Tilted Forum Project Discussion Community - View Single Post - Does closing a credit card hurt credit rating?

ngdawg · 03-10-2006, 05:17 AM

I'm kind of surprised because when we went to refinance our mortgage, the lender told us they look at the total amount of available credit vs the amount owed-the larger the gap, the better your rating as it shows you have the smarts to not overextend. (I had taken a credit card that was for $9k and since we owed about $4k, had the card reduced to $5k, which later I was told was a mistake-that showed a higher percentage owed) Our credit rating at the last refinance was about 632.

03-10-2006, 05:17 AM	#5 (permalink)
ngdawg peekaboo Location: on the back, bitch	I'm kind of surprised because when we went to refinance our mortgage, the lender told us they look at the total amount of available credit vs the amount owed-the larger the gap, the better your rating as it shows you have the smarts to not overextend. (I had taken a credit card that was for $9k and since we owed about $4k, had the card reduced to $5k, which later I was told was a mistake-that showed a higher percentage owed) Our credit rating at the last refinance was about 632. __________________ Don't blame me. I didn't vote for either of'em.