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DASI97

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want to cancel my new credit card will it hurt my credit score?
Just applied and was approved for my 1st credit card, after thinking it over i decided i want to cancel my card. Its been about 9 days. Will it hurt my credit score?

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NO

The average age is of open accounts. I would close it.

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Yes

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Hi DASI97! In a word, yes. You would be closing an account, and any account closure will affect your credit score. Your credit score also takes into account length of credit history, detemined by the average age of your accounts. If you close this card, 9 days will be averaged into your length of credit history. This will Because you already got approved, the credit card company already pulled a hard credit inquiry. This will remain on your credit report for 2 years. You might as well keep the card open if you anticipate needing a card in the future in order to avoid another hard pull.

Having said all this, you could try calling the credit card company to ask whether they will report this open account (and subsequent closure) if you do it within 9 days. They all have different timelines in reporting to the credit bureaus so you might be to wrangle out of having this account reported at all. I hope this works out! If it turns out they have to report it, the next best thing you can do is to keep the card, use it very minimally, and pay it off in full every billing cycle. This will help you build your credit score over time...plus you're adding to your credit limit with this new card :)

Hope this helps!

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