FICO score question: cancelling credit card

[chet everett]

Originally Posted by Wendell Phillips

Your bank will tell you what's what.

I am darned near postive they will you what is good FOR THEM!!!

[JHusseinMoore]

Originally Posted by Wendell Phillips

The more open credit card accounts you have - even with a zero balance - will adversely affect your credit score. You only need one credit card to be used as a substitute for cash or check, and for travel; and do not charge any expense that you cannot pay off in the next billing cycle.

Whaaaaaaat? That's garbage! It will certainly affect your finances if you can't afford it, but it will NOT affect your score adversely!

[revelated]

Originally Posted by JHusseinMoore

Whaaaaaaat? That's garbage! It will certainly affect your finances if you can't afford it, but it will NOT affect your score adversely!

As I said, let nobody tell you that having open credit cards alone in a positive status is derogatory. It's not.

Having a ton of available credit looks better to the credit score, but not so good to a mortgage lender who cares about that sort of thing, but that has nothing to do with score. Mortgage companies have been telling fibs to consumers so they can get things the way they want to protect their bottom line.