Excerpt from How to Have a Stress Free Mortgage
Myths and Facts about Credit
"I have heard since I started in this business that too much credit can hurt you, so close out your credit cards and keep only one or two. That is not true! It is all about the proportion of balances you keep on your cards. If you already have enough credit cards, then you don’t need more, and getting new credit can hurt your credit scores. Keeping your oldest credit cards open is critical as they have the longest history. If you have been paying them on time, they are reporting good payment histories to the credit bureaus. The longer your payment history, the better your scores will be."
Wouldn't you like to know more about your credit and how it affects your loan?