Some people, in an attempt to clean the credit will go ahead and close longtime credit card accounts in good standing before applying for a mortgage.
Sorry...
that doesn't work.
In effect, that weakens your credit score.
Open credit cards do not hurt your credit score.
Maxing out your credit card is what hurt your credit score.
Your credit card payments is a great way to show a record of excellent record and on-time payments.
some times this enough to show that your will not fall behind on your mortgage payments.
Posted by Woody on 3/27/07 10:01 AM
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