http://westegger.com/cancel-credit-card/ Young People Looking Financially Forward Tue, 31 Aug 2010 01:35:02 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://westegger.com/cancel-credit-card/comment-page-1/#comment-418 Egger Mon, 14 Sep 2009 15:53:27 +0000 http://westegger.com/?p=332#comment-418 Thanks for your insights J. I agree that the credit score system is opaque and confusing. I wish it was straight forward enough that I could calculate my own score at any given point in time. Thanks for your insights J. I agree that the credit score system is opaque and confusing. I wish it was straight forward enough that I could calculate my own score at any given point in time.

]]> http://westegger.com/cancel-credit-card/comment-page-1/#comment-417 J Wed, 02 Sep 2009 20:55:59 +0000 http://westegger.com/?p=332#comment-417 Having a vast amount of available, but unused, credit can also be looked upon as a negative by potential lenders. Also, having open but unused lines of credit can leave you more vulnerable to fraud, and for some people who like to monitor all of their accounts can just create an annoying distraction. So, if you have an account open but don't ever use it, need it, or want it, I would say feel free to close it. If you spend your life trying to figure out how to maximize your credit score, you are spending it sadly and likely futilely. The system is opaque and confusing for a reason--mainly because the powerful like to laugh at the powerless. Having a vast amount of available, but unused, credit can also be looked upon as a negative by potential lenders. Also, having open but unused lines of credit can leave you more vulnerable to fraud, and for some people who like to monitor all of their accounts can just create an annoying distraction. So, if you have an account open but don’t ever use it, need it, or want it, I would say feel free to close it. If you spend your life trying to figure out how to maximize your credit score, you are spending it sadly and likely futilely. The system is opaque and confusing for a reason–mainly because the powerful like to laugh at the powerless.

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