Will cancelling an unused credit card make my credit look bad?

I am new to credit cards, and my citi banker helped me applied for a Citi Dividend Platinum Select Card. I realized that it has 0$APR on transferred balances but not 0$ APR on purchases.


I just activated it 2 days ago and have not use it yet. I am planning to cancel it. Will it affect my credit?|||Why would you cancel it?





Simply use it for every day things, never exceed 30% of your credit limit in any given month and pay in full before the due date and you will not only build your credit score but you get to use someone elses money for a month and not pay interest.





I did this with 2 credit cards and raised my score over 150-points in 24-months, never paid a dime in interest.





Credit scores are based on the following factors;





1. Payment history 35%


2. Time in bureau 15%


3. Types of credit 10%


4. New credit 10%


5. Debt to credit ratio 30%





By keeping and useing this card, you are well on the way to establishing all 5.





And yes if you cancel it now it will look bad on your credit.|||Yes it will harm your credit score. Even if you will not use it, Don't cancel it. Shred the card and forget you ever had it|||Keep it so u can build credit|||Just the opposite.|||Other than the fact that you took a "hard pull" on your credit report by applying, not that much. And probably not anything that your score couldn't recover from in a few months.





Of course part of your score is your outstanding balances to available credit. Why not keep this card, especially if it has a high available credit limit, and just apply for a different card with no interest on purchases like you're looking for. The high credit limit will make your score better. Contrary to popular (and wrong) ideas, it does not hurt your score to have a lot of available credit.|||If you want my opinion and I'm sure you do. I wouldn't play the credit card game. They make all the rules and can change the rules in the middle of the game.


Look through these forums for a couple of days and see all the people losing at the game.


If you play the credit card game sooner or later you will start losing. Once you start losing at the credit card game it's hard to get out of the game.


High interest rates that they can raise for whatever reason ( Just read the fine print). Outrageous late fees and over the limit fees. Not to mention identity theft which is the fastest growing crime in the world.





Pay as you go and live on less than you make and you will win with money.





A low score from not paying your bills is trouble. If you have a 0 score from not borrowing money you can still get an apartment and job and a home loan with manual underwriting. It's the way it was done before the I Love Debt score. You can get the same low interest rates.





Of course the bankers and their loyal followers on here are gonna tell you different. So, check it out for yourself.





Borrower is always slave to the lender. Always!





Debt free is the way to be!