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balance vs credit limit ?

Discussion in 'Credit Talk' started by stenwick, Oct 5, 2002.

  1. Oct 5, 2002 #1
    stenwick

    stenwick Well-Known Member

    Is there a general rule about what kind of balance/credit limit ratio you should maintain
    to receive the best possible score for an account

    I have heard that, as a general rule, your outstanding balance should not exceed 75%
    of what your credit limit is.
     
  3. Oct 5, 2002 #2
    whyspers

    whyspers Well-Known Member

    I've heard the national average is 34%. I think this is on Equifax's site.


    L
     
  4. Oct 5, 2002 #3
    erik776

    erik776 Well-Known Member

    15% or less is best. Your score will really take a beating of you go over 50% utilization.
     
  5. Oct 5, 2002 #4
    LKH

    LKH Well-Known Member

    And don't go near the limit on any single card. I have a new revolving loc. How do you think the idiots reported it? They reported the usage and limit as the same amount. I lost 32 pts. I made a 50% payment and disputed the amount owed. In 9 days, Equifax claims it was verified as is. I pd. it in full yesterday and have written an email to Robin Holland. It gets fixed now!!
     

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