2007-02-26 11:55:46 · 4 answers · asked by cerx2oo3 1 in Business & Finance ➔ Credit
Yes... most people don't know what they're talking about. 30% of your score is "balance and burden" (credit you're using/available credit) and if you close a card, you lower your available credit. Try to use 20-30% of available credit.
2007-02-26 12:05:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Only have the amount of credit you absolutely need. The more open credit you have the lower your credit score will be. Even if you don't carry a balance on those cards.
Pay off all cards asap and only use one card if at all possible. Make sure it has a low interest rate if you don't plan to pay it off each month. You can check your credit rating for free (once by law) with any of the three major credit holders, Experian, TransUnion and Equifax.
Good luck and remember the best rule of thumb with credit is, if you don't have enough cash in the bank to purchase the item, then don't buy it on credit if you don't plan to pay if off in a timely manner (three months or less)
2007-02-26 12:07:04 · answer #2 · answered by lolo 5 · 0⤊ 0⤋
No, actually it's a GOOD idea. Your credit score can go down based on the amount of open credit you have. Only keep an account open if you're using it. You can always request to reopen it (which I'm sure the finance company will be happy to do) if you're going to use it again.
2007-02-26 12:00:02 · answer #3 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋
no
2007-02-26 12:29:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋