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Question By
Jaswashere

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Canelling a card i just opened
I was recently shopping and was pressured into opening a card. I decided the next day that i really didn't need one and i don't really shop at the store at all. The card hasn't come in the mail yet and i want to know what the effect would be on my credit score. The only thing that i have on my report are my student loans which i'm currently paying off. I had cards in the past and just prefer not to have them. I'm not planning on financing anything anytime soon like a house or car and just want to focus on my loans and becoming debt free. Should i just cancel the card now. I am willing to take the hit temporarily as long as it doesn't effect me long term(5 years or more down the road). I know some cards cancel if there isn't any use for a long period of time and i feel like this would be the situation with me because like i said i don't really shop there. I guess my question is, is it better to cancel the card now or wait and keep it even though it probably won't get any use?

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Top Contributor
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It doesn't hurt to just keep it and not use it. And yes, after periods of inactivity, it'll just cancel on its own. At least that's what happen to my Sears card. Thing is, the hard inquiry will stay in your report for up to 2 years so might as well just keep the card to make full use of that hard inquiry. However, I'd cancel immediate if it has annual fee.

Also, at least own one credit card you want to keep. It can give you permanent history vs loan which disappears after you pay it off. Then you may have to establish credit again. If you can use debit card, then just treat your credit card like it.

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