Michael H asked:
If Amazon is offering a $30 credit for applying for their credit card, will I be able to apply, use the card (including their $30), then cancel the card with my credit score in-tact? I would have only made one or two purchases, and it goes without saying that I would be fully paid up on those purchases.
http://1mortgagecalculator.info
If Amazon is offering a $30 credit for applying for their credit card, will I be able to apply, use the card (including their $30), then cancel the card with my credit score in-tact? I would have only made one or two purchases, and it goes without saying that I would be fully paid up on those purchases.
http://1mortgagecalculator.info
cancelling credit cards does affect your credit rating, so just keep the card and either don’t use it, or use it and pay it in full every month
yes u can do so..and it is not efeect any your credit score at all.
goodluck!
QL
It will count on your credit as an inquiry. Closing it early will not affect your score good, or bad.
Closing accounts is claimed to be adverse. I closed and paid off 2 cards recently.
I canceled the cards 1st and took 10 months to pay the balance.
That didn’t move my score. I don’t know what to belive.
I think because I maintained the balance for awhile may have made the difference
Playing with credit cards for $30.00 incentives is NOT A WISE action..
Closing the account will not hurt the credit score, if it is paid in full.
Better check the fine print. The $30.00 credit may have to be paid if you close the card within a time frame noted on their offer.
They could even make you pay for the purchases you made under the $30.00 limit.
Call them, if you don’t you could develop a credit score problem. Nice Try
look at this one
Wow….quite a few conflicting answers here. When you open up a line of credit, and then quickly pay it off and cancel it, it can hurt your credit score because creditors want to see a HISTORY of your credit. Believe it or not, they are not impressed with the fact that you paid the loan off quickly because, all that means to them, is that they might not be able to make any money off you. People who pay off their credit balances before they have a chance to accrue any finance charges, are known (in the credit card industry) as “dead beats”. They aren’t making any money from dead beats. Creditors want to see that you have had a card for a long period of time, and that you have carried a balance but have paid it in a responsible manner. So, yes, it will be considered as an undesirable entry onto your credit report, but likely wont affect your score by more than a point or two. If Amazon makes you pay a yearly fee for their card, then it is worth the few lost points to go ahead and cancel it. Otherwise, pay it off and then just chunk it in a drawer somewhere. Keep the account open and make one or two purchases a year on it. Even if you continue to pay them off right away, at least that may be balanced out by the length of time you’ve had the card. In regards to the credit bureau, there is no way to win….no way to have a perfect score. Any move you make can be interpreted as good or bad, and they are the ones who get to make that choice….not us.