Do "cancelled" lines of credit effect my credit?

Question

I recently applied for a line of credit, mainly to see if I could consolidate some debt and save some money. After doing some research I applied for one and the bank came back with terms I don't agree to. I have a credit monitoring service and I received two alerts. One was for the inquiry, and the other was for a new account. I was puzzled by the new account entry so I called the bank and they are sending the paperwork and if I don't agree to it I just don't do anything and they will close the account. I figure that the inquiry is there to stay on my credit, but I want to know if the new account is also there to stay. I never agreed to open the account, only to see what they would qualify me for, this just seems a bit shady. I hope it doesn't goof my credit too badly.

Answer 1

I don't think it will in this case, the credit card account was just opened, when you cancel a credit card that you had for awhile that can affect your score because it's the longevity of your credit history that is also a factor in determining your credit score, you should read this article on maintaining your credit, the site lists several tips on how to do so, http://www.monitorbankrates.com/how-to-b...