what does percentage of credit available mean?
2007-03-02 07:32:33 · 4 answers · asked by paulp3009 2 in Business & Finance ➔ Credit
Every credit line or credit card has an available credit limit. So, the ratio of the amount you owe to the available credit limit you have is that percentage.
Example: you have 3 credit cards with credit limits of 3000, 4000 and 5000 respectively. That gives you available credit of 12,000;
Say you owe 4800 on all three of those cards together, then your debt to available credit limit will be 4800/12000 * 100% = 40%.
Sometimes that percentage could refer to just one account. But basically that shows how much you could borrow and how much you actually owe, say if that percentage is over 50% -- the creditors may get nervous, as that indicates that you maybe deeper in debt that should be.
2007-03-02 07:53:33 · answer #1 · answered by Alexander K 3 · 0⤊ 0⤋
That is the % that u have left to use
like
If Ur credit limit is $1000 and u use $500 Ur available percentage is 50% OK
If u need help with anything that is about credit call me
516-837-7558
ask for Jose
2007-03-02 15:53:30 · answer #2 · answered by Consulting 1 · 0⤊ 0⤋
It simply denotes the equation (100-(Credit used/Total available)).
2007-03-02 15:52:07 · answer #3 · answered by nburton1981 2 · 0⤊ 0⤋
how much you have on your credit card or loan good luck
2007-03-03 13:40:10 · answer #4 · answered by pattibcacl 6 · 0⤊ 0⤋