You can never have too much credit – so says Liz Pulliam Weston on MSN Money.

We all have too many bills to pay. We all need better money information. We grape simple rules and remember them – like “If you have too many credit cards with large credit limits, the bank will think that you could owe more than you can pay and will not give you a loan”. This is an incorrect myth. Ten years ago this may have been true, but it no longer true.

What is true – you can have too much debit – if you owe too much, then the bank will not give you a loan. Too much debit is actually not a good way to put it. What”s important is the gap between the credit you use (debit) and your available limits (credit). The bigger the gap the better the credit scores. Closing accounts or asking for lower limits shrinks that gap and can hurt your scores.