Loan Modification Forum - LoanSafe.org - View Single Post - SUCCESSFUL LOAN MODS(5yrs fxd) PAY ATTENTION (THE BATTLE IS OVER BUT THE WAR HAS JUST BEGUN)

FacingNorth · 11-01-2008, 07:41 PM

1. I have a Visa CC through my bank, and just noticed on the website that they have a Mastercard that I can apply for. If I apply for this and get accepted, but don't use the card - just to get my debt-to-available credit ratio better, is there a downside, i.e. could my FICO get lowered for having too many CCs? The Visa is my only CC.

2. I have a handful of consumer credit cards (like Sears, etc.) on my score that I haven't used in about 8 years, but I keep them open because I had heard that it's good for ratio (I'm not sure if that's for consumer cards, or just standard CCs though). Should I keep those open, or close them down. Also, would it be better to close them down before applying for the Mastercard mentioned in question 1?

Thanks.

11-01-2008, 07:41 PM	#19 (permalink)
FacingNorth Senior Member Join Date: Sep 2008 Posts: 57	Re: SUCCESSFUL LOAN MODS(5yrs fxd) PAY ATTENTION (THE BATTLE IS OVER BUT THE WAR HAS JUST BEGUN) 1. I have a Visa CC through my bank, and just noticed on the website that they have a Mastercard that I can apply for. If I apply for this and get accepted, but don't use the card - just to get my debt-to-available credit ratio better, is there a downside, i.e. could my FICO get lowered for having too many CCs? The Visa is my only CC. 2. I have a handful of consumer credit cards (like Sears, etc.) on my score that I haven't used in about 8 years, but I keep them open because I had heard that it's good for ratio (I'm not sure if that's for consumer cards, or just standard CCs though). Should I keep those open, or close them down. Also, would it be better to close them down before applying for the Mastercard mentioned in question 1? Thanks.