I was looking over my Bank of America statement for the last month, and I noticed on the final page in a section named "Of special interest" a statement saying:
Because lenders issue credit in different ways, it may be helpful to reduce the number of credit card accounts you have open. Lenders see your total available credit lines and know you could run up charges quickly on any open account. Your available credit may impact their lending decision.
Was this statement written on everyone's statements? Or were they trying to tell me that I have too much available credit? If so, should I actually close cards, or keep them open? I don't know which cards I'd actually get rid of because I use all of them.
I wouldn't start closing cards based on something at the back of a card statement. The information provided sounds general. Most lenders will get nervous if you have sustained high utilization or DTI.
