Quote:
Originally Posted by AtlantaLife&Health
Your scores are going to drop big time. You're not supposed to close accounts. I have worked as a mortgage broker and that is the number one "No-No". I can understand not wanting to monitor fees but your score might tank. You just eliminated good credit history from your profile. Part of your score is weighted on the amount of all your balances to the total number of open accounts. This portion of your score could've been very high. You have now consolidated your total debt to only 5 cards. Give it a few months and you will see your score tank a little or a lot.
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I considered this aspect. All of my cc debt will be paid off by spring so the ratio of debt to credit won't be a factor in the long term. Another thing is I thought that by keeping my oldest credit card open it would maintain the length of my credit history. (To be honest that's the part I don't fully understand. When they look at the age of your credit don't they go by your oldest card, or do they consider each card?) I don't mind my score dropping as long as it's temporary. (I've also heard that when people apply for home loans they can be denied if they have too much credit available on credit cards because the bank sees it as potential debt. I won't be thinking about a home loan for a long time though.)