Credit Cards, Cancellations, and FICO Scores
Sometimes, there are good reasons for closing a credit card account. You may have too many and want to simplify your life. Credit cards you never use are easier to lose track of. If one is lost or stolen, you’ll kick yourself for the frustration you could have spared yourself had you cancelled it. But before closing that account, familiarize yourself with the possible effects on your credit score. Your debt-to-available-credit ratio makes up 30 percent of your FICO score...Read More