Don’t make this costly mistake before applying for Apple Card

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The release of Apple Card is imminent… [so] it’s a good idea to make sure your credit score is solid so that you have a good chance of being approved.

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One mistake that people make when applying for, or after getting approved for a credit card, is to close other credit cards that they have. Closing a credit card can make sense in certain situations. Perhaps you’re trying to avoid debt, you just have way too many cards, or you’re upgrading to a different card that serves your needs better. While these are all valid reasons, closing a credit card can have a negative effect on your credit because of two things: utilization and length of credit history.

While no one needs a heap of credit cards hanging around forever, keeping a few credit cards open at the same time, for a long length of time, has its benefits. For one, you’ll continue to grow your credit score as long as you keep your accounts active, your balances low, and your payments on time.

Via: Joe Wituschek for iMore

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