In response to Dave Ramsey advice given to “Ken” concerning credit cards dated Sunday, July 27. Mr. Ramsey although I enjoy reading your column I do believe you are misguided in your advice to Ken to cancel his credit cards. Credit makes the world go around especially when you are trying to buy a home or even obtain a car. Ken, do not cancel your cards as your score will plummet due to months reviewed on that card; i.e. card one has 84 months reviewed and you have a decent score, card two has six months reviewed and you are using it on a regular basis. You cancel card one, now your score drops because months reviewed is now six months instead of 84 months. You get rewarded by using your card not canceling it. Pay the cards off, use them on a quarterly basis. Having a non-traditional credit score is probably the worst kind of headache when trying to get a home loan. Quit sweating the small stuff such as fees. Having a card paid off and no fees vs. having no card is called life. Being a mortgage broker here in the state gives me great insight.
Mike Nielsen, Eagle