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corgee
Joined: 24 Sep 2009
corgee's page
Posts: 8
183 Magic Points
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Subject: using most my limit on credit cards
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Tue Oct 13, 2009 6:45 pm
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How bad is it for my score to be using most my limit on my credit cards? I have 2 cards and I pay on time every month. Will this still drive my score down and how much?
I tried getting another no interest card to transfer the balance to but can't get approved for one.
What can I do in this situation?
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“..If they were jerks before they had money, they are simply jerks with a billion dollars.”
-WB
::corgee |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Wed Oct 14, 2009 7:14 am
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Hi Corgee,
If you max out your credit card limit, it is not good for your credit score. Always try and keep the debt income ratio low. It is good that you always pay the bills on time. In this way at least there will be no negative items listed on the report. However, from now on, try not to max out your credit card and this will help boost your credit score. You will become eligible for a no interest credit card.
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Wed Oct 14, 2009 10:42 am
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Hello corgee and welcome. Most people would say never charge more than one third of any open credit on your credit card. I know with the tough economic times this has been really hard for people to do. I would try to get the balances paid down and then transfer the debts over. Is there any reason they gave your for having your credit card application turned down when you applied for the zero interest card? If not usually they will follow up with a letter stating the reasons they did not accept your application.
It also may be because companies are cutting down who all they extend credit to. Some only will take people with an excellent score and good credit report. There is so much credit card deliquncies out there that companies are being very careful. |
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Zaiyah
Guest
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Subject: YjDuQGQXokxB
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Mon May 23, 2011 2:37 am
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| Haha. I woke up down today. Youve crheeed me up! |
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Sally Nachelle
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Subject: using most my limit on credit cards
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Tue May 31, 2011 6:28 am
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| Credit card utilization ratio affects 30% of your credit score. The less you will use your credit card, the more will be your credit score. The best credit card utilization ratio is 0%. But less than 30% credit card utilization ratio is also good for credit score. If you pay on time and your credit card utilization ratio is more than 30%, then also it hurts your credit score adversely. You can go for balance transfer method, if you want to transfer your balance to another card. |
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Delia
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Subject: fymaYrvxcikTGrsRt
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Tue Jul 05, 2011 9:23 am
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| I'll try to put this to good use imemdaitely. |
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