Protect Your Credit, Understand the Risks

Finding out about your outstanding credit lines and checking your credit report regularly has become even more important than ever. By regularly checking your credit report, you are able to verify outstanding credit lines and balances as well as the information about your payment history to those credit lines. In most cases, the new advice is to not close old credit lines because this might damage your credit score. This is because a portion of the score is calculated based on the age of the credit history and removing older, unused credit lines from your credit report can actually hurt you as the age of your credit report is lessened by dropping old histories off the report.

Written by Jed Pittman on October 22nd, 2007 with 1 comment.
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