As far as your credit score goes, it's best to not have a lot of balances report a balance. However, in between statement balances, it totally doesn't matter how you use the cards... max them, do whatever, but before the statement date nears pay it off or leave it at 1-9% for optimal scoring if looking to apply for something later. If not, less than 30% is what a lot of people say they want their cards to be at.
I'm sure the lenders don't care as long as you are making your payments, you're not maxing the lines, and your overall utilization isn't at a high level.
Hope that's helpful.
I'm sure the lenders don't care as long as you are making your payments, you're not maxing the lines, and your overall utilization isn't at a high level.
Hope that's helpful.
@KennyRS wrote:
As far as your credit score goes, it's best to not have a lot of balances report a balance. However, in between statement balances, it totally doesn't matter how you use the cards... max them, do whatever, but before the statement date nears pay it off or leave it at 1-9% for optimal scoring if looking to apply for something later. If not, less than 30% is what a lot of people say they want their cards to be at.
I'm sure the lenders don't care as long as you are making your payments, you're not maxing the lines, and your overall utilization isn't at a high level.
Hope that's helpful.
@I think my credit scores are going to be OK .....I'm in the 725 - 750 FICO range with EX and TU and for some reason 670 @ EQ with balances reporting on 11 cards. My overall utilization is 6%. Balances reporting on individual cards is less than 10%. I usually PIF, but I have so many cards that over the past 4 mos I've been trying to spend a little on a lot of cards. Balances reporting on the cards is always less than $100. You are right though even if it is only $5.00 multiple balances harm your score; so I'm working to get all cards reporting a Zero balance except for 1.
I'm moving into a ? pruning phase and will combine credit limits where possible. Over the next 3 mos I plan on using my Chase cards and Amex Green card after paying off the other's with a balance in hopes of getting the Amex Everyday card. I just don't want Chase to get uneasy because of I have balances on 3-4 of their 6 cards. I'm hoping they will give me CLI's on all my cards after 3-4 mos of moderate to heavy use.