Answers
I was eligible for a master card and I had applied for it. When I received it, it already had charges of $179 on it for set up fees and that stuff. I didn't like that so I canceled the credit card right away. The person helping me on the other line warned me that rapidly canceling credit cards and accounts would make my credit score go down. Is this true??
I have a debit and credit card with BofA and a Shell card, and canceled the First Premier Bank card that I applied for. Would this harm my credit?
And is there any free sites to check out my credit score free of charge?
Thanks.
First part, yes your score has taken a hit and will now be lower. This is due to 2 things, first, the hard inquiry that was placed on your credit report when you applied for the card,(this remains on your report for 2 years: read the source)
Next you are reducing your debt utalization ratio which is based on how much credit you have available to how much you have used. When you opened the account you had more credit, so depending upon how much you owed on the other accounts, your utalization may have gone down, closing the account raised this utalization to what it was before.
Next part, there is no such thing as a free credit score Some credit card companies used to provide what is called a FAKO score, one that was usually way off but most of those banks went under.
Hope this answers your question.
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Confused, she called the customer service line on the back of the card, issued by Citibank, and was told the account was closed because of something that appeared on her credit report. But when the Sykesville, Md., resident got a copy of her credit report online, the only negative thing she saw was “closed at credit grantor’s request” on the Shell MasterCard account.
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