Cancelling your credit card that is only 5 or 6 months old won't damage your credit score from a credit history perspective (assuming you have other older accounts in good standing). Cancelling it, though, may still damage your score if you'll be losing a significant amount of available credit by doing so. It also depends on how many other accounts you have and how high the limits and your balances are on those.
I would say if they card only has a small limit, you could cancel it without having much affect on your score. If it has a larger limit, consider keeping it open, but just not using it except for very periodically for a small purchase here or there to keep it active (some credit card companies lately are closing accounts due to inactivity).
Cancelling your credit card
Submitted on April 20th, 2009 by Carrie DavisI would say if they card only has a small limit, you could cancel it without having much affect on your score. If it has a larger limit, consider keeping it open, but just not using it except for very periodically for a small purchase here or there to keep it active (some credit card companies lately are closing accounts due to inactivity).