Avoid a Full Deck

Physician's Money Digest, September15 2003, Volume 10, Issue 17

Less is more

The more credit cards you carry, thegreater chance you have for holding alosing hand, credit counselors advise.When you apply for a loan to buy ahouse, expand your medical office, ormake any other large purchase, lenderagencies look at your available credit. Ifthey see more than a few credit cards,they may assume you have enoughcredit in play. Even if you carry balanceson just 1 or 2 cards, lenders mightassume that you could run up bills onyour other cards after you get the bigloan, making it more difficult for you topay off debt. : Cancel thecredit card accounts you don't use.Before you do, however, get rid of cardswith higher interest rates by transferringbalances to lower-rate cards.