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Still Doin Time
Join Date: Nov 2004
Location: Nokesville, Va.
Posts: 8,225
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Quote:
Originally posted by campbellcj
Is this really true? I am in the position now where I can either close a few accounts, or just let them sit idle. I always figured it would be a 'negative' factor to have a bunch of available credit if you go to apply for a new loan -- as your debt/income ratio would then be a 'variable' to the new lender.
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Yes because according to the three reporting agencies it shows more responsibilty to open credit lines but with zero or little balance.
Of course there is a limit. If you had 15-20 lines open then that may actually reduce your score.
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'15 Dodge - 'Dango R/T Hauls groceries and Kinda Hauls *ss
'07 Jeep SRT-8 - Hauls groceries and Hauls *ss Sold
'85 Guards Red Targa - Almost finished after 17 years
'95 Road King w/117ci - No time to ride, see above
'77 Sportster Pro-Street Drag Bike w/93ci - Sold
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