Is having many open (unused) credit accounts bad when getting a mortgage? (credit card, lenders)

[unseengundam]

I have heard once having many open credit card accounts is bad, even if they have $0 balance, when you are getting a mortgage. Is this true?

I know having more credit cards with no balance and good history should help your credit score. Shouldn't the higher credit score help out when getting mortgage? Or are mortgage lenders afraid you will go max out your credit cards?

I currently have quite a lot of open credit card accounts. Many of them are totally unused. Mainly kept for longer credit history and higher credit scores. I am planning on buying my first house in a year or so. Should I close down these unused accounts or leave them open?

[FarNorthDallas]

Sometimes the companies close unsued credit cards. Are you sure they are all open?

[pennquaker09]

Originally Posted by unseengundam

I have heard once having many open credit card accounts is bad, even if they have $0 balance, when you are getting a mortgage. Is this true?

I know having more credit cards with no balance and good history should help your credit score. Shouldn't the higher credit score help out when getting mortgage? Or are mortgage lenders afraid you will go max out your credit cards?

I currently have quite a lot of open credit card accounts. Many of them are totally unused. Mainly kept for longer credit history and higher credit scores. I am planning on buying my first house in a year or so. Should I close down these unused accounts or leave them open?

Well it would depend on if the cards have ever had anything charged on them. If they have had charges and are paid off, then I would keep them open because that's what makes your credit look good.

[Doc19]

it wont hurt you if you leave them on and dont charge on them, but if you close established cards, then your score will drop. if you dont feel comfortable with all those cards, i would cancel the the most recent cards that you have NEVER used.