Reply
New Member
Posts: 2
Registered: ‎03-20-2009
0

Which is better canceling or balance decreasing

[ Edited ]
I understand that the amount of credit available can hurt your FICO score so would it be better to decrease your credit card balance or the number of credit card you hold, based on the # years you've had the card?  I know that the longer you've had the card the better.
Message Edited by felberfam on 04-28-2009 01:02 PM
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007

Re: Which is better canceling or balance decreasing


felberfam wrote:
I understand that the amount of credit available can hurt your FICO score so would it be better to decrease your credit card balance or the number of credit card you hold, based on the # years you've had the card?  I know that the longer you've had the card the better.
Message Edited by felberfam on 04-28-2009 01:02 PM

Having a lot of available credit will most certainly NOT damage your score. That sounds like a FAKO reason for a score. Forget you ever heard that.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.