If i already have a credit card from company A and i decide to open a new account with a completely different company then cancel the old card from provider A once the balance is paid off will this effect my credit score?Will changing credit card providers effect credit score?Yes, it will. Card A will reflect a negative when it's closed. So keep it open, but leave it at zero. Card B will decrease your score because of the inquiry, but it will redeem itself in 6 months of having your card open and in good standing. I cancelled an old card and my credit dropped 17pts! I advised the same thing to my brother and his credit decreased 6 pts then the next 2 months it went up 36 pts!Will changing credit card providers effect credit score?When you close a credit card account, you close the history. Unless the account has a large annual fee, keep it open. Use it occassionally to keep the account active and pay it in full.
It's always a good idea to only charge what you can afford to pay in full every month.
