Small Credit Card Limits
01-04-2008 03:06 PM
I'm trying to clean up our credit and raise our FCIO score. We have 1 credit card with a $2000 and two others with $1000. All are about 24% - 50% used. I heard that because they are low credit lines this is hurting us. Does anyone know? Should I close all, but one?
Also, I plan to pay off an auto loan in April and heard this will lower the score. I don't know what to do. We have low FCIO scores and I thought by paying off a loan would help. Are we better off paying a new car? Doesn't make sense, but I don't want to score to go down.