So using more than 16% of my available credit harms me? | TigerDroppings.com

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Jcorye1
LSU Fan
Tom Terrific (greater than) Brees
Member since Dec 2007
29681 posts

So using more than 16% of my available credit harms me?



I have literally never missed a payment date. Right now I'm chilling at 11%, but I like the flexibility my credit card gives me, and the limit on the card is extremely tiny because I'm just starting to use them and don't want to mess myself over.


This post was edited on 5/15 at 6:50 pm



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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
16897 posts

re: So using more than 16% of my available credit harms me?


How in the hell would they know what % of your purchases are made with a CC?





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81729 posts

re: So using more than 16% of my available credit harms me?


Good question...l





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DumpsterFire
Arkansas Fan
Member since Sep 2012
1001 posts

re: So using more than 16% of my available credit harms me?


quote:

How in the hell would they know what % of your purchases are made with a CC?


Obama hacked his account.






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Jcorye1
LSU Fan
Tom Terrific (greater than) Brees
Member since Dec 2007
29681 posts

re: So using more than 16% of my available credit harms me?


quote:

How in the hell would they know what % of your purchases are made with a CC?



I read it wrong :/

I've only used around 11% of the credit extended to me.






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
8611 posts

re: So using more than 16% of my available credit harms me?


quote:

So using more than 16% of my available credit harms me?


Harm is probably a strong word.

If, at the time you are reported to the credit bureaus, your total revolving balances are more than 16% of your total revolving limits, your score will be lower than it otherwise would be.

If you're really concerned about this just ask your CC company for a higher limit.



This post was edited on 5/15 at 7:15 pm


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30036 posts

re: So using more than 16% of my available credit harms me?


It isn't a big hit to your score and it bounces right back up again if you pay it off. It isn't anything like as bad as being late 30 days - not only does that one hit you much worse, but the mark lasts for a long time.

Honestly I wouldn't worry about this unless you're about to apply for a loan, in which case just pay extra to bring the balance down.






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