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Author: DuzaBuzka One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Balance Transfers Date: 7/17/2001 5:33 PM
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It's not a bad idea to leave the account open, but if you're just going to keep it open for the sake of keeping it open, you might want to lower the limit so your total available credit isn't more than a month's salary.

You should be carefull with closing accounts you don't use. If I remember it correctly, one part of credit rating is a ratio of your actual credit divided by your available credit. The smaller this number is, the better for your credit rating. When you close an account, this number will go up, even if your actual debt is unchanged, and may hurt your rating.

But obviously, this ratio is only a part of your credit rating. If your available credit is very high comparing with your income, it may be good for your rating to lower it.

DB
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