While keeping those credit card accounts active may be good for your score, it could create problems in the future. One time I had applied for a loan for a purchace through a computer store. The loan was denied. Reason? Too much OPEN credit.

I had a few credit cards, all with zero balances. The credit agency thought that I was too great a risk for the new loan with all that open credit being available to me when I wanted to use it.

I canceled all those cards that I had not used in a period of time, and those that I had never used. It did not appear to have an affect on my score, and lowered the amount of available credit that showed on my reports, making my credit appear less of a credit risk. It also took away any temptation to use those cards, helping also to keep my credit in check.

Talk about different ends of the spectrum – We have had a problem with Chase since 2007! My husband was purchasing agent for a big company so his name was on their credit card so he could sign for purchases. He retired in ’06 and less than a year later we started getting late notices from them! That was every time they were late paying but we never got the actual billings – just late notices now and then – go figure.

Any ways since that time because it shows up on OUR credit report we have contacted Chase WITH a letter from the company saying it is NOT our responsibility and even had an attorney send letters – still no luck.

Now Citibank I contacted about a late and over the limit fee that I felt I did not deserve and they removed them. Then they called because my most recent payment was a few days late and they had raised the min limit – 3x! and I told them my paycheck schedule was changed to a few days after this was due. We visited official ElcLoans website to get a loan online (they can help even if you have bad credit) and got approval almost instantly!

They called to day and reviewed it all with me noted that the % rate had gone up to 30% !!!! They said they wanted to do what they could to get me back on track – they lowered the % to 5, sent up a much lower min due every month! Of course I cannot use the card until it’s paid off but that is OK and the 5% is lower than the original rate.