How long to build credit up after cancelling credit card?

I am thinking of getting a particular credit card to use on a purchase due to the fact it offers money off the purchase. I know this isn't a great idea, so I'm still thinking about it, but my concern is with my credit. My credit is fairly good right now and I'm wondering if I get the card and cancel it shorty after, how long does it take to build the credit I lost from getting %26amp; cancelling the card, back to normal? If it's just a few points, does that take weeks/months? Thanks.|||If you want to do it, heres the right way to keep your score in range..


If it is a store credit offer ( macy card, sears card, you get the idea) it's not worth the damage to your FICO score. When you open a new line of credit your score drops up to 200 points.. and with store cards usually charging 24% interst, doesn't adding it to an existing card of 6.9-18% sound a little better.. you'll be paying a lower interest rate, not adding additional lines of credit, and keeping your score within range of your current number. (Depending on the purchase price it could drop your score up to 100 points, but still better than 200)


Best thing is to pay cash or lay-a-way if possible, if you charge it use this formula to pay it off quicker..


take the price of the item ( example 600 $) divide that by the months you want it paid off ( 12 months) gives you a 100 $ cost... add the 100 dollars to the minimum payment due.. normally 15 dollars is now 115 dollars.. and you'll pay it off in 13 months.. you gain a month for interest, but increase your score every month you are on time or early.|||Usually there are many small or fine print fees which can include monthly or yearly setup fees, early termination costs, etc. You may want to consider this before opening the account. If you do open the account. The best thing is to keep it open without a balance. The most important factor in todays market is not your credit score but your debt to credit ratio. If you have any debt on credit cards, keeping this account open will help offset the debt you have.