credit cards
does it hurt your credit to close out long standing credit cards in good standing? If so why?
I was going to consolidate two credit card onto a new lower interest card and cancel the old cards. However, I was informed that closing the old cards would not look favorably on my credit report. I thought this was strange as good credit reflects on your credit report for 10 years and keepin the old card open whould make your debt ratio higher. Can someone explain this to me?
What the other posters have told you is true. However, I personally don’t believe in keeping open all credit cards just for the sake of having them.
In your case, I suggest keeping the oldest card open and closing the other. That way you keep the history and higher limit but end up with only 2 major credit cards instead of 3.
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