Posted by Larry Gabbard on August 22, 2003 at 19:42:11:
That sounds great but by cancelling your credit cards you will get rid of potential “good credit” on your credit report. I have friends in the lending business that say if lenders see that you do not have credit cards they almost assume that you are unable to get them - that is bad. They say that the key is to have the cards but use them and pay them off. Lenders look at what credit you have available and the percentage of that that you are utilizing. You want to show that you can obtain credit and that you are responsible in using it.