Originally Posted by
CPRich
Quote:
Originally Posted by annerj
It hurts for the reasons stated above:
Debt to credit ratio
total credit line
length of accounts open
etc
.
Plus the number/type of accounts. Closing your oldest, highest credit line card, with only 2 other accounts, can have a significant impact. Closing a recently opened, low credit line card, one of many, not so much.
Paying your bill every month is good in just about every way, including your credit score.
I only have one other card, a rarely used AMEX gold card I've had since 1987.
I'll take the above advice and call chase today to downgrade to a a no fee card.