Chibi wrote:Thank you for all the responses. I learned and got the "hidden" answer I needed. Who knew about "utilization"! So, I will keep them open for now. My original direction of eliminating the number of credit cards were not only based on centralizing my finances, but also based on mortgage loans. At one point, I was told by the bank I was dealing with at the time that I had too many "line of credits" even though I wasn't using it and that had some negative impact on how they reviewed loan applications. So, if I have understand the concept correctly, it's better to keep the credit card accounts open with zero balance from credit score perspective, which the score is used to evaluate one's credit worthiness. But, from loan assignment angle, having too many open accounts with credit lines can have an impact on how loans are approved. Hmmmm. This sounds like another topic by itself.
[color="Red"]BTW, I wish credit card issuers would offer "0 Interest" to current customers as they're offering all over right now as Introductory to gain new accounts.
Thank you, again.
Discover occasionally does this.