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Question By
Tatertot696

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Does opening and then closing a credit account hurt my credit score?
I was tricked into opening a credit account. Someone approached me at an airport talking about this deal with American Airlines. I had the chance to get 40,000 free miles. I asked the man 3 separate times if I was signing up for a credit card and he said "No." He told me all they would do is send me an informational packet and then if I wanted to open my account I would have to do that later. When the mail arrived it said my account was approved and open. I feel stupid. Asking for my SSN should have been a huge red flag, but I'm fairly young and new to this sort of thing. I want to close the account, but I'm worried it will affect my credit score. What should I do?

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Is the card issued by Citibank or Barclays? Need to read its terms and conditions, as most those cards have high annual fees but some are waived for the first year. You need to decide if the benefits for that card outweighs the annual fees, Some of the AA cards are sought after and very popular amongst regular travelers and not easy to obtain. The damage is already done to your score for opening a new credit card, close it now won't reverse the affect and "might" cus further damage to your scores/profiles, so don't be too quick to close it, that card might be beneficial to you in the long run.

Reply by
Tatertot696

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It is from Citibank. I'll look into their annual fees. Thank you. 

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Just let it ride and keep it someplace safe if you don't want to use it. Since you said you are young and not that familiar with credit, I suggest yoku make the time to read the articles and use the financial tools on this site so you can learn how credit works and how to build your score.  I learned a lo[t and [now enjoy a very good credit score, and I have a degree in  business! 

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