Tuesday, 22 November 2011
Your Questions About Credit Scores And What They Mean
Richard asks…Credit Score: What do they mean by keeping your balance at 30% of your credit limit?Let's say I have a $5000 credit limit. 30% of that is $1500. If I keep the credit I owe for let's say a 12-month period at $1500, does my credit score increase? Or does it mean that I should use up 30% and pay it all off the following month, then my credit score increases?Credit-Repair-Guy answers:Mostly it means that if your balance goes above 30% (or $1500), then your credit score will suffer.
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