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Additional Details
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Eric | Is it true using more than 30% of your credit limit is bad? |
I heard this will affect something called your utilization rate and result in bad credit.
I have a $500 dollar limit on my capitalone card... How am I supposed to use only $150 a month? Thats a little ridiculous. |
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kittenkatt79
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Yes, you do want to stay below 30%.
Read this article, particularly under the heading "Understand the basics of credit scoring": http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx
Under 10% is actually ideal, but you absolutely don't want to go above 30%. I know it sounds silly when you only have a total of $500 limit, but credit scoring is a complicated and often nonsensical science. MyFico states that on average those who have a score higher than 760 only utilize 7% of their credit limits (granted these people might have a $40,000 limit).
Try to think of a credit card as a tool for you to establish a fantastic credit history (as opposed to a way to just buy more stuff). Don't live beyond your means and do always try to pay your balance in full every month. |
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Studly
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Kkput is closest to the correct answer.
A big part of your credit score is in your debt/credit ratio. The more available credit you are using, the more it hurts your score. They would like to see it below 30%.
But note that this is your BALANCE they are talking about, not the usage. You can use that whole $500 on your card, but you must pay off all but 30% every month. Don't be afraid to use your card......just be sure to pay ON TIME and pay MOST of your debt off if you can. |
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ultrasolvent
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Start using your $500 card judiciously, and Capital One will periodically raise the limit. |
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TheBigAndy
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Yeah your amounts owed make up 30% of your fico credit score. Here is an Ehow article on how to raise your Fico Score. |
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slacker4life
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It does sound ridiculous, however it is better to keep it below 30%.
If you are young, you can go over that 30% as your score is not a big issue. Make sure you pay your bill every month and you will probably get an increase soon |
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latebreakfast
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It depends. If you are not going to apply for an auto loan, another credit card or a mortgage any time soon, then it doesn't matter does it? If you do apply, they might deny you due to it being maxed out.
You can expect a rate jacking if you do max it out.
All the more reason to realize that credit is a tool.
Best option is to get another credit card. Your limits might be higher if you hold on to the Capitol one for a little while and pay on time every time. It's going to prove to the next guy you don't max it out, and you pay on time.
Now you would have two cards. More credit to play with when it comes to utillization. |
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googie
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If you have he ability to pay , use the maximum of your credit line and pay the statement within the due date you have done what you had to do. The credit card company would rather see you fall behind so they can charge usury rates on the unpaid balance. Using close to the max will ultimately result in the credit card company issuing a larger credit limit. |
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KKup
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Here is the deal:
The 30% is only on amounts you keep on the card. If you pay it off each month, there is no damage to your credit score. If you keep it at the max, then you will hurt your score.
The best thing for you to do is pay off that card, pay cash for awhile, and apply for a bigger dollar limit in a year. I don't know that a $500 dollar credit card is worth much at all. If you let even 200 dollars float a few times a year, you are going to hurt your score.
Pay it off, wait, get a better card. |
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James O
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its almost true. Heres the whole story:
You can use up to the limit on your card. The closer you get to your limit, the slower you collect points on your credit scores. if you keep it between 30 and 50% each month, the bureaus will score you faster. remember that these agencies score you with a computer. FICO, Beacon, and 5.0 are computer programs. So yes, you can use your limit. It all depends on how you want to manipulate your scores. |
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Marc
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yes its true but the percentage is wrong ..you would have to maintain 50% of ur credit every month un used ... to maintain higher score and i am talking in the total of ur credit not each credit card ..lets say u have 5 credit for 10000 u have to maintain 5000 credit un used every month to keep ur score high |
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thexfilez
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not at all. |
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