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Gap Credit Card

Mark Cappel
UpdatedMar 2, 2010

Will opening and then closing my Gap credit card harm my FICO score?

I recently applied for a credit card at the Gap. It was approved and my purchases that day were applied to my temp account. I have not received the permanent card yet and have not received my 1st bill. My question is: Since I have not activated my card am I able to decline it without it hurting my credit score? We plan to purchase a new home this year and this would be a new card with a very short history.

I cannot give you a definitive answer because the calculations behind credit scores are complex, secret, and known only to the mathematicians who wrote them. Plus, the answer varies by person. If you have a fantastic credit score then the slight dip in opening a new account will be inconsequential.

I can say this: The act of opening and then closing a Gap credit card in rapid succession is not a good thing. Unless you already have a dozen or more tradelines, then this Gap credit card will probably not cause you any harm.

See the article All About Your FICO Score to learn more about credit scores.

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