Anything at 78% is going to hurt your scores...not to mention it's costing you interest to maintain these balances.
Myself, I prefer to have just enough of a balance to have a bill to pay each month. That way my cards show a decent level of activity but low utilization (my two CCs are at 14% and 18% utilization, respectively, which is down from 100% and 52% two months ago--the first being due to CapOne's policy of reporting max balance as the credit limit; the total was $56.).
Remember, part of FICO is paying bills on time, and if you sockdrawer your CCs, you're not getting bills to pay on time. Not to mention I'm hearing more and more anecdotal evidence that having no or very little activity on CCs actually hurts your credit, if only a little. And some card issuers have been known to lower credit limits on unused cards.
Message Edited by TheNewWorldMan on 04-26-2007 01:54 PM
Not only lower limits, but also close!
scarlett wrote:We are refinancing in a week and are doing a rapid rescore so I need to figure out the best mix to do for a very quick fix. I can't seem to figure out which is better, having some cards at 29% and one at 78% or all at say 48%.