Michael
Petruccelli says;
Don’t consolidate your credit
I once worked with a mortgage adviser who
would tell customers to consolidate all of their credit card debt into one
credit card and cancel the other accounts. That’s bad advice. By closing cards,
you shorten your credit history. And consolidating debt doesn’t remove it. It
only shuffles it around.
But there’s an exception to this rule: If
you’re paying ridiculously high interest on one credit card, transferring the
balance to a lower-interest card will save you money. But keep both accounts
open if there’s no annual fee.
