5. Do Not Close Out Existing Credit Card Accounts
We repeat! DO NOT! Close out your credit card accounts! “This doesn’t make sense. Aren’t my credit cards my biggest downfall?” We get that it appears as though these little pieces of plastic are just plain evil, but if you have an active account and cancel, or even without an account, your available credit will be less than that of what it is with an active credit card. Having less credit available to you looks bad to a credit bureau, so instead only use it for certain things like a bill or your coffee in the morning—something already in your budget; and if you really can’t stand the sight of it… you could just shred it up and burn it! Just so long as it stays active.
