Quote:
Originally Posted by cooltoy
Maybe banks in Canada look at it differently vs the banks in US.
I had four or five cards at one time and when I went to purchase a real estate property, my bank said that all these cards I have limit the amount of loan I can get because they are considered a liability even if the balance on them is zero. They told me to close the cards I do not need to increase the loan amount. Which is kind of the opposite of what the link says.
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Similar thing here when I went to buy a second place. I figure my good standing on my credit cards was a good thing. Closing, and consolidating (at low interest) turned out to be the way to go.
It's likely
a weird Canada thing; not sure how it goes with our American friends to the south.