I have read on this board that to maximize one's scores their ratio of outstanding balance to credit limit should be 15% or less. Does this apply to ALL types of credit, both revolving - such as credit card debt - and installment debt - such as longer term loans? I would think that this general rule would NOT apply to installment debt, since by it's nature the ratio of installment balance to loan amount will be high for a good period of the loan, and that since the credit is not revolving (i.e., no new credit is freed up as one makes payments on the loans.) Does anyone know the answer to this question? It is an important one for me to know the answer to, so please help everybody!
The only advice I have for you is to use the score from eloan because at the bottom it explicitly tells you steps to take to reduce your ratios on specific accounts and the anticipated benefits from taking their advice. It's free and will likely answer some of your questions.
