Be wary of closing credit cards when applying for a mortgage
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By Tanisha Warner

Credit Care

Tanisha Warner is the communications manager for Money Management International, where she manages educational content designed to teach consumers about personal finance topics.

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Dear Credit Care,
I am holding a store credit card for a store that no longer has physical stores and purchases may be made only online. I want to close that credit card. Would that affect my credit score, as I start looking for a mortgage loan? Also, I hold another…………… continues on CreditCards.com

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Bad Credit? Tips for Rebuilding
News from Opposing Views:

If you’re looking for a credit card but have bad credit as a result of financial problems you’ve had in the past, there are many things you should think about before seeking out new lines of credit.

There are a number of ways to boost your credit rating so that you can once again qualify for better credit card offers, one of which is to use common sense. If you’re still paying down credit card debts that you’ve had for a while, making sure to send in all your payments on time and in full will go a long way toward increasing your rating. That’s because payment history accounts for 35 percent of your total credit rating, and the only way to maintain or build your credit is meeting all your obligations every month.

Another way to improve your score is to make a more conscientious effort to cut your debt. The amount you owe versus the total of your credit limits accounts for 30 percent of your score, and as such, the less you owe, the better off you will be. There’s a commonly believed myth that lenders want you to owe something on your cards, but it’s not true. The closer your balances are to zero, the better off you’ll be. Experts generally say that you’ll maximize this aspect of your score by carrying balances equal to roughly 10 perc…………… continues on Opposing Views

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