If I have say... 3 credit cards totaling $5000 in LIMITS, not BALANCES and all have a $0 balance, do I still have $5000 in obligations? I know that it has some factor since I could easily buy a car with it looking like I owe nothing on CC's and immediately go out and charge them all up. Basically, I'm wanting to know if I should completely close those accounts or if having them at $0 balance is just as good. Thanks in advance!
RE: CreditCard/Credit Report Q Opinions vary, but I think the general agreement is that fewer open accounts is better. 1-2 revolving would probably be best, but the credit available has a positive or negative effect depending how thjey weigh it.
