Oct 22 2007
Is Bank of America giving wrong advice ?
Here’s what happened.I went to a Bank of America location to inquire about mortgage rates. I started talking to a Financial consultant there, about what kind of a rate can I get for a 30 year fixed loan, given that my credit score is 790 and I pay off my credit card bills in full each month.She started by asking me how much of a credit limit do I have on my credit cards. I told her that my 3 credit cards combined, I have $30000 at my disposal. She then said that to get a better interest rate I should close one or 2 credit card accounts…something about debt to income ratio !!
Everywhere I have read that stop using credit cards but never close credit card accounts!!
Am I wrong here ??
So, to find out more I posed this question to the fine bloggers at the Money Blog Network.
Jeremey at [...]
Original post by Everything Finance