Quote:
Originally Posted by Timmy  I like American Express....its not good to transfer your balances to another card often. It can mess up your credit score, especially if you keep opening new accounts. I know someone who had excellent credit she use to transer balances, open new accounts and when she went to apply for a home loan they denied her and her credit score was almost at 800. They denied her because of too many revolving accounts...although she hardly used them, their thinking was...oh this woman can go tomorrow and max all her accounts. Unfortunate but it happens, so be careful. I have a Visa, Mastercard, American express, care credit & home depot. |
i have heard this too!! a similar thing happened to my BF's sister when she and her husband were buying a house a year or so ago.. they both had good credit.. but they had too many things open in their name(even though there weren't high balances on ANY of them.. some had nothing charged on them at all) plus the fact that her hubby is self-employed, didn't help either! but they got the loan for the house.. it was just more difficult than it needed to be!
so i have a question then.. does anyone know if it's better for your credit:
-to have a few more open cards, with no owed balance on them.. OR..
-to close a card or two, if you are gonna open another (..cuz i have heard it's negative on your credit score to close credit card accounts also!!) ?!?!
