I signed up for and received a Spirit World... - Build Credit History Questions

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Build Credit History » I signed up for and received a Spirit World MasterCard. I did this while on a flight to get...

I signed up for and received a Spirit World MasterCard. I did this while on a flight to get the extra 15,000 miles. I no longer want the card. Will it hurt my credit rating if I cancel the card now and never use it?

Answered on
The content is accurate at the time of publication and is subject to change.

Your score will definitely change especially if it is the oldest credit card in your profile. When you close old card, you shorten your credit history and lower your credit score. If it is a new account, then you can freely close it. Next thing to consider is your credit utilization ratio. Calculate what your credit utilization ratio will be after you close this card. If it is going to be higher than 30% then your credit score can be lowered significantly. Your credit score changes all the time, so if you want to close this card, just do it. You will simply need to work a bit harder to raise your score back.

In the future to avoid the situation when you don’t need the card for anything other than just a sign-up bonus, get a card that you can and will use for your everyday purchases. For example, get the Discover it® Miles. The rewards are 1.5 miles for every purchase, and in a way you also get a sign-up bonus – you build it yourself from your spendings as Discover simply matches all you’ve earned during the first year (provided you a new cardmember). There’s no limit to how many you can earn and the miles never expire – thus, you’ll never have to close the card because it’s reached its limits.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit
Monthly reporting to the three major credit bureaus
Fair/Bad Credit
See if you Pre-Qualify without harming your credit score
Poor Credit

Other Questions in
Build Credit History

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!