft check.
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Ahh, learn something new every day, huh? I did not know it was a myth. Good lookin' out on that info, fam.
 
Jae iLL

Jae iLL

Sicc OG
#19
Jun 27, 2003
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#19
Even having an institution look up your credit aint bad, as long as it's not a different place every month. If you got hella institutions checking your credit every month, then that shit don't look good on your report.

Also, the length of your accounts goes in your report, and creditors look at the average age of your accounts. If you have a card that's 5 years old, but then you open a shit load of cards, that's gonna bring your average down. They also look at what your debt ratio is on all your accounts, and what type of accounts they are, revolving and what not. It's good to keep under 30%.

If you got old accounts and a good score, then the choice is yours for the new card, but I wouldn't make that shiet a habit.
 
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