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One of the most commonly asked questions among Miles & Points newbies is how opening and closing credit cards actually affects your credit score.
In this video, let’s clear up some of the misconceptions around this topic by thinking about how each component of your credit profile is affected by each step along a credit card’s life cycle, from the initial application to the first statement being posted, through to product-switching and, if necessary, cancellation.
By breaking down the individual impact to your credit health at every step along the way, you can see how playing the credit card game in a responsible fashion can end up strengthening your credit score over time.
Watch our video on credit scores: https://www.youtube.com/watch?v=w15K_e6yG5s
Read more on Prince of Travel:
– All About Credit Scores: https://tinyurl.com/fuhfuypa
– The Credit Impact of a Credit Card’s Life Cycle: https://tinyurl.com/reb88wjm
0:00 Introduction
1:27 How Does Your Credit Score Work?
3:15 Application
4:48 First Statement
6:58 Subsequent Statements
8:38 Cancellation (Part 1)
9:37 Product Switching
10:53 Cancellation (Part 2)
13:07 Summary of the Credit Card’s Life Cycle
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