Quote:
Originally Posted by NoSoup
It is good to have many accounts with no balances
False - Having many open accounts will actually reflect negatively on you. Potentially Lenders look not only at your current balances, but the actual amount you can borrow at any given time
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I have a Citi credit card I haven't used in years. They just informed me that I'll now have a $60 annual fee, unless I charge at least $2,400 in a year. I was considering canceling it, but I was worried about the impact on my credit. It appears my worry was misplaced, based on your myth. Thanks! (Correct me if I'm wrong, please!)