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re: Any negative for having too many CCs open?
Posted on 7/25/14 at 6:19 am to windshieldman
Posted on 7/25/14 at 6:19 am to windshieldman
quote:
Can someone explain what utilization, percentage, and all that crap means for cc? Explain it in laymen terms not money talk terms
Most people on the MyFico Forums say that you want a zero balance on all cards but one. On that card you want between 1% and 9% utilization (statement balance/credit limit). I have FICO ScoreWatch where I can see what my score does when I play around with my utilization and that seems to ring true for me. My score has been highest when all cards except one are at zero balance and the last one having utilization of less than 10%.
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