Before I start, I just want to mention that I may or may not use my actual credit score in this post. It will still be accurate in what your looking for so it won’t matter other than keeping some privacy for myself. So for example, if my actually score is 750 and credit cards dropped it to 730, I may say my score is 700 and was dropped to 680. Same thing. The point of this is to see what applying for and cancelling multiple credit cards does to one’s credit score.
So with that said, here we go.
I just received my Equifax credit report on December 27th, 2012. I opted for the free mailed version of my report with the $12 credit score attached.
My credit score right now is 800. This is pretty amazing.
Consider this. The last time I knew my credit score was from a bank when I applied for my second mortgage. Back in 2009, I was still interested in real estate. I had bought a condo in 2007 and a house in 2008 before realizing how poor real estate can be as an investment and also how much it negatively affected a life of travel.
Before I sold the house in 2010, I asked my banker what my credit score was and she told me it was 765.
Since then, I quit my job and have traveled the world for more than a year. I still have my condo, which is paid each month by tenants. I have applied and canceled 7 credit cards.
That’s pretty much it for the credit world.
and low and behold, my credit score went up. It is now 800.
So far, I can’t say that applying and cancelling multiple credit cards has a negative effect on your credit score. I can only see that mine has gone up.
Credit Score:
2010: 765
2012: 800
I will pull my score again in 6 months and see if anything has changed.
If you would like to do the same, you can visit the Equifax website and do it online for about $25 or by mail for $12.
Please let me know if you have any questions.
-Matt