“Understanding Your Credit Cards”
Does my credit usage need to be below 70% or below 30% ideally? I want to do everything humanly possible to get my credit scores higher, so that when I am ready to buy a home this coming spring, I am completely ready and can get the best possible interest rate. Is it overall credit usage or per credit card/loan?
Thanks to you my parents are teaching me what you taught them.
The simple answer is as follows: If you keep your credit card balances below 30% of your high credit limit your credit scores can move upward at the highest possible level. So, if your high credit limit is $1000, your balance should not be above $300.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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