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So using more than 16% of my available credit harms me?
Posted on 5/15/13 at 6:05 pm
Posted on 5/15/13 at 6:05 pm
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 5/15/13 at 6:50 pm
3
Posted on 5/15/13 at 6:12 pm to Jcorye1
How in the hell would they know what % of your purchases are made with a CC?
Posted on 5/15/13 at 6:13 pm to TheHiddenFlask
Good question...l
Posted on 5/15/13 at 6:16 pm to TheHiddenFlask
quote:
How in the hell would they know what % of your purchases are made with a CC?
Obama hacked his account.
Posted on 5/15/13 at 6:49 pm to TheHiddenFlask
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.
Posted on 5/15/13 at 7:14 pm to Jcorye1
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 5/15/13 at 7:15 pm
Posted on 5/15/13 at 8:15 pm to Jcorye1
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.
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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