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The New DU. Reply #53: Debt to available credit ratio changes.
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quiller4
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Sat Apr-11-09 02:38 PM
Response to Reply #14 |
| 53. Debt to available credit ratio changes. |
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Part of your credit rating is based on your debt to available credit ratio. When you reduce your available credit by closing an account you worsen that ratio and your rating goes down often by as much as 50 points. If you are planning to arrange car financing, closing an account could cause your application to be rejected or result in higher interest charges.
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