Newbie - Cancelling impacting credit score?

[dslans21]

Hi all I am new to this so I have a question. I have been reading through some of the posts and I have a question - I want to open up a new AA card for myself and one for my wife, spend the required amount for the mileage bonus and then cancel the card (this way I dont have to pay the annual fee next year).

Will this negatively impact my credit score? Is there any way to get these mileage bonuses (30,000 each card!) without having to pay the annual fee for the card?

Thanks for your help,
D

[Mikeoracle]

Check out the below article from the main DD site;
http://www.dansdeals.com/archives/6488

[Dan]

Also see:
http://www.dansdeals.com/archives/6443

[dslans21]

Thanks for the response, it was that article form CNN that prompted this post. I understand I can cancel I was just wondering whether canceling the card so soon after opening it, (2-3 months) if that would matter.

[Dan]

Thanks for the response, it was that article form CNN that prompted this post. I understand I can cancel I was just wondering whether canceling the card so soon after opening it, (2-3 months) if that would matter.

Personally I'd wait for the free year to end before canceling.

[dslans21]

Ok thanks, I think I can trust your opinion I will sign up and wait out the year since its free anyway. Then before the fee kicks in I will cancel and sign up for another one. that seems to be the way to do it if i am understanding things here

[dslans21]

One last question - about how long does it take to find out if I am approved or not?

[Yellow]

One last question - about how long does it take to find out if I am approved or not?

well i didnt get approved, but it took a good few days to get a response from them