Posts Tagged ‘ utilization ratio ’

Rumor to leave accounts open is correct

Dear Experian, My husband and I have several credit cards, all with limits under $1,500.00. We wanted to pay off and close the high-rate cards we don't use, because we were told by a car dealer that even if the card with a high balance is paid to a zero balance, the fact that it is still open and "available" credit for using will hurt our scores. On the contrary, I have heard a rumor that closing a credit card looks bad. What's the truth in this? - EPH

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