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Money and Finances
Reply to "repairing credit"
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[quote=Anonymous]Canceling a credit card can also hurt you if it was an older card. Having it on your credit history shows you've been that much more credit worthy for that much longer. Also, as PP said, you want to keep your ratio of total credit available to outstanding debt on those credit cards low. I think they like to see that you only use 1/4 of your available credit. So if you have Card A with an available limit of $4000, and B with an available limit of $8000, and you regularly charge $3000 or so to Card B, and never use Card A and decide to cancel it, that's bad bc you've decreased your total available credit by enough to affect your total ratio. N you're better off keeping Card A open to keep that ratio better. You're even better off if you use Card A too every once in a while for a small purchase and pay it off full and on time, bc that will be another instance of responsible use, and that will increase your score.[/quote]
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