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Thread: How long to build credit up after cancelling credit card?

  1. #1

    Default How long to build credit up after cancelling credit card?

    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 & canceling the card, back to normal? If it's just a few points, does that take weeks/months? Thanks.

  2. #2

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    Usually there are many small or fine print fees which can include monthly or yearly setup fees, early termination costs, etc. You may want to consider this before opening the account. If you do open the account. The best thing is to keep it open without a balance. The most important factor in today's market is not your credit score but your debt to credit ratio. If you have any debt on credit cards, keeping this account open will help offset the debt you have.

  3. #3

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    Whether you have no credit or damaged credit, secured credit cards are a good tool for building a good credit. I think it may take about 2 months to get normal.


  4. #4

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    I want to say that remember, a credit score is not a determining factor of wealth. It’s only a score on how well you are at balancing debt. Technically an extremely high credit score just means you’ve had debt for a very long time but have at least made the minimum payments.

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