View Single Post
#26
Old 03-04-2013, 12:12 PM
Bagira Bagira is offline
L8: Grand Teacher
  • Oct 2004
  • 3,087
  • 468 Bagira is a glorious beacon of light
  • 3
Quote from napnap View Post :
I would have to disagree with the bold-italics part above.

Your credit hit will not go away in a month or two. Basically, when you apply (and are approved) for the credit card, you are getting two hits (1) Number of credit inquiries (2) Average age of your credit.

(1) will go away in a few months. (2) will stick around.

Infact, if you close your card in a year, the effect is worse.
My experience shows just a small hit after I close the CC.
Especially if it is a card opened in a year or so.

What you don't wanna do though is to close your oldest CC.

But you might be right. Credit scores are still a mystery Big Grin

On the other hand if you can't use your good credit for cash, what is it good for?
So it is a tradeoff of some sort.