Good credit or Bad Credit?

Help, Solve a fight between my husband and I......

Can having to many open credit cards with zero balance hurt your credit rating? Does it matter when you are trying to get a loan, let's say for a house. Doesn't that open balance count against you, even if it is open and not being used?

someone help us, I would love to get some facts or websites, anything would be great..
Additional Details
All of our open credits cards, have a zero balance. They just give us a high limit.

Ok, an example: If you own a credit card with a 5000$ limit, credit companies will consider that YOU OWE 5000$, even if there's a 0$ balance to pay.

Hope it answers your question.

More :
http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp

Good luck !

I'll let Fair Isaac's answer this one for me:

Should I close old accounts to improve my score?

Generally, this doesnâ€™t work. In fact, it might lower your score. First of all, any late payments associated with old accounts wonâ€™t disappear from your credit report if you close the account. Second, long established accounts show you have a longer history of managing credit, which is a good thing. And third, having available credit that you donâ€™t use does not lower your score. You may have reasons other than your score to shut down old credit card accounts that you donâ€™t use. But donâ€™t do it just to get a better score.

Tips from Fair Isaac in improving your credit score:

-Keep balances low on credit cards and other â€œrevolving credit.â€ High outstanding debt can affect a score.
-Pay off debt rather than moving it around. The most effective way to improve your score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
-Donâ€™t close unused credit cards as a short term strategy to raise your score.
-Donâ€™t open a number of new credit cards that you donâ€™t need, just to increase your available credit. This approach could backfire and actually lower your score.

According to Fair Isaac:

35% of your credit score is attributed to your payment history.
30% of your credit score is attributed to how much you owe.
-how much you owe (in total)
-the number of accounts showing a balance
-how much of the total credit in revolving credit accounts is being used (%)
-how much of the loan in installment loans is currently outstanding (%)
15% of your credit score is attributed to the length of your credit history
-how long have they been open
-how long since they've been used
10% of your credit score is attributed to new credit
-are you opening new accounts
-how long has it been since you opened a new account
-recent request for credit (inquiries)
-number of inquiries
10% of your credit score is attributed to the types of credit you have
-is it a healthy mix of revolving, installment, mortgage, etc.

In any event, you should click on the link below and read the PDF. It is specifically designed to help people manage and hopefully improve their score.

no if you have 0 balances , do not close the accts it will affect your credit . Again never close a acct that has low or no balances . History of the acct is better than a closed acct .

Your credit score won't be hurt with you or your husband having more than one credit cards. However, if you do not have any use for them, I suggest you return them. Having zero balance means you don't owe anyone monies thus no worries when you both decide to apply for housing loan.

If you have a lot of open credit accounts, it can hurt you score, even if they have a zero balance. Creditors look at how much you have available to spend as well as balances and payment history. Close any accounts you don't need!

Really, this should not matter but as a matter of fact too many credit cards tend to make lenders a bit nervous especially if only minimum payment is being made.

The best number of credit cards is not more than 4.

Visit http://www.cheap-credit-cards.org/ for more info

That was the scenario for my parents. They had high-end credit cards...zero balance...went for a car loan and were not approved due to the fact that after they get the car loan they could go rack up all that unused credit. I have never heard of anything so dumb before in my life. Is it me, or when it comes to your credit, there is something you're doing wrong even when you're doing it all right!!!

If you have a lot of open credit accounts, it can hurt you score, even if they have a zero balance.

a coworker of mine who went to get a mortgage was told she needed to close a bunch of these zero balance accounts because the bank felt she was risk with so many credit cards although non of them had balances. So she got rid of over half of her cards to get down to just a couple and then she got the mortgage no problem.

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