Posted by: purana kagaz July 21, 2011
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V2001, You're partially right there...
Here's how it works....When you close your unused cards, initially the score goes down by few points depending on your debt-to-credit ratio. If you've a pretty good debt-to-credit ratio, ie. less than 30% in most cases, your Credit Score will start going up again...Close your unused cards only if you've paid off your other credit cards and you are financially strong.
Here's how it works....When you close your unused cards, initially the score goes down by few points depending on your debt-to-credit ratio. If you've a pretty good debt-to-credit ratio, ie. less than 30% in most cases, your Credit Score will start going up again...Close your unused cards only if you've paid off your other credit cards and you are financially strong.