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i only have one credit card, its a student visa for my college, whenever i need money its my fall back. but recently i signed up for an HBC mastercard to get a 10% discount on the items that i was purchasing, with this application of the HBC credit card will it affect my credit rating? i was told once when i get it i close it and it shouldnt be a hit but now i'm really stressing about it. :?
I am not so sure about that since you already used the card. I do know the older a good standing credit card is the better your credit score since it shows good faith payments and proves you are responsible enough to pay your bills. Could you possibly leave this card open to improve your credit score and just put little thing that are easily paid off on it. You could make a purchase every few months and then pay it in two installments so there is not much of a balance and it helps your score.
If you would rather close it I would not think it would hurt your score since it is a new line of credit and has not had time to bui;d your score.
Are you applying for new credit card for get 10% discount on your purchase so it will be responsible for harm to your credit score which was buited up by your old credit card.
Thanks & Regards.
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