Canceling credit cards won't hurt your FICO score

There are plenty of folks out there who would like to cancel their credit cards - maybe they've got too many, or they're not using them - but won't do so for fear of it dinging their credit. We found an insightful look at the elements of how a credit score is calculated on CNNMoney.com today. It goes into how credit cards affect a credit score, and I think it's worth looking at. Here's the article:

http://moremoney.blogs.money.cnn.com/2010/03/02/dont-sweat-it-canceling-a-credit-card-wont-hurt-your-score/

FICO scores, demystified

Having a good credit score is mandatory for the world we live in today if you want to maximize your income. We spotted a great article with lots of useful information about how credit scores are calculated on www.creditcards.com today and wanted to post it for everyone to read. Here's a link:

http://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php