Help-conflicting credit info from different financial institutions?
Answer:
Too much availible credit line is a very bad thing. haveing 1 or 2 lines of credit with a lower balance is ok. They don't want to give you a loan and then you max out your credit lines.and then you cant pay
Ask the credit counseling companies. THey are non-profit and they are the best companies to approach about credit questions and it is free advice and confidential.
Its not good to hae tens or hundreds of thousands available, but beyond that, DO NOT CANCEL a bunch of cards.specially if you just have like, 5-10K worth. You need to carry 40% or less of a total debt to total limit.so do not close so many that you are messing up this ratio.
Also, if you decide to close any, CLOSE THE NEWEST ONES. The old ones are helping you the most beucase of the longer history.
Its a risk, making any changes.it can be unpredictable about how your scores might react, so dont go all crazy.
When getting ready to refi or finance a new home the banks would like to see a few credit cards as possible. The more credit you have open the more you can charge. Lets say you have 10 credit cards all have a zero balance but a credit lime of 5,000 so that is $50,000 you could run up in debt not saying you would now compare the same to 3 cards with the same scenerio and think of which you would prefer to see if you were the bank..
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