Is my credit rating affected by get credit cards just for the $50 statement credit and then cancelling?

I often apply for cards just to get the perks (free gas card, statement credit, extra miles, etc.) and then cancel them right after I get my perk.

Is my credit rating affected by get credit cards just for the $50 statement credit and then cancelling?
Yes, anytime you get a credit card, it goes on your report. Future lenders may wonder why you repeatedly get cards and then cancel them, and may become suspicious.
Reply:Not sure where you live, but in Canada, every time you apply for credit, the credit card company or store or bank runs a credit check on you. Every time someone runs a credit check, your credit score drops a little. Their theory is that if you're applying for credit often, then you're either not managing your credit well or you're being turned down for some reason, and either way you're not a very good risk. You should also know that many companies that issue you these cards don't actually close the account when you cancel it, they just change the status to inactive. This opens you up to a world of problems if you get hit by identity theft, because they can just reactivate accounts that you have already signed for. The inactive accounts are also included in the total credit amount that you have available to you, and that can affect a potential lender's decision when they weigh your available credit against your ability to pay it back if you were to run everything up to the maximum. You can ask to see your own credit report, and see how many accounts are listed under your name. It would be a good idea to track down any that are inactive and make sure they're properly closed.
Reply:Too much revolving credit hurts your FICO. Clsoing acct. Also hurts your FICO, and there will be a point when you can't get another credit card. And, most of these deals are "tied" to a purchase or time to keep the card.
Reply:yep, dont do it.





opening and closing cards screws your credit down into the ground