How does the # of, and balance on credit cards affect your morgage application?

spartyjon asked:


I thought that it was better to pay off and cancel all your credit cards before applying for a morgage. I asked a bank employee this question as I may seek a mortgage next year. She told me that it has changed somewhat. Now, it is to the buyers advantage to have many credit cards, with long history, and zero balances. I’d just like to position myself to the greatest advantage before seeking a mortgage.

MARION