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% of Credit limit to use each month?
Posted on 5/26/11 at 2:09 pm
Posted on 5/26/11 at 2:09 pm
I have been using my creidt card for travel expenses and paying it off each month. I have been using about 50% of my credit limit each month. I thought this was good but i recently was told that you don't want to use more than around 30%. How big of a deal is this? I always have the funds on a debit card but choose to use the credit card thinking that it will help me build some credit. TIA
4
Posted on 5/26/11 at 2:25 pm to geauxtigers12
Who told you that? Go punch them in the face for spouting nonsense. Completely arbitrary number with no basis for reason.
Posted on 5/26/11 at 3:13 pm to geauxtigers12
Banker in BR told me not to let my credit get above 50% of my limit to help my credit
Posted on 5/26/11 at 3:30 pm to geauxtigers12
He probably meant not to carry a balance more than 50% of your limit.
Posted on 5/26/11 at 10:09 pm to geauxtigers12
This is correct in principle, although I do not know the exact percent at which it becomes a problem. I put pretty much everything on my rewards credit card, but I also pay it off in full each month.
However, the credit report does not show the zero balance carred over. It shows the amount spent as of the monthly statement (before I get a chance to pay off). It has been noted as a deficiency on prior credit score reports. Since the credit score is still high, I have not put much thought into it.
However, the credit report does not show the zero balance carred over. It shows the amount spent as of the monthly statement (before I get a chance to pay off). It has been noted as a deficiency on prior credit score reports. Since the credit score is still high, I have not put much thought into it.
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