When canceling a credit card,how long does it take to show up on credit?
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i have a credit card i want to cancel and plan to go with a different company and i was wondering how long it takes to show up on my personal available credit?? because im told that depending on card usuage and payment activity you are only good for a certain amount of credit.. i want to apply for a new credit card if i dont have the available credit from my credit activity i really dont want to get declined or a really low amount because the closed card haddent shown up on my history....i hope im making sense.. if anyone know about how long it takes that would be great. thanks p.s. i have a zero balance on the credit card im closing, so i dont have bad credit.
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Answer:
I work for a company that reports to all 3 major credit bureaus. All most all companies that do so are required to update accounts once monthly, however when it comes to closing accounts some companies may choose to have the records of closed account moved to a different department, and under the law they are permitted a 90 day review/change of account status. If you do not see it on your credit report with-in 119 days (29day + 90day review) call the issuing company, and ask them to report with their next transmit.
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Other answers
Well in my experience, and according to Suzie Orman (or whatever her name is) closing a credit card hurts your credit. Paying it off and keeping it is better. When you cancel cards, you lower your line of credit. It says to creditors that you cant handle or control your spending so it lowers your score. I canceled all of my cards and it really screwed me
FYI : when you cancel a card its not good for your credit, it looks bad on it
can take a while answer mine plz... http://answers.yahoo.com/question/index;_ylt=Apb9urxyDOkbS3JcMd1Sb2nsy6IX;_ylv=3?qid=20091124201420AAGgbai
I would wait 60 days.
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