How bad for your credit is closing a recently opened credit account?

I know that the name of the game for us expats is to build credit as much as possible, but I am having a really terrible time with an account and I am wondering if anyone knows how bad it would be for my credit score to just cancel the thing.

Long story short, the account is less than a month old and due to paying off items which they didn't even have in stock (and didn't bother telling me about!) I am in credit with them. I don't really care if they keep the money, I'm just wondering how horrible it would look on my credit score to open and close an account like that.

It depends on how they record it.  A consumer can close a card and it should have zero negative impact on their record, however, anecdotally, I have heard getting the card company to record the closure as your request (not theirs) is sometimes difficult.  If you do it, I would make the request in writing and ask that they confirm in writing.

Hi,

Whoever the 'credit' card/storecard is with, if you've only had it a month, they've probably not even submitted the 'report' to the credit agencies about you yet. That said, a trail will appear on your Credit Report itself. I'd say call up Experian or Equifax and ask them if or what kind of impact it'll have.

Currently, lenders are looking for those with very good histories for lending decisions, so anything to help that is good. Closing accounts that aren't needed is also considered a good thing as well - on my report they come up as 'settled' - so, it's a good thing that 'status' is recorded after you've successfully borrowed, paid back and then settled the account - it looks good. If by closing this account you mention, you'll have a 'settled' status recorded, then after you speak to the credit reference agencies, perhaps go ahead?

The credit reference agencies also do change the goalposts around a little bit in line with things that are happening on the greater economic view, so speak to them and see what they advise

Cheers, DtM! West London & Slough UK!