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In response to
"I've failed to find a clear answer on this. I believe canceling older cards can hurt you (because average age of credit drops)"
by
ty97
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It also hurts because it affects the percentage of your credit that you're using, and that's a big factor.
Posted by
Ender (aka Ender)
Jan 6 '11, 14:23
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If you've got 2 $1k limit cards and $500 in debt then you're at 25% of your limit, but if you cancel one card then now you're at 50% of your limit and that scares creditors.
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