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My brother told me closing old credit cards helps your score... cost me 40 points in 2 weeks
He was so sure about it. Said he read it on some finance blog. So I closed three cards I hadn't used in years... stores like Macy's and an old Visa. Next time I checked Credit Karma my score dropped from 720 to 680. Totally tanked my utilization ratio. Has anyone else gotten bad advice from family members that backfired like this?
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pat_hall872mo ago
My uncle once told me to cancel my car insurance for a month to "save money" after I paid off the loan. Got into a fender bender two weeks later and had to pay $1,200 out of pocket for the other guy's bumper. That "savings" cost me way more than your credit score dip.
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