Originally Posted by MoochNNoodles
I have several cards....most are not used at all anymore. DH and I have spent the last 2 years paying off, and I'm not kidding here, around $25,000 in CCard debt. It has been no fun whatsoever to put almost every single cent I've made into that. So basically we buy with cash now. CCards are for emergencies only!
I'm scared to find out how much I've spent over the years!
Does everyone cancel their cards they don't use?????
Despite having loads of debt I have really good credit, mainly because of how I pay my bills. In fact this is the main reason we were able to buy our house. I had the credit score, he had the cash
But when we were going through all of that, our mortgage lady told me that it's good to have credit cards open with a low- or no balance. Basically it increases the overall amount of credit you have available to you, when combined with low- to no balances you have a low percentage of debt to credit ratio. Is that right?
I think I explained it right. Anyway- it's how I've always done things, and it makes sense to me so I'll continue to do it, but I'm just curious if anyone else has this same theory....