" BOSTON (CBS) – Having a good credit score has never been more important.
Your credit score impacts whether or not you can get a loan, and then the interest rate you will pay once you borrow money.
The credit bureaus put a very high value on a long held credit card, so it’s worth thinking long and hard before canceling a card that you have had for a number of years.
“If you can keep accounts open 5-7 years, that’s when you build your depth and you see your score going higher,” said Al Bingham, an author of several books about improving your credit score.
Another item to evaluate is something called the “Credit Utilization” ratio.
This ratio is calculated by examining the amount of credit you’ve used, compared to the amount you still have left. This can count for about 30% of a score.
If you’re considering closing an account, don’t do it if it is your only card. If you have other cards, examine those balances as well.
“Take a look at your other balances on your other credit cards "
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