03-31-2008 08:45 AM
03-31-2008 08:54 AM - edited 03-31-2008 08:55 AM
You do not get punished for having "a lot of credit cards with no balance on them" per se, but you do get punished for not having a balance on ANY of your credit cards. You should let ONE of them post a balance of 1-9% of that card's CL.
Okay, let me try one more time.
I have $40k in credit. I am paying off my last $4k of credit card debt. I will still have $40k in available credit once I pay that off because I have no intention of closing my credit card accounts. Do you get punished for having a lot of credit cards with no balances on them?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO