tag:blogger.com,1999:blog-8777798377158780002.post6468391700163882540..comments2022-01-12T21:11:37.290-08:00Comments on Living Rich for Less: Til Debt Do Us Part -- Money Matters Before You MarryEllie Kayhttp://www.blogger.com/profile/10903806810050361319noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8777798377158780002.post-18631750549744519482011-07-31T23:11:37.905-07:002011-07-31T23:11:37.905-07:00Hey Janet, Thx for writing! If you lower your cred...Hey Janet, Thx for writing! If you lower your credit limits on credit cards or close the accounts you could hurt your credit (FICO) score. You should leave accounts open that you've had the longest (so close a card you've only had for 1 year, but keep the card you've had for 7 years). Don't have them lower the limit or you'll get hit with utilization hits (the % of your credit that you have available versus what you are using). It's best to keep charing essentials (gas, etc) that YOU KNOW YOU WILL PAY OFF at the end of each month. You can close department store cards, because they don't help your FICO much. But leave your bank cards in place using the criteria I said at the beginning (bank cards include mastercard, visa, amex and discovery)Ellie Kayhttps://www.blogger.com/profile/10903806810050361319noreply@blogger.comtag:blogger.com,1999:blog-8777798377158780002.post-31998087900115357862011-07-29T18:10:32.068-07:002011-07-29T18:10:32.068-07:00Hi, Ellie--
I was reading your blogs about debt an...Hi, Ellie--<br />I was reading your blogs about debt and have a question. When you get to the point when you've paid off a large debt on a credit card, should you close the card (VISA or MC types) or ask the company to lower the limit...or do something else? <br />Thanks!Janet McHenryhttps://www.blogger.com/profile/13517098360810245525noreply@blogger.com