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Released: August 27, 2009
Small credit lines shouldn’t hurt scores
Source: Michelle Singletary, Washington Post (Free Registration)
Consumers across the country have been getting letters from their credit card issuers announcing deep cuts in their credit lines. But not to worry, says a new study by FICO (formerly known as Fair Isaac), the creator of the widely used credit-scoring system. If you don't carry a high balance and you pay off your balance every month, the cuts might hurt your feelings but will have minimal impact on your FICO scores. "Our study suggests that lenders are using a scalpel and not a hatchet to trim their revolving credit exposure," said Mark Greene, chief executive of FICO.Read Full Article: Small credit lines shouldn’t hurt scores
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