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34% credit ratio bad for one card?
something i don't totally understand about this game, it is supposed to be 10-20% per one card or all your cards? if i take all my cards (3) my credit to debt is relatively low
Your utilization percentage is based on the total credit limits of all cards. Divide how much you owe by your total credit limits. It is best to maintain less tahn 10 % usage and on only one card.
Each card is individually scored by FICO, then overall. If the card is maxed out or has a higher utilization you will be dinged for that. If your overall is still low, you will be ok.
If this is your only card, try to bring it down to 9% or below.
This is important only if you will be loan/credit shopping in the next 3 months?
Not sure if I'm correct, other than the obvious:
Carry a balance is bad purely because you are paying interest
Some creditors submit your monthly payment amount to the credit bureau, not sure if this could be used against you in a manual credit review?
i have two cards, one is 1%, 1 is 21% and this one is at 33%
@Volpes wrote:This is important only if you will be loan/credit shopping in the next 3 months?
Not sure if I'm correct, other than the obvious:
Carry a balance is bad purely because you are paying interest
Some creditors submit your monthly payment amount to the credit bureau, not sure if this could be used against you in a manual credit review?
It is mostly done for rebuilding because it is the fastest way to get an incease in score. Others that are not rebuilding follow the same rules. FICO does not like to see all cards reporting a 0 balance and will ding you for it.
You can carry a balance and not pay interest if it was paid off before the due date.
@gbdavidx wrote:i have two cards, one is 1%, 1 is 21% and this one is at 33%
If your overall is relatively low, then the 34% isn't hurting that much. You could stand to bring down the 2 higher ones a bit, if possible.
2 cards should report 0 and the other at 9% or below. This would leave you with a very low overall utilization.