I have a buddy with a score of 760. He has about 8 active credit cards and a line of credit. Most with high limits - 7000-14000. Only 1 has a balance (3500). I told him he should close the accounts he is not using. He is about to apply for a mortgage. Question, does the number of cards and high limits hurt him? His score seems to indicate it won't. Probably since his usage is so low. Should he close the lower limits down or wait?
Bad advice One cause low of low scores is due to closing accounts. It's better to keep them open and just not use them. Use them once every few months for a tank of gas or something, then pay the bill when it comes. Length of credit history, and the ratio of your balance to credit limits on open accounts are two big factors in scores. So keeping them open gives you length of history and not using them much helps your ratios. ________________ The Answer is 42!! ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
