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That I know since I worked at a bank loan center and did credit reports, but the part that doesn't jibe is One of the reasons people would want to close out credit cards is if they want to purchase a home," Brannan says. "To have a lot of available credit is not to your advantage."
That should really be, I would think, 'to have a lot of outstanding credit debt'.
The best credit reports are those that show past debt paid in full on time (banks don't even like seeing debt paid off early as a pattern).
As everyone here probably is aware, we were in such serious financial dires as to consider bankruptcy, instead we went to increase our equity loan to double what it was and got the loan, no problems, reason being that even though we had mounting credit debt, I kept the payments current and many of the credit lines open and unused. When choosing what to do when debt mounts, it's actually a better deal to allow such things as utilities to go past due as they do not report to credit bureaus unless suit is filed or the outstanding balance is turned over to a collection agency-that's when you know you're in deep doo-doo. Pay housing and credit balances first to keep the ratings decent.
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Don't blame me. I didn't vote for either of'em.
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