Although my credit score is considered very good, I was told when we purchased our last vehicle that my credit score would be better if I canceled old credit cards that were NO LONGER being used. That goes along with #3, but is it accurate info?
anonymous
It's not "PIN Number" it's just "PIN"... seems silly to call it a "Personal Identification Number Number"
Matt
As a followup to my last post, some say that 10% utilization is ideal, but most people tend to say around 30%-35%.
Matt
It's worth noting that your credit score my suffer if you cancel a credit card. An important score factor is credit utilization, and ideally, you'd like yours to be fairly low (some say lower than 10%). Utilization is the amount of your available credit that you actually spend each month.
If you cancel a credit card, your amount of available credit will diminish, thus increasing your utilization.
Gregory
I'm not in agreement with number 3. This will harm you FICO score is most every case.
Just keep an eye on your statements. All the big CCCs have $0 liability.
