How long to build credit up after cancelling credit card?


Posted January 18th, 2010 by admin 2 Comments »
credit
nmommy07 asked:


I am thinking of getting a particular credit card to use on a purchase due to the fact it offers money off the purchase. I know this isn’t a great idea, so I’m still thinking about it, but my concern is with my credit. My credit is fairly good right now and I’m wondering if I get the card and cancel it shorty after, how long does it take to build the credit I lost from getting & cancelling the card, back to normal? If it’s just a few points, does that take weeks/months? Thanks.

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Posted in Credit | 2 Comments »

How do I switch credit cards and not affect my credit score?


Posted November 16th, 2009 by admin 4 Comments »
credit
salena asked:


I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don’t need these credit cards and I would like to cancel them and have this “possible credit” to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?

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Posted in Green Living | 4 Comments »