don't want to have it adversely affected. my score is 789.
2006-07-02 07:54:23 · 6 answers · asked by gabriele c 1 in Business & Finance ➔ Credit
Credit bureaus use a rule of 30% to determine negative impact on your credit score. If any one of your accounts has a balance higher than 30% of the credit limit, then it will cause your score to drop. Otherwise, just make sure you are paying much more than the minimum payment and your score will be fine.
2006-07-02 09:58:31 · answer #1 · answered by Anonymous · 1⤊ 0⤋
As long as the balance is below 50% it should not. If it way different from your normal spending habits it may be a quick hiccup on the report but just pay on time and keep it below 50% of the total balance and you should not be affected. If you are loooking to buy a house, your score could dip 100 points and you would still most likely qualify for the best rates. Good luck1
2006-07-03 12:55:56 · answer #2 · answered by unclejesse1 3 · 0⤊ 0⤋
Credit is very simple. Creditors look at how many credit cards you have, lets say you have 5 and you use up 3 of them and you are at the max. They say he is using 60% of his credit this is ok but your score will be at it's highest once you pay them all back. You might want to wait about a month for them to report to the 3 main credit agency's.
2006-07-02 16:51:25 · answer #3 · answered by your real estate agent 1 · 0⤊ 0⤋
It depends on how much of a balance you are carrying compared to your income and to the total available credit amount on the card.
2006-07-02 14:59:55 · answer #4 · answered by shunniem74 5 · 1⤊ 0⤋
Actually having a balance and showing that you are paying it off (pay more then the minimum) actually can help your rating then just having the card with 0 balance.
2006-07-02 15:04:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have one credit card that I never use (I either pay cash or use my debit/credit card) and my score yesterday was 795. Keep the card, but don't ever use it.
2006-07-02 18:46:13 · answer #6 · answered by homeschoolmom 5 · 0⤊ 0⤋