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.
Sometimes we take advice from those that are as clueless as the one with the question. Who said closing all open credit for a person with good credit would kill your score to 500. It just is not going to happen.
The fact is your credit score moves around based on open credit, inquires and many other factors. Long term as long as you have not done something crazy it will trend in a range. You stated you just obtained an automobile loan. That impacts your credit rating. I wouldn't over think it. I have also found certain things impact the three reporting agencies very differently. Did they all move the same magnitude?
