Just had a great conversation with a mortrgage lender on things that affect credit scores.  Did you know that if you have a credit card or other credit account, that you pay off and CANCEL the account, your credit score can DROP significantly?!!!  She just told me that a client had closed out an account where he had $60,000 credit line.  When he closed it out, his credit score dropped 40 Points!!!!  I always thought that it was good to not have a bunch of credit cards.  Evidently, it's good to have credit  accounts that you pay off every month but if you close them out, your available credit drops and that affects your score.  The moral of this is, before you close out any credit accounts, talk with your lender and have them advise you!!