credit cards, keep your loan balances below 80% of their total

REAL PERSON@yahoo.com>:
Hi,
I saw on your advice site that you should keep your loan balances below 80% of their total. I assume this theory applies to credit cards, too, yes? Also, is there any reason to keep an inactive credit card open? Will it help my credit to close the credit cards that I don't use (mostly store-type ccs).
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Yes the theory applies to credit card balances also. Even more so. Inactive credit cards can hurt a credit rating if you have a whole lot. The Sears, Lowes, Dillards cards hurtthe most in that they look like local finance company credit. Most people with good money skills will use a regualr Visa, Mastercard, Amex to buy from these companies.
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