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
smkettner wrote:coolbreeze01 wrote:Yes but it still depends on your situation.RoyBell wrote:I don't know anything about credit, but I've heard closing credit cards can have a negative effect on scores.
(I did close some cards yesterday, maybe it helped?). So close.
Anybody know?
Generally if your credit is excellent it will not drop enough to matter.
The score likes older accounts that are maybe used 10% or less of the max.
Close your 15 yr CC with $20,000 limit with $200 typical balance and keep your 2 yr CC with $5,000 limit of which $4,500 is revolving and your score will drop.
That's a good point. I have a couple cards with lower limits that are old for this exact reason. One is 10 years old that I don't use unless I need a small 0% money transfer for a short while.
