Will cancelling a credit card hurt my credit?

Question

So recently I just got a ''first premier bank card''. I din't read about it before applying (I know stupid) but this card consists of SO many unnecessary fees, it's ridiculous. I have another credit card so if I cancel this one I'll at least still have another card available. I only purchased one item with this new card and it was only 10 bucks. If I cancel it now what will happen to my credit? Will it go back to how it was before or will it drop more than that? I'm so annoyed with this company I just want to call them and give them a piece of my mind. They have a $176 annual fee and my card doesn't expire until three years!

Answer 1

First, pay off that First Premier card in full. And yes, you will probably have to pay that annual fee since you actually used the card. If you had cancelled immediately upon receiving the card, you could have gotten out of those fees. Too late now.



Wait till you get a statement showing no balance. THEN, cancel the account in writing (do not call to cancel) and request written confirmation that the account is closed and 0 balance. Keep that confirmation forever. Since you just opened up the account, the impact on your credit will be minimal -- just the ding for the inquiry.



Use your existing credit card for regular purchases and pay the statement balance in full every month. That will build credit and avoid interest. A second credit card won't build your credit faster. You need at least 2 years of good payment history to see a decent credit/score. You can then apply for a much better credit card with your bank or one of the large credit card banks -- CapOne, Wells Fargo, City, Chase, BoA, etc.

Answer 2

if in USA , not really no mtter what myths u here.



find and read - financial freedom, dave ramsey

so u can learn tonot get sold into debt/credit slavery.



your 'i love debt' score will go down little and not for long,

so do not buy a house or car.

Answer 3

Nope