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Open One How long after paying off a closed credit card can I open another one? I finally finished paying off the debt. The card was closed before I was able to pay off the card completely. Since...


Open One

Open One
How long after paying off a closed credit card can I open another one?

I finally finished paying off the debt. The card was closed before I was able to pay off the card completely. Since then, I'd been paying monthly and consistently. It just seems like a good idea to have a credit card on hand to use in case of emergencies. How long would it take before I can open another one? Or does it depend on how low the score got?

Who closed the account and why? If the creditor closed it because you were late on payments, you may find that your credit score will make it difficult to qualify for an unsecured credit card. You may want to see if your bank offers a secured card (one that is guaranteed by funds you deposit into a savings account. You still make payments, but your credit line is limited to the amount in the savings account). If your bank doesn't offer them, B of A and Wells Fargo have them.

If you closed the account and paid it off, that's better, but you may want to pull your credit report and take a look before you start applying for cards. https://annualcreditreport.com is the site where you can obtain one free credit report per year. Make sure you get the one that includes all three credit bureau reports. If there are derogatory items on it, you might as well save your time (and the hit your FICO score will take by applying for credit cards) and go the secured card route.

 

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