The general consensus seems to be use 30% or less of your CL. So I've been tripling or quadrupling my payments to get under 30%. When I am under 30 should I just start making the minimum payments?
1 ACCEPTED SOLUTION
Accepted Solutions
@Anonymous wrote:
The general consensus seems to be use 30% or less of your CL. So I've been tripling or quadrupling my payments to get under 30%. When I am under 30 should I just start making the minimum payments?
under 30%= good
under 19%= even better
under 9%= best
under 3%= some say they see an slight increase but technically anything under 9 should get you the most bang for your buck
always pay more than the minimum. most banks track internally those who makes only the minimum payment and it can draw negative attention quicker than you can say whipper snapper. even better to pif every month. 3 and 4 times min due is a somewhat dated strategy in that some lenders like amex will consider that not good enough, particularly in today's climate where banks need their duckies back post haste 
you can manipulate reporting to reflect a small balance (ideally under 9%) on less than half of your revolving accounts but pif seems to be the best approach perhaps now more than ever. a good habit to develop in any case, if you're looking for highest possible score and something of a safety zone from AA.
LiLTide wrote:
When I am under 30 should I just start making the minimum payments?
If you don;'t miond making the CCCs rich, yes
If you want to be ricjh, no 
@Anonymous wrote:
The general consensus seems to be use 30% or less of your CL. So I've been tripling or quadrupling my payments to get under 30%. When I am under 30 should I just start making the minimum payments?
under 30%= good
under 19%= even better
under 9%= best
under 3%= some say they see an slight increase but technically anything under 9 should get you the most bang for your buck
always pay more than the minimum. most banks track internally those who makes only the minimum payment and it can draw negative attention quicker than you can say whipper snapper. even better to pif every month. 3 and 4 times min due is a somewhat dated strategy in that some lenders like amex will consider that not good enough, particularly in today's climate where banks need their duckies back post haste
you can manipulate reporting to reflect a small balance (ideally under 9%) on less than half of your revolving accounts but pif seems to be the best approach perhaps now more than ever. a good habit to develop in any case, if you're looking for highest possible score and something of a safety zone from AA.
