How Much Of My Credit Card Do I Need To Have Paid To Improve My Credit Score?
A reader asks…
When I turned 18 I knew I needed credit cards to grow credit. When I reached the $500 limit on my first card and the $2000 limit on my new card when I found that this was not good for my credit. I hear that as long as you don’t spend more than half of the available balance your credit will be fine. Is this true?
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Tags: card, Credit Score Help, Improve, Much, Need, Paid, Score
August 31st, 2009 at 1:00 am
First stop using the credit cards. You’re way over your head. Try to pay 10% per month until it is paid off. A credit score changes about every 12 months. There is nothing wrong on having 2 credit cards. One should always have a zero balance in case an emergency comes up.
August 31st, 2009 at 1:07 am
It is probably best to keep the balances on your accounts at 30% or less of the total credit limits. For more information on credit bureaus and credit scores, check out http://www.creditgumbo.com. Pay particular attention to the questions on the Credit Bureau and Scoring pages.
August 31st, 2009 at 1:21 am
None. Credit score was improved over time by the way you pay your bills. It’s going to take some time before you see a change in your credit score.
August 31st, 2009 at 1:47 am
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
August 31st, 2009 at 1:49 am
Check this site for useful information.http://its-your-credit.info/