http://www.tfgi.com/200805/close-those-credit-cards-before-you-hit-the-mall/ Debt Consolidation, Help and Relief Fri, 22 Jul 2011 14:31:38 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.tfgi.com/200805/close-those-credit-cards-before-you-hit-the-mall/comment-page-1/#comment-2241 Dan Sun, 22 Feb 2009 07:48:23 +0000 http://www.tfgi.com/?p=44#comment-2241 You are giving very poor advice when it comes to closing credit card accounts. 30% of a consumers credit score is based on credit longevity. You should never close an account. When you close an account, it reduces your average length of credit history as well as reduces your debt to available ratio.. I might also add that due to the credit wheel coming to a halt around August, 2007 and now slowly spinning again, you need to take credit cards with zero balances and use them at least once every six months to keep them active and reporting. Credit cards should also be kept below a 50% debt to available ratio, preferably under 10% usage to maximize your credit scores. You are giving very poor advice when it comes to closing credit card accounts. 30% of a consumers credit score is based on credit longevity. You should never close an account. When you close an account, it reduces your average length of credit history as well as reduces your debt to available ratio.. I might also add that due to the credit wheel coming to a halt around August, 2007 and now slowly spinning again, you need to take credit cards with zero balances and use them at least once every six months to keep them active and reporting. Credit cards should also be kept below a 50% debt to available ratio, preferably under 10% usage to maximize your credit scores.

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