About to purchase- Finance questions
Hey all, I have a downpayment on a new travel trailer and just sold my pop up last night. Thursday I will go to sign papers. They were touting 4.99% finance rates until I got the deal. Then it ju...
Forum Discussion
RoyBell wrote:
I have been told having too much available credit is just as bad as no open credit. Face of the matter is no one knows for sure what makes it go up or down. In my experience, just the act of closing cards has not adversely affected my credit...however, I usually have a new line of credit not too far behind it.
The question was if closing cards effects credit. The answer is no, but possible indirectly. If you have enough open credit you should be fine. I'm am proof. Show me someone who has closed all their credits and their credit dropped to 500. Sounds like an old wives tale to me.
Again, you "know" things that are incorrect.
Open a free account at Credit Karma and learn what does affect your credit and how it affects your credit. As Fox Muldor would say, "The truth is out there".
I'm not trying to demean you because you are obviously a bright guy. You are just misinformed and it can be costly to be confident and wrong at the same time.
