I must say, too much credit can be a dangerous thing with out enough control. One would feel that having credit cards to every department store would be ideal, but this is not for the week at shopping.
Having many credit cards does not hurt your credit score, it’s the balance on them that effects. So if you ask should you pay off and close some of your cards? The answer is simply you should pay “down” so your are staying between 10 – 20% of your available credit. This will show a creditor that you have the ability to manage your finances.
Task for today. Pull out the statements and calculate between 10-20% of your available credit for each card. Then calculate all the credit available combined with these cards and if what you owe is greater than 15% of your combined total available credit. Then find the cards with the highest interest and began reducing the balances to get into this window.
Look for my next blog.. ..Charge It !!!!! Don’t Finance it…
