http://www.savingadvice.com/articles/2007/04/04/101304_debt-reduction-mistakes.html Bridging the gap between saving money and investing Sat, 11 Feb 2012 18:46:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.savingadvice.com/articles/2007/04/04/101304_debt-reduction-mistakes.html/comment-page-1/#comment-103410 closing cards Mon, 10 Sep 2007 09:07:03 +0000 http://www.pfadvice.com/2007/04/04/debt-reduction-mistakes/#comment-103410 Many banks use a debt to available credit ratio to evaluate your credit (ie you have 2,000$ worth of credit available to you but only have 100$ worth of debt then your ratio would be .05 but if you close a CC account and now only have 500$ worth of credit availble to you then your ratio is .2) banks see the ratio as a way of how you manage money, do you spend all the money that you can? a higher ratio is bad for your credit score. Many banks use a debt to available credit ratio to evaluate your credit (ie you have 2,000$ worth of credit available to you but only have 100$ worth of debt then your ratio would be .05 but if you close a CC account and now only have 500$ worth of credit availble to you then your ratio is .2) banks see the ratio as a way of how you manage money, do you spend all the money that you can? a higher ratio is bad for your credit score.

]]> http://www.savingadvice.com/articles/2007/04/04/101304_debt-reduction-mistakes.html/comment-page-1/#comment-34352 Matt Mon, 09 Apr 2007 18:26:44 +0000 http://www.pfadvice.com/2007/04/04/debt-reduction-mistakes/#comment-34352 I thought the general wisdom was that it is good to close unused credit card accounts? I'm not sure the reason, but one rationale is that unused accounts represent a risk for identity theft. This article suggests that closing accounts will hurt my credit score. What's the real story? I thought the general wisdom was that it is good to close unused credit card accounts? I’m not sure the reason, but one rationale is that unused accounts represent a risk for identity theft. This article suggests that closing accounts will hurt my credit score. What’s the real story?

]]> http://www.savingadvice.com/articles/2007/04/04/101304_debt-reduction-mistakes.html/comment-page-1/#comment-34323 No Credit Needed » Blog Archive » Carnival of Debt Reduction #82 Mon, 09 Apr 2007 16:22:12 +0000 http://www.pfadvice.com/2007/04/04/debt-reduction-mistakes/#comment-34323 [...] Finance Advice writes about debt reduction mistakes. If you approach debt reduction with a well thought out plan that fits your situation, you'll [...] [...] Finance Advice writes about debt reduction mistakes. If you approach debt reduction with a well thought out plan that fits your situation, you’ll [...]

]]>