How soon is your credit rating affected after phoning to close a credit card?

Question

I closed my gold card down this morning and i want to take out a new CC with better rates. How soon will my credit rating be altered for the better after requesting the termination of a credit card?

Answer 1

The credit card companies make non-rush reports periodically, not immediately. They may do it weekly, or twice a month.  

Closing the credit card actually can lower your credit score. While credit account was open, provided that you paid on time, the credit card was a "plus" for your credit score.

I run into the same question when people are applying for loans.  I advise them to keep the account open, even though account not in used.  Sometimes they close the account anyway, and then are frustrated when their credit scores go down.

Closing an account improves credit rating immediately when it involves loan payoff. An example is a car loan.

Answer 2

I'd say with in a month or two when the report the credit card account closed, you should have just kept the account open and gotten another credit card, you also might want to read this article on maintaining your credit, http://www.monitorbankrates.com/how-to-b...

Answer 3

Try this one - http://freecreditreport.hotusa.org - I monitor my credit score here during last 3 years. And also cleaned off some bad items from my credit report. You can apply for free initial plan and get your scores and reports for free.

Answer 4

quicker then the time it took me to answer your question,everything done by computers now a days