Quote:
Originally Posted by JB4310  The reason to many cards with large limits are a problem is obvious... |
No, its not so obvious.
One reason I have read for NOT closing credit cards prior to getting a loan is that it shows that the person knows how to handle their credit responsibly. Also the unused credit lowers the percentage of debt vs open credit. Obviously once can't have the credit cards maxed out.
But I have heard the other side of the coin regarding open credit cards. And the bank just told me so.
Obvious no. Mutually exclusive yes.
Later,
Dan